Electronic Claims Management
Submitting electronic claims can increase the speed of payments and can also reduce the number of claims rejected. A claims management system in medical billing software can reduce time and save money during the claims process through these various features:
1. The visual editing feature allows you to create and alter insurance claims using a graphical interface, which makes it easy to add information and submit claims.
2. The error correction feature reduces errors in claims by notifying you of missing information, incorrect ICD/CPT codes, incorrect insurance policy numbers, and other potential errors. This decreases the chances of your claims being rejected due to incomplete or incorrect information. It also prevents you from having to resubmit claims, which can save you a lot of time and effort.
3. Claim Submission feature allows insurance claims to be submitted online electronically. This reduces time since electronic claims can be processed within 48 hours, while paper claims can take up to 28 days. There are two main types of claim submission features of medical billing software. The clearinghouse system sends the claims to a clearinghouse, which then forwards the claim to insurance companies. This service costs extra. The second type of feature is direct online billing with the insurance company. This does not cost extra, but requires you to be a provider with that particular insurance company in order to do direct online billing with them.