Billing-related tasks are normally behind the high administrative costs that have made sustaining a private medical practice so difficult.
A major problem is that many practices still use outdated and expensive paper-based billing processes simply because they’ve become so accustomed to traditional workflow operations. Luckily, electronic medical billing allows physicians to break away from the limitations of paper and cruise into a world of digitized reimbursements.
Change For The Better
If the entire U.S. healthcare system were to make the transition into electronic medical billing, a large portion of unnecessary and wasteful expenses could be eliminated. In fact, according to David Cutler, a Harvard University economist, the total savings of switching to electronic medical billing is estimated at approximately $32 billion annually.
And with the increasing advancements in health IT software, these savings may come sooner than you think. But until then, you can stay ahead of the curve by adopting currently existing technology like CareCloud’s Central software. This kind of practice management software optimizes your practice’s billing methods, so you can lower expenses and increase revenue.
Electronic Medical Billing Saves Money
Electronic claims filing software can help improve your bottom line in a variety of ways.
For one, claims scrubbing capabilities prevent billers from spending hours combing through claims. And the ability to automatically check patient eligibility keeps staffers from having to call insurance companies to verify coverage. Both speed up the revenue cycle and enable practices to secure profits more quickly.
Even more apparent is the money saved on physical paper supplies. For instance, emailing pre-registration documentation to new patients instead of using snail mail saves money on envelopes, paper, and stamps.
And although the healthcare industry as a whole hasn’t made the switch to electronic medical billing, the transition should begin somewhere. It might as well be your practice that reaps the rewards first.
If you haven’t already, give electronic medical billing a chance and discover the satisfaction that comes with getting claims processed more efficiently, accurately, and affordably.
If you’d like to find out how our practice management software will improve your billing processes, please contact us at 1-877-342-7517 or hello@carecloud.com.
A version of this article was originally published on our sister site, Power Your Practice. Click here to read the original story.
