This is an edited version of a story previously published on Dr. Bill.
If you’re a seasoned medical professional, you know how much time tracking paperwork and rummaging for patient records can waste. A good billing software will free up your time and save you money since you’ll be less likely to have rejected or refused claims. If you’re shopping around for a better billing software, make sure it has these 5 must-have features:
1. Smart Billing Automation
Smart billing automation allows you to add fee codes and diagnoses with only a few taps of a button – while preventing you from making common mistakes. Since it’s designed with your province’s billing rules in mind, you’ll be alerted if you try to bill something incorrectly. Having a software with smart billing information will help you catch more of your billing mistakes right away – giving you a chance to correct them before submitting your claim. This is especially handy to have for new to practice doctors, who might be just getting used to which fee codes can be used. It’s also a great idea for more experienced physicians since smart billing automation can help streamline your billing process and save you a lot of time.
2. Add Multiple Patients to a Single Claim
Another factor to consider when choosing a billing software is whether or not it will allow you to add multiple patients to a single claim. Submitting claims individually can be extremely time-consuming, especially if you see many patients for the same service. With the ability to add multiple patients to a single claim, you can bill for all of these patients at once under the same fee code – which can save you time on paperwork.
3. Collaboration Tools
Collaborating with other doctors is key to streamlining your billing process. Other doctors working in your office might have ways to do things faster, have access to information you need, or have duplicate patients or claims. Make sure your billing software meets these needs by choosing one that offers collaboration tools to use within your office, including the ability to create patient groups with your colleagues so everyone in the office can bill for the same patients and share claims. Since you’re dealing with sensitive patient information, you should also make sure your software offers a way to share patient data with other doctors securely in a way that can’t be easily compromised.
4. Transparent Reporting
It’s important to choose a billing software that shows you detailed reports on all your active claims. Not only will you be able to see everything you’ve earned so far, but you’ll also be able to see any claims currently pending and those that have been rejected. These reports are not just crucial for bookkeeping purposes – they’re also a real-time peek into the amount you’re going to earn. Rejected or refused claims can mean a delay in getting paid for a service, or even not getting paid for it at all. If this happens, it’s best to find this out as soon as possible, so you can fix the mistake or resubmit the claim. Remember that these billings are your pay cheque, and you have the right to know and understand the amounts you’re going to earn. Choosing a billing software that gives you open, transparent, preferable real-time reports into your active claims will make sure you know where your money is going and keep your billings from being a ‘black box.’
5. Rejection Management
Whether it’s due to a simple mistake or a claim that circumvents the rules set by your provincial healthcare body, rejections happen! Managing them yourself can be costly and time-consuming, especially if you aren’t entirely familiar with the billing codes and regulations set out in your province’s fee schedule. That’s why when you’re looking at billing software, it’s important to choose one that comes with some form of rejection management. While you might not have time to study your province’s fee code guide and all the rules associated with it, there are software options that come with support from billing experts and agents who can help you understand why your claim was rejected or refused and the best way to resubmit. This not only saves you a lot of time and administrative headache but can also help you recover fees that would normally go unpaid. Whether you’re working from a small clinic or a large hospital, the right billing software should save you time, be easy to use, and have all the functionality you need to keep your medical practice running smoothly. By making sure your billing software has the right features, you can help make sure your billing process goes as smoothly as possible – right from the start.
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This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
