Over the last few years, healthcare has been transformed by the introduction of electronic medical billing. More and more primary healthcare providers are making the switch — but why exactly? In this post, we break down the benefits for practices, clinics, and hospitals.
1. More patients, more paper
Primary healthcare providers are treating more patients than ever before. And those numbers are only set to rise. This means that smaller practices, and those still dependent on paper records, can be overwhelmed by the pressure of administration.
As your practice or clinic gets busier, you’ll need to save more time, money, and labor. Electronic medical billing is a key part of those strategies.
2. Lower costs and environmental impact
When you keep electronic records and use electronic medical billing systems, everything can be done on screen. That means fewer papers and printers. Many practices can save significant costs by cutting out printer maintenance, ink, and paper.
You’ll also see more environmental benefits as you use fewer resources. There’s less waste from discarded paper and ink cartridges, too.
3. Save space
As clinics treat more patients with more sophisticated equipment, space is at a premium. And paper records take up a lot of room! But with electronic medical billing, you can store records digitally. You’ll also free the space which was taken up by bulky office printers.
4. Reduce Medicare charges
Medicare carries hidden costs for primary healthcare providers. You are billed for every paper which gets produced. However, electronic medical billing can instantly cut out this expenditure.
5. Minimize wait times for payments
In challenging times, primary healthcare providers need to successfully collect on as many bills as possible. However, the longer the wait, the less likely you are to collect the full amount.
Paper bills slow the process down even further, as you wait for the bill to be printed, sent, read, and returned. But electronic medical billing is virtually instant, as you can share bills online and via email. With a fully integrated electronic medical billing system, patients can also respond to requests for payment in record time.
6. Electronic Fund Transfers replace paper checks
The momentum for change isn’t just coming from healthcare providers. Many banks are now phasing out paper checks. They are considered less secure and less efficient than Electronic Fund Transfers.
When you switch to electronic medical billing, you make it easier and more convenient for patients and insurers to pay. You can also guarantee better security for payments.
7. Store records, securely and reliably
We’ve all experienced the frustration of losing records or hearing that a vital document has gone missing. With electronic medical billing, your record system is highly organized and digitally backed up.
Make sure that you choose a reputable electronic medical billing system. Look for the three pillars of information security: confidentiality, availability, and integrity. That means a system which will keep information private, minimize errors, and never lose a document.
8. Minimize invoice errors
Invoice errors are a problem of the past with electronic medical billing. Because all information is held centrally, when one person updates a document, the update applies everywhere. So there’s no risk of documents getting mislabeled or being out of date.
9. Secure your practice’s cash flow
All these points add up to one conclusion: electronic medical billing helps to secure your practice’s finances. With reduced costs and more efficient billing, you can rely on a regular and predictable cash flow. You’ll be able to track late or missing payments, follow up with patients in real time, and offer a level of customer service which secures your patients’ loyalty.