Electronic Medical Claim Billing

Electronic medical claim billing is one of the fastest growing business industries today. According to the American Medical Association, an average doctor places around 440 claims per month which denotes the urgency for the electronic system of billing. With the adoption of the electronic medical claim billing system the medical practitioner can devote his time for providing medical services and save him from the tedious task demanded by record keeping.

The electronic medical claim billing system makes use of the assistance offered by the software technology for the simplification of the elaborate process involved in the claiming of the medical costs.

The use of electronic medical claim billing system takes out the mundane task of keeping manual written records of the medical data and the billing of the treatment. The system helps the medical professionals to divert their attention to the patient care that calls for his specialized knowledge and skills.

Adoption of electronic billing permits the integration of the hospital system with that of the insurance company. The electronic system also minimizes the time frame for the payment of the medical insurance. It permits ease of submission of the claims to the medical insurance companies, check the status of the claims and make proper posting of the electronic payments.

The electronic records have the capacity to store huge amount of patient related data as compared to the manual records. The electronic billing system can be customized to incorporate data regarding the personal details of the patient including the sex, location, the medical history, the current diagnosis, tests, medications, insurance policies and the details of the insurance company, and other vital information. The information so collected and stored can be retrieved after any number of years.

The electronic system eliminates the scope for errors on the amount of claim and other significant information that can arise in paperwork. Also the speed with which the calculations get performed gives room for the processing of a huge number of claims each day. It adds to the speed and accuracy of the information entered for claims.

Today many medical institutions outsource the task of medical claim billing to other companies. These companies that provide the electronic billing services get paid on the number of claims dealt by them or as a percentage of the money collected. As per the statistics, this is a fast growing business with the income generated by the billing companies amounting to billions of dollars a year.

The need for the electronic medical claim billing system has seen a boost over the years. The rise in the lifespan of the people, the advancements seen by the medical technology and the high cost of medical treatment have made the task of keeping paper works next to impossible. It is said that while the electronic claims take an average of ten days for its completion, a manually filled claim can take up to more than 70 days for the transaction to get completed. This explains, in short, the need for medical billing software in the fast and the furious world of today.

When a patient visits the medical practitioner, the personal details like his name, address, medical insurance company, etc. are collected for ease of identification. The doctor has to then feed information like the diagnosis, tests, treatment, medications, etc. and this is handed over to the billing company who analyzes the information. They take up the job of filling in the claim forms of the insurance companies and submit the claim.

The use of the electronic medical claim billing brings down the time taken for the actual process of the claim. Moreover, the chances for manual errors and duplication of effort are a lot lower while using the electronic system. Filling up of the form and the amount is crucial as an error on the same can lead to the rejection of the claim by the insurance company. This system also facilitates the integration of the records of the medical institution and the insurance company reducing the tasks involved in the actual process.

The medical billing can be performed by the hospital or can be outsourced to other companies. These billing companies charge a fee for the services rendered on the basis of the number of claims made or as a percentage of the amount claimed as per their policy.

The electronic medical claim billing system permits the standardization of the procedure by the medical institution. This makes retrieval of any information related to the patient history by any department quicker and efficient. With the mundane task of keeping records being reduced, this facility helps the doctors to devote their time and effort for the treatment of the sick.

In short, the use of the electronic system reduces the turnaround time, permits faster settlement of claims, standardizes claim process, minimizes staff requirement leading to the patient and medical practitioners’ overall satisfaction.