Why Practices Are Replacing Their Medical Billing Software

Medical billing software plays a vital role for many medical practices as it controls your cash flow. It’s simple logic. The more statements medical practices get out to patients, and the more claims you get the insurance companies to pay, the faster they will bring money into your practice. If your medical practice is struggling to maximize billing efficiency, it’s possible your billing software is partially to blame. But don’t worry, you’re not alone.

A recent survey found that nearly 40 percent of providers want to replace their existing medical billing software. On top of that, one in five professionals cited regulatory compliance as their top software concern.

Compliance Regulations Changed the Game

The new ICD-10 diagnosis codes took effect on October 1, 2015, and healthcare providers are required to comply with the new regulations. Non-compliance may lead to providers having trouble with insurance reimbursement. These changes in medical billing practices are significant enough to have caused slowdowns in billing and payments. Statistics show it has also created an increase in the number of billing codes, from 14,000 to 69,000. When considering new medical billing software, it’s important to choose a system that is compliant with current standards, and easily adapts to future changes.

American Medical Software’s Ultra Charts version 26 has achieved ONC HIT 2014 Edition Complete Ambulatory EHR certification. This means that the software is capable of supporting eligible providers by meeting the Stage 1 and Stage 2 Meaningful Use measures required to qualify for funding under the American Recovery and Reinvestment Act (ARRA).

When considering a new system, you should also ask yourself whether you want a clientserver or a cloud based solution. Some medical software companies will only offer you one or the other. However, American Medical Software offers both, and can help you determine which would be best for your practice. Each option has their advantages, so it’s important to make an informed decision that will help promote efficiency and increase revenue within your practice.

The Cost of Not Updating Your System

The American Medical Association (AMA) has come out with a report stating that one in five medical claims submitted to health insurance companies are processed inaccurately. This inevitably leaves physicians and other healthcare providers receiving lower or no reimbursements for services provided.

If your medical practice is still using paper charts, there is a great deal of money you could save. According to industry standards, the cost to create a new chart is an estimated seven dollars per chart, while the average cost to pull a chart is five dollars. Multiply these industry standards by the amount of patients in your practice and it is easy to see why going paperless with AMS’ Electronic Medical Records can, and will, save you money.

Choose a Company with Experience

American Medical Software has over 34 years of experience providing the best medical office software to practices of any specialty and size across the country. By offering the best medical office software through direct purchase or lease-to-own, AMS can give your medical practice the efficient and effective choices you deserve.

Sources: http://www.softwareadvice.com/medical/buyerview/billing-report-2014/