Medical billing software gears the essence of any medical practice’s cash flow. That is why it’s crucial for a medical billing software to be effective with claim submissions and reduction in denials, offering precise reporting while handling the cash flows and advance collections.
Today’s healthcare companies need more than a modest medical billing software as it can positively affect the revenue and cash flows of a practice by dipping the rejected claims and automating the claim submissions.
Medical billing software fundamentally fall into two classifications: cloud-based or client-server. While using a cloud-based system, a practice’s data is being stored on external servers and can be log on using a web browser, needing just a workstation with an online connection.
On the other hand, the client-server systems store data in-house, which requires a precise software, server, database and a suitable hardware to be installed in the practice. While in-house servers have conventionally been used since a long time, practices are now increasingly moving to the cloud for a number of reasons.
Key Benefits of Switching to a Cloud-Based Medical Billing Software
Practices attain noteworthy savings by using cloud-based medical billing software. One of the problems for medical practices is the preliminary cost of medical billing server, hardware, database and in having a precise software. Client-server systems have substantial licensing, updates, upgrades and annual maintenance fees that negatively affect the financial resources of a medical practice. Every time a new release is announced, the practice has to spend a substantial time and money on upgrades repeatedly along with getting its staff trained on all the newer deviations.
However, with cloud-based medical billing software, it needs no software licenses or hardware installation. Implementation is a small portion of the cost. Practices pay minor monthly fees, as part of the agreement under the software as a service (SaaS) business model.
Implementation is straightforward and simple with cloud-based medical billing software as mentioned needing no hardware or software installation. Practices can exclude disruption of cash flow and get a swift return on investment with implementation procedures quicker than customary client-server systems. This enables a dramatic improvement in the competence of practice’s collection and billing procedures.
Cloud medical billing software offers greater user-friendliness and assistance over client-server systems for the reason that users are enabled to securely log in to their software systems from anyplace, the only requirement is an online connection. The capability to access the software from exteriors of the office permits physicians, billing staff and practice managers, to collaborate more efficiently in a secure environment, offering an improved steadiness of care, reduced denials and enriched revenues.
There is a considerable reduction in the requirements of IT resources when practices move their medical billing to the cloud. As a replacement of requiring an IT expert team to install, configure, run, test, secure or update software and hardware. All these activities are handled internally in the cloud by the SaaS provider. Updates as well are executed automatically in the cloud software, so practices can run on the utmost up-to-date version accessible in the industry.
Medical Practices are able to grow without any IT pains. A cloud medical billing software enables and makes it much simpler to add new users, locations or providers. The suppleness of cloud software empowers practices to think big and mature without any economic strain.
A progressive and secure cloud medical billing software should comprise of a complete workflow procedure, starting from the first contact with the patient through collections, where entire activities of a patient can be observed as a single viewable record.
An effective cloud medical billing software should comprise of an Enterprise/Practice/Business user level association, so that a billing supervisor can easily manage and follow-up transversely through multiple practices or a business manager can handle numerous practices.
A forward-looking cloud medical billing software have to offer supple provider and a group billing credentials set-up, so that a user can easily set-up the billing credentials for a provider at numerous locations, plans and insurance establishments.
A programmed or automated follow-up, radical appointment scheduler, bulk payment posting, and with a business Intelligence reporting tool a medical practice can considerably reduce denials and improve revenues. The complete accounts receivables from submission date to final claims resolution date can be simplified with a better turn-around-time ratio.
Cloud medical billing software is emerging as a gold standard for medical practices and medical billing businesses in a progressively multifaceted healthcare environment. The cloud based software usage is upsurging the biller’s effectiveness and assisting with swifter collections and reduced denials.
Author: Divan Dave, CEO of OmniMD is a prominent provider of innovative Cloud EHR, Practice Management and Medical Billing solutions that transmute the clinical and operational workflows of healthcare practices of all types and sizes. OmniMD has ranked amongst the top fastest growing INC, 500:5000 private companies for last two years in a row. Today over 12,000 health care providers have enhanced their patient care, clinical operations, and collections by using OmniMD software solutions. OmniMD is a division of Integrated Systems Management Inc. (ISM), also founded by Dave in the year 1989. Both are global organizations with clients in the United States (US), Middle East and India, with swift expansions.
Dave’s commitment to fineness can be seen right from the commencement of his education. He came to the USA, from India, with two Master’s Degrees in Computer Science and Organic Chemistry and accomplished yet another Master’s in Computer Science from CUNY in the year 1986. Dave invested his initial few years with Thomson Financial Group where he swiftly rose to an executive leadership role on a critical application, prior to launching ISM.
Dave’s strong belief in the 360-degree growth of his employee’s career, their financial and physical well-being and spirituality, stalks out from his own individual commitment to be fulfilled in each and every aspect of his life. He provides free Yoga classes to all his company employees by running an effective company enrichment program which also provides, language classes, employee development workshops, music and art lessons.