One of the greatest time sinks and cost centers in the management of any medical practice is the billing of patients and third-party payers for services. Each of the different health insurance providers has slightly varied billing practices, which increases the complexity of filing claims. These variations, along with the intricacies of ICD-10 coding, make the billing process highly prone to errors when claim processing is done manually. These errors can disrupt the cash flow of the practice due to denied or delayed claims. Additionally, billing errors are also one of the triggers for payment recoupment during Medicaid and Medicare audits.

Are you satisfied with how well your medical practice is running? The hallmark of any good executive in healthcare is an unwillingness to settle for the status quo, especially when new tools are available to streamline and otherwise improve the way you do business.

Like other medical professionals whose practices serve primarily Medicare patients, cardiologists are concerned about reduced reimbursements. Adding to the concerns about financial viability is the trend of many insurance companies to reduce the contracted rates that they pay their in-network providers. In this challenging economic environment, cardiologists need to take advantage of the benefits of practice management software so that they improve collection and streamline the claims processes.

Given the multidisciplinary nature of pain management, it is a monumental task to try to do the billing manually. Medical billing clerks do not only have to be able to apply the correct encounter codes for each different professional providing services to patients, but they also the disparities in the ways that third party payers authorize and reimburse for services among the various disciplines. Medical billing software can simply the process of submitting claims for pain management practices.

As medical practitioners continue to be challenged to improve service outcomes and deliverables in the face of rising costs and shrinking budgets, many clinicians are realizing the financial benefits of online medical billing software.

As business continues on into the 21st century, applying new technology to day to day operations becomes essential for a company to compete. Billing and collections in particular can be a nightmare for any type of business, but with the high costs and potential for privacy violations, medical billing is an even trickier situation. For that reason, it is recommended to use an online billing software or service that specifically caters to medical practitioners.

Medical billing software provides increased convenience for providers, less tracking of paperwork and a more streamlined office. Physicians no longer spend valuable administrative time looking for records and retrieving past patients medical records from off-site storage facilities. Medical billing software can save money by avoiding claim denials and avoid the possibility of submitting incorrectly formatted claims.

Medical billing software helps to prevent mistakes, enhances your patient experience and provides you with a streamlined interface for managing all of your practices expenses. Billing systems need to effectively manage payments from your patients, while alerting you to accounts that need special attention. Electronic Health Records can be integrated with your billing solution to further simplify invoice tracking and billing processes.

Accurate medical records are vital to providing exceptional health care and the advent of electronic medical records has improved the ease and speed at which professionals can access patient information. An added benefit to electronic medical records is the integration of smart systems that can bridge communication gaps between care teams and patients, provide intelligent medical assessment suggestions, save valuable time, and avoid costly mistakes. EHR EHR offers a number of integrated programs designed to improve productivity, access to information, and client care. Designed to be secure, providers and patients alike can gain swift and accurate information to help them with decision making. Communication with the whole care team becomes nearly seamless with its use. CPOE The Computer Based Provider Order Entry (CPOE) is a swift and efficient entry system that provides near instant access to vital patient information across the provider network. Information can be transmitted securely to other medical providers, clinics, and laboratories. This intuitive system is designed to assist with clinical decisions, providing accurate and up-to-date information on potential drug interactions, dosage issues, allergen warnings, and duplicate therapies. Additional Programs In addition to giving solid support to providers, the MedicsPortal designed for patients allows greater access to their medical team; patients can securely schedule appointments, contact their care team, access medical records, and more all from the comfort of their own home. Patient health is doubly protected by MedicsRx, which transmits prescription information directly to connected pharmacies, eliminating possible confusion stemming from handwritten prescriptions. Medics FlowText™ An ongoing frustration with EHR systems is resolved by the addition of Medics FlowText; no longer will it be a challenge to fluidly transmit information from reports and letters to the appropriate fields within the EHR. Doctors and medical staff can create reports and letters using Dragon Medical transcription, handwriting recognition or simply typing and have text flow intelligently right where it belongs. This capacity is a built-in component of the MedicsDocAssistant EHR. Incentives Medicare and Medicaid acknowledge the value of EHR use and offer stimulus packages of up to $63,750 to eligible providers who implement and use these programs. This comes in addition to increased efficiency as providers instantly access patient records from computers and iPhones. The e-Rx capabilities ensure the accuracy and ease patient access to their necessary treatments and the streamlined data transfers mean that access to diagnostic images, lab results, and discharge processes are swift and simple. Key Takeaways EHR features increase efficiency and decrease costs across a medical network. Effective and swift communication between providers, patients, and support is created. Medics FlowText bridges the efficiency gap between reports and medical records. Electronic medical records intelligently support clinical diagnosis and prescriptions. Incentives from Medicare and Medicaid help defray the initial cost of implementation.

Optimize Your Medical Practice Performance With the Help of Practice Management Software The integration of technology in the medical industry has revolutionized the way health institutions carry out their daily duties. Practice management software improves the overall services offered by healthcare facilities. Hospitals without practice management software incur high costs from hiring staff to carry out daily functions. The human resources include accountants, secretaries, health care workers, and assistants. Each of these people would have to play a part in providing quality services to patients. A medical practice management system can help save on time and costs.