How Electronic Medical Billing can Improve Practice Revenue?

In the past, there have been several phases in the medical billing procedures that practitioners must accomplish in order to get reimbursed for healthcare. Medical billing mistakes are more likely to occur when these steps are carried out manually. Electronic medical billing has proved to be beneficial in this regard. Electronic health records and electronic medical records have significantly reduced the workload on practices while still playing a pivotal role in the medical payment sector compared to traditional on-paper billing and coding. According to the most recent estimate from IMARC Group, the market for electronic medical records worldwide reached US$ 27.0 billion, and it will be worth US$36.6 billion by 2026. (1) Implementing a fully functional electronic medical record system can have several noticeable and financially advantageous effects on new medical practices. EHRs may assist practices in streamlining their revenue and reducing costs. Now the question may arise in your mind.

How does EHR reduce cost?

• By reducing errors
• By accurate charge entry
• By eliminating manual billing
• By applying accurate codes
• By following security rules
• By reducing medication errors

Benefits and impacts of EMR system

• Increase in the productivity of the healthcare providers and the hospital
• Better communication
• Flow of information and better clinical decisions
• Accuracy of data
• Increased confidentiality and security of information
• Provider satisfaction
• Patient Satisfaction
• Increased accountability of funds and supplies

11 Ways electronic medical billing can improve practice revenue profitability

Electronic health records (EHRs) and Electronic Medical Records (EMRs) are synonymous in electronic medical billing. Medical data may be entered, stored, and maintained electronically with the help of an EMR. Demographics, test findings, medical history, history of current illness (HPI), and prescription information are all included in the patient’s electronic health record (EHR). Using EMR/HER, a medical facility can improve revenue profitability.

EHR and EMR systems save staff time and energy

Systems for electronic health records and medical records (EHR and EMR) in healthcare lessen the administrative workload of a practice. EMR systems may be used efficiently to take over the tedious duties that can be carried out with the help of automated technology, such as manually entering information about a patient’s hospital visit, diagnosis, treatment, and prescription into a computer. EMR systems save administrative staff time and effort, which may be used for valuable duties like patient care.

EMR systems in healthcare improve efficiency

Money is valuable, and medical practitioners, in particular, must remember this. The most important benefit of EMR systems in healthcare is time savings, which increases profitability. This enables medical professionals to treat more patients daily, ultimately improving growth and income. Many features in EHR systems increase productivity and save time, including;

• Automated prescription transfers to a pharmacy of your preference before the patient even leave the primary care doctor.
• Instead of repeatedly starting from zero, pre-filled templates let medical personnel quickly record frequent patient concerns and diagnoses.

Even while these technologies can only save a minimal amount of time every visit, these minor time savings can pile up throughout several visits. For example, if a doctor’s time spent with each patient is reduced by two minutes, they will be able to see two additional patients each day. Even if it just adds $100 per patient, a medical practice’s revenue can improve by $50,000 annually.

Fewer claim denials

In medical practices, denied claims frequently account for 14% of the total claims submitted. Accurate coding with the use of an EMR helps to solve this specific issue. 90% of claim denials can be avoided with the use of EMR/EHR, and when combined with account receivable management, revenue collection is maximized.

Automates and improves capturing of charges

Sometimes, errors made by staff members during the medical billing process result in reduced billing, which ultimately causes a clinic or healthcare service provider to lose money. In contrast, Electronic Medical Records (EMR) make it simple to record all service-related fees. As a result, even when patient counts stay the same, healthcare providers typically generate more revenue.

Maximizes billing and reduces down coding

Healthcare providers frequently use billing codes lower than typical for service because they don’t want to deal with an audit. To evade government audits, doctors often engage in behavior that costs them up to $40,000 in yearly income. By adopting the E&M billing codes that the EMR software suggests for treatments, down coding may be readily prevented, lowering the likelihood of audits.

Frees up storage space

Hospitals and healthcare professionals might use the rooms available for consultations and other uses because of the reduced requirement for storage space brought on by the adoption of EMR/EHR. Without increasing fixed expenses, this significantly boosts the income production from already-existing infrastructure.

Decreases need for increasing staff

• Staff productivity boosts when EMR/EHR software is used because they can complete their tasks more quickly without looking for physical records or file papers.
• Additionally, the software can assist in managing rising patient volumes without requiring practice to recruit additional staff.

Enhances communication and improves physician productivity

• Communication problems are now a thing of the past because of EMR systems. This is because they can handle Texting, mail, and real-time chat, allowing quicker and better communication.
• A facility that uses EMR/EHR has easier interaction between employees and doctors and spends less time physically documenting each patient.
• A US research discovered that the EMR had improved communication inside the practice between clinicians and support workers. The e-mail messaging tool, remarkably, allowed support personnel to capture patient phone calls and messages straight into the EMR and transmit them to the relevant individual. (2)
• Progress notes can be automatically created by EMR/EHR software and can be accessed at home or in the office, enabling a physician to see more patients daily.

Reduces insurance premiums covering malpractices allegations

According to Harvard Medical School research, the number of malpractice lawsuits has significantly decreased since electronic records have become widely used. Claims are currently dropping by roughly one-sixth of what they were before. Many malpractice insurers are providing considerable reductions on coverage to physicians who embrace EHRs due to this massive drop in claims. The diminished possibility of a malpractice claim might result in significant financial savings for your practice.

Reduced office expenses

With the help of EHRs, your office can get closer to being paperless, which might save supply costs, transcription fees, storage fees, and the time needed to handle paper records, saving your practice thousands of dollars annually.

EHRs can reduce errors, improve patient safety, and support better patient outcomes

The benefits of electronic health records are so appealing regarding safety and better outcomes that EHR has become the essential element of electronic medical billing. Due to these perks, healthcare systems can improve their overall revenue.

• In addition to keeping track of a patient’s prescriptions and contraindications, a reliable EHR automates checks for issues whenever a new medication is administered and notifies the physician of future problems.
• EHRs can aid healthcare professionals in systematically and rapidly identifying and fixing operational issues. Finding these issues in a paper-based system is significantly more challenging, and selecting them might take years.
• EHRs can reveal possible safety issues as they arise, assisting doctors in preventing more severe patient consequences and improving patient outcomes.

How our electronic medical billing can transform your healthcare practice?

MedsIT Nexus medical billing and coding services suit your healthcare organization if you want to run your medical billing procedure smoothly and increase the profitability of your facility. The electronic billing process of MedsIT Nexus utilizes software and technology that follow the rules and regulations of HIPAA. By incorporating the electronic billing method, we aim to enhance your reimbursement and process error-free billing.