The advent of technology has brought along innovative ways and method to streamline workflows and make lives easier. Using paper claims is a time-taking process and providers can face a tough time trying to process large numbers of patient’s claims. Furthermore, providers and their staff face many obstacles especially in terms of trying to convince potential clients to hire them for specific billing needs on a daily basis.
Through Electronic Billing Services, providers can avail benefits such as faster reimbursements for their claims by reducing the time taken for processes to be completed. In a typical paper based setup, the average turnaround time for receiving payments is between 5-7 weeks where as in Electronic Medical Billing systems this time can be reduced to 2 weeks. For practices which take on huge amounts of patients, it is imperative to get paid on a timely basis to manage the cash flows of the practice effectively ensuring that all expenses are timely paid off.
Paper based records and billing services add costs such as printing, postage and delivery, staff and envelopes. Electronic Billing Services utilize an electronic service which means that there is no need to print out every document, and there is no need to pay for the delivery of claims through couriers or company transportation which further increases costs of fuel and labor.
Essentially, the increase in overall productivity of the practice’s workflows is a benefit that far outweighs the costs of any system. When claims can be efficiently transmitted to the clearinghouse by the touch of a button, it will not only ensure that the claims are delivered accurately and on a timely basis, it will also ensure an immediate confirmation of the claims received and a real time status check of where the process currently is in.
Electronic Billing Services serve as a miraculous achievement of modern technology and should be utilized to full potential.