Software computer programs used to help medical practices manage their finances – these are what medical billing software reviews are all about. But did you know that these kinds of software programs have actually been around for decades?
Medical billing software reviews are about as old as the industry itself, which actually dates back to the end of World War II. Today, medical billing software reviews are more aptly called medical practice management software or MPM software and could not be farther in terms of features compared to its older counterparts.
Medical Billing Software Review – Functions
The medical billing software is an invaluable tool of the medical billing specialist. The program covers a wide range of functions and options which all have their uses in the billing and accounts payable management. Some of these functions include:
* Tracking patient demographics, visits, and diagnoses
* Collecting, transmitting, and tracking billing information and insurance payments
* Managing appointment scheduling
* Generating a variety of reports
There are many more functions contained in medical billing software review and perhaps the most important is its capability to bring you into compliance with the sections of the Health Insurance Portability and Accountability Act (HIPAA). Medical billing software review may also specify increased security standards, ANSI billing formats and the like, all of which are part of the provisions of the HIPAA.
One thing you should note about medical billing software review though is that not all software packages available out there have all the capabilities mentioned above. In fact, most solutions may provide only partial HIPAA compliance so it’s important that you quiz your vendors carefully about HIPAA before you make any rash decisions.
A Wide Range of Benefits
HIPAA compliance is only part of a wide range of benefits that medical software review has to offer. Other important benefits include:
* Improved staff productivity – easy-to-use software means improved efficiency of your staff
* Increased patient and customer satisfaction – medical billing software review helps increase accuracy in data entry, adds more flexibility in scheduling, and provides better access to personal information
* Faster payment from insurers – paper claims usually take 30 to 60 days, electronic claims only take about 10 to 14 days
* Fewer errors in biling and insurance – correct and resubmit in hours, instead of weeks
Questions to ask when buying medical billing software
* Does the system handle scheduling quirks unique to your practice?
* Does the system recognize all the procedure and diagnostic codes your practice uses?
* Can the system handle multiple offices and multiple doctors?
* Can information be accessed from multiple locations?
* Does it include inventory tracking or the ability to manage several separate accounts?
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