X

CONTACT US NOW

X
X
X
Toll Free 888-357-3226
presentation

What is the Future of EHR's For Practices That Don’t Have Electronic Billing and Payment Options?

March 29, 2017



What is the Future of EHR's For Practices That Don’t Have Electronic Billing and Payment Options?

The evolving technology has changed the way of the entire healthcare industry. Out of all, EHR (Electronic health records) have gone through significant changes.

Electronic medical records are the information of the patient's paper chart, which comprises their medical history, their recent medical condition and other relevant information all stored electronically. Having EHR has proved to be a great asset to the medical community.

EHR- Electronic medical records seem to be the latest trend in health care, and you will find physicians, allied health professionals, pharmacists and hospitals treating various illnesses are using some form of electronic recording of patient data.

So, what happens when medical practitioners doesn't use electronic billing and payment options?

Medical practitioners miss out on several benefits and important ones are listed below:

Potential Billing Problems:

The primary aim of the medical biller is to ensure that the provider is properly reimbursed for their services. Since the process of medical billing involves two incredibly important elements namely, health and money, the future of EHR's practices who don't use electronic billing and payment options gets into multiple troubles of billing errors.

Dealing With Denied Claims:

Denied claims are the claims that the payer has processed and deemed unpayable. These claims may disrupt the terms of the payer-patient contract, or they may just contain some sort of vital error because it is not electronically processed.

With no electronic billing and payment options, this process is time consuming and, therefore, costly. For that reason, it's important to try and get as many claims implementing electronic billing and payment option.

More Errors:

  • Some of the common errors found doing manual processing are:
  • Incorrect patient information (Sex, DOB, Insurance id etc)
  • Incorrect provider's information (Address, contact information etc
  • Incorrect policy information (Wrong policy number, address etc)
  • Mismatched medical codes
  • Entering confusing ICD, CPT, or HPCS codes; entering confusing Place of Service codes; attaching conflicting or confusing modifiers to HCPCS or CPT codes; entering too few or too many digits to an ICD, CPT, or HCPCS codes
  • Duplicate billing

Medical Payments
When it comes to paying bill, electronic billing and payment option allows all information stays up to current and accurate to what is going on. By using electronic medical records, all patient information is updated automatically, and is added into a patients file. This makes it much easier for doctors and nurses to make a more accurate diagnosis, faster.

Reduced income due to not adopting technology
Medical billing when not performed electronically; can create a huge issue for billers and payers alike, because it may appear that a patient received two identical x-rays on one day, which would effectively double the amount sent to the payer.

Varied Payment Options Means More Revenue
Implementing variety of payment options in your practice will let your income surge. It makes it easy for them to pay by accepting electronic payments. You can also accept payment through your website which ensures that your payments are not missed.
Some practices particularly those with high dollar services or recurring treatments, use a third party vendor to keep their patients' encrypted medical payment information secure and send reminders for the payment accordingly.

Outsourcing medical billing and payment option will lead patients to be more responsible for their health and their healthcare decisions. This movement, however, puts more pressure on medical practices to collect patient payments in a timely manner, as these payments represent an ever-increasing part of our overall revenue. Only a diligent effort on the front end will ensure our collection percentages remain strong.

 

Category : Outsource Medical Billing