- Posted by Austin Swim
- On June 23, 2014
- 0 Comments
- electronic billing
Let’s face it, actual paperwork for insurance billing services is a thing of the past – electronic billing is in!
Here are our top 5 reasons why it is beneficial to use electronic billing services:
1. More Patients means more work, same resources
Millions of Americans have signed up for health insurance due to the Affordable Care Act. One of the new benefits of the act is treatment of addiction, meaning facilities can expect an uptick in residents, which inevitably means more “paperwork” is to be done. In order to keep up with the increase in clients and insurance claims, changing to electronic billing is a necessity.
2. Reduction of costs
The speed of making a paper claim takes up a lot of time resources you don’t have. That means that you are paying employees more to do the same type of work. At the second stage, processors don’t have to translate and re-key the data into their system, saving your business associates money as well.
3. Decrease chances of human error
A complex electronic billing software system makes the workflow easier to follow than before. This means the claims management and denials management services are easier to provide than ever before, resulting in higher caliber results.
Paper copies of important documents can get lost easily, no matter how organized the system may be. When sensitive documents become digital both sides have ownership of a document keeping either side accountable .
A third of all rejections are because of human clerical errors. An electronic billing system is far more useful and protected from the human element as only about 2% of electronic claims are rejected. When rejections happen, the claim is prolonged, creating problems for the entire claims management process.
4. HIPPA compliance simplifies the process
To be in compliance with HIPPA, standardization of insurance claims must be implemented for every facility. According to Health Regulations and Guidance Materials found here, there are 400 ways prior to HIPPA, to submit an insurance claim. Having one standard way increases the turnaround time of the claims process in general, which is better for the clients needs.
5. Staying ahead of the Curve
As part of the American Recovery and Reinvestment Act of 2009, the HITECH act was signed into law to make healthcare facilities commit to using electronic forms of electronic health records. Incentives remain for facilities to transfer their data until 2015, at which point the government will start punishing those that don’t change.
As of right now, the bill to include mental health facilities did not make it to committee action as shown here. However if rehabilitation facilities were to be made one of the eligible professionals at a later date, a medical billing facility would be ready to accommodate their technological changes, which means more business.
There you have it – electronic billing is the way to go for an efficient medical billing company.