Electronic Medical Billing Software

Uncollected copayments translate into lost percentage points of revenue, significant revenue if tallied up over time. Based on the future value of money, the uncollected $20 co-pay will drop in worth to $19 in six months. Invoicing for the co-pay, after factoring in the costs of invoice forms, ink, envelopes, postage and labor, runs another $8. And that figure quickly jumps up if multiple invoice reminders are sent.

For a small 15-physician practice, with each physician seeing a dozen patients a day, times five days a week, times 50 weeks per year, potential co-pay revenue begins to close in on a million dollars. For a medium-size urban hospital with 200 physicians, the revenue numbers generated from co-pays are staggering. Healthcare providers have begun to seriously address lost co-pay revenue, by adopting electronic medical billing. Many are building in a system-wide, automated collection functions for each and every patient at the time services are rendered. Studies have shown that co-pays can be simple medicine to take if collections are made to seem as standard and routine.

Best-in-Class Electronic Medical Billing Software Features:

• Accelerates claims submissions and revenue through more accurate and timely capture and retrieval of patient demographic and clinical data via electronic interface.
• Payor monitoring system to match reimbursements to negotiated fee schedules
• Mitigate risk through electronic compliance program, coding, documentation and billing service

Top Considerations before Buying Electronic Medical Billing Software:

Medical billing software that offers: automated billing services, claim management, practice management, office scheduling and Electronic Medical Records (EMR).

Key Products:

1. AdvancedMD Software, Inc., founded in 1999, provides Web-based, medical practice management solutions for physicians’ offices, management services organizations, medical billing services, medical practice billing and management software for small, group, and enterprise medical providers, IPA, and hospital organizations. Recently reported in TMC HealthCare Technology under the headline “AdvancedMD Enhances Medical Practice Optimization Software Platform,”“AdvancedMD, by investing in Akamai Technology's Web Application Accelerator, was able to provide a consistent, high performance user experience to clinicians and billing service companies across the country and around the globe more cost-effectively.” For example, an offering such asAdvancedMD Medical Billing Software, which is an integral part of the process that interfaces with insurance reporting issues, HIPPA compliance, HCFA codes, CPT codes, and patient payment, is now speedier because of the investment in Akamai.

2. Ingenix, Inc., formerly known as Applied HealthCare Informatics, Inc. and founded in 1996, provides information technology products, services, and consulting in the areas of health and productivity optimization, medication reconciliation, MS-DRG readiness, performance improvement and data analysis, revenue cycle management, care and health management, claim adjudication and reimbursement management, billing claims management and fraud prevention, and electronic data interchange (EDI). Said to serve more than 250,000 diverse health care clients including insurance companies, federal/state agencies, pharmaceutical and biotech firms, Fortune 500 enterprises, hospitals, and physicians within the health care community. Ingenix also provides solutions in the areas of electronic payments and statements, medical and financial management, network and credentialing, and pharmacy benefit management. The company serves insurance companies and health plans, physicians and healthcare providers, hospitals, corporations, pharmaceutical and biotech companies, and federal and state agencies in the health care industry. For electronic medical billing there are Ingenix Revenue Cycle Management products, which offer control over coding, compliance, and reimbursement processes, from streamlining admissions to increasing cash flow. 
 
3. LaserNet’s business offering is electronic document delivery for a wide range of industries including eDelivery for healthcare and healthcare billing solutions. Since 1994, LaserNet has created more than 100 million electronic eDelivery images annually. LaserNet solutions supports healthcare organizations with document delivery solutions that include secure electronic delivery, online bill payment, print and mail, custom document design, and archival services. The company suggests that electronic medical billing facilities most advantaged by eDelivery solutions are ones with multiple and fragmented practice management systems, or when there is a need to reduce costs and consolidate functions, including billing claims, customer service, and/or call centers. Affinity Health System outsourced the printing of its patient statements to LaserNet. Karen Hielsberg, Director of Patient Business Services at Affinity explained: “Our printed statements are now imaged and stored so that we can pull up the statement PDF when patients call with questions about their bill. This is a significant help to our staff, and they really appreciate the reassurance of having this option available at their fingertips to enhance their service to our customers.”

4. In the area of electronic medical billing software, athenahealth, Inc. offers Internet-based business services for physician practices. A principal offering is athenaCollector, a revenue cycle management service that automates and manages billing-related functions for physician practices and includes a practice management platform. athenaCollector assists with the handling of claims and billing processes to help manage reimbursements. An allied product, athenaClinicals, is a clinical cycle management service that automates and manages medical-record-management-related functions for physician practices and includes an electronic health record platform. Additionally, it provides Anodyne Analytics, a Web-based software-as-a-service platform, which organizes and analyzes billing and claims-based data, allowing physician practices to visualize that data through business performance. athenahealth, Inc, formerly known as athenahealth.com, Inc.and incorporated in 1997, changed its name to athenahealth, Inc. in November 2000.

5. APS Medical Billing offers billing services for healthcare facilities in the United States. Its services include accounts receivable; account follow-up, procedure and diagnosis coding, credentialing assistance, insurance relations, and diagnosis and procedure coding audits. Founded in 1960, APS Medical Billing currently handles billing for over 250 total client locations throughout the United States. Clients range from single physician practices to multi-specialty groups that may include hundreds of physicians in multiple locations. The company serves various specialties, such as academic practice, anesthesiology, emergency medicine, hospital owned/multi-specialty, pathology, and radiology.

Electronic Medical Billing Software
Definition: Electronic Medical Billing Software is the electronic method of patient billing mandated by the Health Insurance Portability and Accountability Act (HIPPA). Medical practices must now send most billing claims for services via electronic means.