Top Medical Billing Software Features to Look out for

Medical billing software is one valuable tool to simplify the complexity involved in the process. Moreover, it helps to streamline the repetitive tasks associated with the billing process and also automates. 

While choosing medical billing software, it is important to choose the one that resonates with your practice needs. Then, pairing them up with the features of each software option will help to smoothen the workflow.

In this blog post, we have shared the key features to look out for in Medical Billing Software and why should they matter for your practice.

What is Medical Billing Software?

Medical Billing Software is a technological solution that helps to simplify the complexities associated with the process. It is a valuable tool for healthcare practices that helps to automate repetitive tasks.

Healthcare practices such as specialty practices, small clinics, wellness centers, and large-scale healthcare organizations, can make use of this software. Utilizing medical billing software, practices can streamline various processes within medical billing which include:

• Automate claims submission and tracking
• Streamline patient billing processes
• Easily manage insurance verifications and authorizations
• Track payments, account balances, and patient dues
• Generate detailed financial reports and data analytics

Related: Medical Billing Software: Top 5 tips to improve the billing experience in your practice

Key Features to Look out for In Medical Billing Software

1. Patient Information Preregistration

• The Initial step in the medical billing process is patient information pre-registration.
• An entire billing workflow is optimized accurately based on this initial patient pre-registration.
• As the process of onboarding and smooth inflow of patients, it helps to improve patient satisfaction while reducing the wait times.
• Also, an overview of the patient history, insurance eligibility, Medicare provider enrolment, and Medical billing software provides overall efficiency.
• EHR integrated with medical billing software can reduce vulnerabilities to billing errors as the information of patients has been collected during the pre-registration process.

2. Healthcare Claims Management

• Claim processing and efficient management is one of the important parts of medical billing.
• In Medical Billing Software, Claim management is one of the valuable features that help to issue invoices and automate medical claims processing.
• With medical claim processing, the workflow of managing claims can be entirely swift to electronically which ensures streamlining communications between patients, caregivers, and providers.
• Moreover, the integration of electronic claims submission is a crucial element of healthcare provider systems’ overall interoperability.

Related: The Importance of a 95% Clean Claim Rate to Improve Healthcare Practice Revenue

3. Financial Payment Management

• The revenue cycle system needs to be more convenient and flexible enough for patients.
• Custom Medical Billing software has financial payment management which has multiple modes of payment methods.
• This system accepts various methods of payments so that patients can pay their medical billings using debit or credit cards, digital wallets, and more.
• Flexible payment methods greatly improve hospital management, whether it is during healthcare scheduling or post-care payment.

4. Automated Billing

• In medical billing software, automated accounting can be done which includes: billing and coding analysis with the application codes, medical document management, insurance claims management, accounts receivables, Medicare and Medicaid coverage, and the overall healthcare revenue cycle.
• If all of these processes can be automated with the help of medical billing software, the entire medical billing process can be streamlined for sure.
• Revenue cycle management is improved by automated accounting’s electronic invoices, automatic payment reminders, seamless medical billing, and coding.

5. Centralized Patient Database

• Health data is often not organized and centralizing it offers various advantages.
• When it comes to medical billing and coding, integrating health information systems with medical billing software works better.
• If the medical billing software has comprehensive access to the updated centralized patient database, the benefits are numerous.
• The Medical Billing Software must ensure that the EHR/EMR software allows access to the medical coding and billing department.
• This is to boost the revenue cycle management in healthcare.

6. Medical Billing Compliance

• All parts of health tech solutions need to be secure as they involve highly sensitive patient information.
• Look out for the Medical Billing Compliance feature in the software.
• Among all the other features of medical billing software, the most important quality is compliance.
• The likelihood of being sued is quite significant if integrated health information systems do not have compliance built in.
• Thus, to meet HIPAA compliance standards, automation inside your software’s compliance element is crucial.

7. Denial Resolution Management

• Denial management is one of the crucial processes in the revenue cycle.
• Most medical billing software has a denial management feature that helps to identify the root cause of claim denials and understand it thoroughly.
• The process of denial management involves finding hidden causes and streamlining billing processes by comprehending error codes and remittance explanations.
• Denials are categorized for effective monitoring and resolution, workflow optimization, and staff training for better results after the denial flow and causes are determined.

8. HIPAA Data Compliance

• When choosing medical billing software for your practice, the first and foremost concern is to check whether the software is HIPPA Compliant.
• Strict federal criteria must be met by medical billing software, as it must protect sensitive patient data.
• This is the reason it’s crucial to use software made especially for the medical field.
• So, Make sure that the medical billing software you choose is compliant with the Health Insurance Portability and Accountability Act.

9. EHR System Integration

• To ensure maximum efficiency in medical billing, make sure the software you choose has EHR integration capabilities.
• Most healthcare practices have been using EHR for tracking patient records and making them easily available to other providers and patients as well.
• Medical billing software needs to be integrated with the EHR system to streamline the workflow.
• Vital patient information will be seamlessly transferred from an integrated EHR to your medical billing software. 
• Overall efficiency will be higher and there will be fewer errors when both systems are in sync.

Related: Top 6 Medical Billing Software Features For Your Physical Therapy Practice

Vozo EHR Integrated with Medical Billing 

Medical Billing is a complex healthcare operation and it needs to be streamlined. 

The Vozo cloud EHR solution has integrated medical billing which will help you simplify the medical billing process, and streamline repetitive tasks while letting you focus on other important tasks.

Vozo’s EHR system offers a vast range of benefits:

• Streamline your repetitive tasks in medical billing and accelerate your workflow with ease.
• Makes billing easier with automated data entry and integration.
• Cuts down errors by checking codes and compliance automatically.
• Speeds up claims with quick insurance verification tools.
• Helps track finances with clear reports and analytics.
• Improves cash flow by automating claims submission.

Our EHR system helps you tackle all the challenges and complexities associated with medical billing while letting you focus on other important tasks.

Trust in Vozo EHR as we reduce your burdens and let you focus more on better patient outcomes.