Why Should You Inculcate Good Medical Coding Software Into Your Core Medical Practice System?

 

The backbone of any medical practice or hospital is the revenue cycle which encompasses all the clinical and administrative tasks performed. Robust and seamless revenue cycle management relies heavily on error-free medical coding. Medical coding is a complicated and challenging activity; every year, medical codes are reviewed and updated. Clinical patient documentation is what healthcare providers use to justify a claim and seek reimbursement from the insurance company. In the healthcare industry, medical coding errors lead to more than 50% of claim rejections, loss of income, HIPAA violations, and the prospect of legal lawsuits and hefty federal fines. To counter that, most healthcare facilities today are installing sophisticated medical coding software from a well-recognized medical solution provider. The software helps them reduce coding errors, reduce claim rejections, improve patient satisfaction, maximize reimbursement and streamline the revenue cycle.

 

Your medical coding software will offer the following benefits

·         Automation of medical coding: - Manual medical billing is time consuming and error prone. Even the best medical coders can make mistakes, especially when coding long lists of treatments. Manual billing leaves a lot of room for error. But cloud-based medical coding software includes automated ICD coding of treatments that automatically minimizes the chance of claims being rejected. This also avoids additional re-invoicing and resubmission and that way save a substantial amount of money. If you need to resubmit a claim, the software makes resubmission simple by automating it. Most importantly, the software is scalable and allows for remote access, meaning a medical coder can work without physically going to the medical practice.

 

·         Secure and scalable mechanism: - When you choose a cloud-based software solution, all patient medical data is protected from any kind of natural disaster and online security breach. That basically means that even if your healthcare software crashes, records are kept safe in the cloud and still accessible when your computer is up and running again. Cloud-based medical billing and coding software provides additional security measures such as frequent scheduled backups and is 100% HIPAA compliant.

 

·          Assured latest technology: - With cloud-based insurance billing software, the healthcare practice expect to have most advanced technology. It will let the healthcare professionals to log in even when they are long away from their practice as long as they have a valid internet connection, helping them monitor claims on-the-go and see changes occur in real time. Cloud-based solutions make it easy to perform medical billing and coding workflows on different types of devices. Automation let the professionals focus their time on patient care, submitting clean claims and getting paid. That way, the software solution help streamline practice operations and manage billing at every level.

 

·         Credit card payment acceptance: - Many patients nowadays prefer to pay with a credit card. Modern day medical coding software includes credit card payments as its core functionality. That way, your practice can accept credit cards both online and in person. It will save you a significant amount of processing costs while also making it easier for your front office staff to process.

 

 

One thing you need to understand is that medical coding errors not only lead to loss of revenue but also compromises most critical patient care. In that context, modern medical coding software can make billing a flawless exercise. And thanks to advances in cloud-based technology, you can access your software anytime, anywhere. The software helps with claims resolution, claims submission, reporting, payment booking and eligibility verification. These functionalities help your medical practice avoid coding errors and have an efficient medical billing system in place.

 

For more information, visit billrMD now.