Electronic medical claims submission is created and submitted digitally, without the use of paper or a postage stamp. Medical practices can save time and money by submitting claims electronically, while also improving claim quality and tracking. You can submit electronic claims using either the self-service or full-service models. Electronic claims medical billing are quickly becoming the industry standard. You've probably noticed this, and if you're not already submitting most or all of your claims electronically, you should consider doing so. This electronic claims guide can assist you in making the transition. Continue reading to find out why electronic claims may be right for you and how to get started.
What exactly is an electronic claim?
An electronic claim is any medical claim that is entirely digitally created without the use of paper or printing, typically within a medical software solution that includes a web-based practice management system. You can do it yourself or hire medical billing services to do it for you.
Paper-based claims processing is inefficient, expensive, and prone to errors. However, billrMD provides everything you need to streamline your entire billing workflow in a single user-friendly platform.
The Advantages Of Submitting Claims Electronically
Key advantages of electronic claims:-
- Saving time – Printing and filling out manual forms is a time-consuming process that cannot be automated. Through automation processes that minimize errors, your medical billing service can compile electronic medical claims submission in a fraction of the time. It can then almost immediately submit these error-free claims. Of course, fewer errors mean fewer claim rejections, which may improve your cash flow.
- Savings on resources – Manual medical claims require a significant amount of front-office staff time, not to mention a postage budget. These conditions do not apply to electronic claims. According to the study, switching from manual to electronic billing can result in annual cost savings of up to 60%.
- Scrubbing claims – When double-checking claims, even the most experienced medical billers and coders are bound to make mistakes. They are, after all, human. Computers and machines are far more precise. Fully automated claim scrubbers detect claim errors and flag them for correction before payer submission.
- Integrated clearinghouses – Mailing claims introduces a slew of potential delivery errors. Your claims could be misplaced or sent to the wrong address. Instead, the integrated clearinghouses that power the online medical billing process direct your claims exactly where they need to go in seconds. Cloud based healthcare software is the use of cloud computing technology to create and manage cloud-based health care services. As a result, you will be able to submit claims to payers almost immediately.
- Claim tracking – If you send claims by postal mail, you won't know if they've been delivered to the insurer unless you pay an additional fee for tracking. Even if you pay for tracking, you won't know the status of your claim after delivery until the payer mails you an acceptance, rejection, or denial. Instead, with electronic claims, you can track the status of your claims in real time via a detailed audit trail.
- Faster payer reimbursement – It can take several days for postal mail to reach its destination. If you send a claim or wait for reimbursements by mail, the process can cause unnecessary delays in the billing cycle. Electronic claims, on the other hand, are processed instantly, and payers can reimburse you as soon as they approve your claims. There will be no billing cycle delays.
- Accounts receivable are more accurate – You're probably well aware that a significant portion of your practice's potential revenue and cash are held up in accounts receivable (AR). You're also probably aware of the difficulties that come with keeping accurate records of your accounts receivable. Because electronic claims expedite reimbursement and track all claims, they streamline and improve all aspects of AR.
Our electronic medical claims submission module eliminates manual data entry, reduces paperwork, and reduces overhead costs, allowing you to save time and money. Making the most of your revenue potential begins with an efficient claims submission process. So, instead of putting up with outdated methods, use billrMD to revolutionize the way you file claims.
