What Is Medical Billing Software, and Why Should Your Practice Be Using It?
The United States healthcare system can be confusing for providers and patients, especially regarding payment. Professional medical billers undergo years of training to translate procedures on a chart into amounts on a bill. Advanced computer software can accomplish this task. So what is medical billing software?
What Is Medical Billing?
Medical billing involves putting together a payment claim on behalf of a medical practice after a health care professional provides treatment. The medical biller then sends this claim to the appropriate insurance company, but their job is not yet done.
The medical biller monitors the claim's progress, ensuring the practice is paid appropriately for the services rendered. Medical billing also includes deducting the insurance company's portion from the total cost of the procedure and preparing a bill for the patient. The American Academy of Professional Coders is responsible for training and certifying medical billers and coders.
Medical billing is not the same as medical coding, although coding is necessary for billing. Medical coding is when a professional reviews a patient's chart and notes the standardized codes that apply to each procedure and diagnosis. Some medical billers double as medical coders.
What Is Medical Billing Software?
Medical billing software is any computer program that aids with the medical billing process. This technology is important to consider when searching for a medical billing solution.
Multiple companies offer software that translates chart data and procedures into codes and bills, automating the technical aspects of the process. Doctors themselves can generate claims, translate procedures into codes and track payments through the software's interface, all without hiring a professional service.
Some software goes beyond medical billing to help doctors manage the business components of their practice. The software can track patients' insurance information and generate reports that explain the practice's financial standing.
What Are the Advantages of Using Medical Billing Software Versus Hiring a Service?
Now that you understand what is medical billing software, here are several advantages of using this technology rather than outsourcing your billing:
- No data is lost. Medical billing software uploads important data to multiple cloud servers, so it's always available. Encryption technology keeps sensitive data secure.
- Pricing plans are flexible. There are dozens of options for medical billing software with different features at different price points.
- Accuracy is improved. Using software for medical billing and coding eliminates human error.
- Billing software can explain the finances of your practice. Health care professionals can see and understand the practice's finances instead of handing this task to a third party. Doctors can also track insurance claims through the system in real-time.
How Can I Find the Right Medical Billing Software?
The search for medical billing software can turn into a time-consuming search with so many options. Get expert help choosing a solution. Medical Billing Hub connects medical practitioners with billing services customized to their practice's needs. Contact us to find an affordable program to automate your medical billing.