If you are about to take the leap and start using medical billing software in your organization, you should soon expect to see your staff working much more quickly and efficiently. Your patients will appreciate the time you save them when you automate many of the processes of a modern medical office. With that in mind, here are five interesting facts about medical billing software for you to consider.

Running a flourishing medical practice can be an extremely labor-intensive process that involves a lot of moving parts. Anything that you can do as a manager to simplify your team’s workflow and add efficiencies to the system will go a long way toward helping your organization thrive amongst your competitors.

It’s not always easy to make a big change in how you run your medical facility, but putting off the implementation of practice management software can put your organization at a big disadvantage.

In the early years after you first opened your medical office, your organization may have been able to get by just fine using a paper-based system to keep everything running smoothly.

The clients who are sitting in your waiting room know that they can’t expect to see their doctor at the exact time of their appointment, given the unpredictable nature of how we practice medicine today. However, they will be happier if they know that your organization is doing everything possible to move things along more speedily and efficiently. This is where practice management software can make a big difference.

Every time there is an advance in technology or a new development in how to perform a common task, savvy business managers will take notice and try to incorporate the improvements into their workflow.

While the Centers for Medicare and Medicaid Services (CMS) gave HIPAA-covered entities a reprieve by extending the date for ICD-10 implementation from October 1, 2014 to October 1, 2015, healthcare organizations that use medical billing software need to start the process of becoming ICD-10 complaint if they have not already done so. This transition requires upgrading or replacing current medical billing software in order to accommodate the new ICD-10 codes and training the staff how use the new software, in addition to how to do ICD-10 coding. Moreover, CMS recommends 12 months of internal testing of the ICD-10 compliant systems and 11 months of external testing with business partners. Furthermore, healthcare providers need to make contingency plans in the event there are problems with third party payers during the switch to ICD-10 codes.

One of the most time consuming and tedious aspects of any medical practice is submitting claims to third party payers and then sending bills to patients for any remaining balance. Given the detail need to claims correctly, it is almost impossible for even a solo provider to complete the forms manually. Medical billing software ensures claims have the information required for seamlessly submitting and tracking claims so the provider receives reimbursement for services in a timely manner. Given the variety of medical billing software on the market, it is important to find the medical billing tools right for your practice or revenue cycle management (RCM) firm.

One of the greatest time sinks and cost centers in the management of any medical practice is the billing of patients and third-party payers for services. Each of the different health insurance providers has slightly varied billing practices, which increases the complexity of filing claims. These variations, along with the intricacies of ICD-10 coding, make the billing process highly prone to errors when claim processing is done manually. These errors can disrupt the cash flow of the practice due to denied or delayed claims. Additionally, billing errors are also one of the triggers for payment recoupment during Medicaid and Medicare audits.

Are you satisfied with how well your medical practice is running? The hallmark of any good executive in healthcare is an unwillingness to settle for the status quo, especially when new tools are available to streamline and otherwise improve the way you do business.