Financial Medical Partnership

Benefits of an e-billing system


3 Aug 2011 by FMP Accounts

Updating to electronic billing from a paper system is a good move for any medical specialist seeking to improve their practice’s functions. Electronic billing offers medical professionals an array of benefits that are unavailable in tradition paper invoice systems. Browse this list to learn more about how e-billing could elevate your billing department to a whole new level. 1. Convenience. E-billing consolidates information on one secure server, so there are no paper files to search through to find a patient’s information. All your data is just a simple search and click away, and you can access it from anywhere, at any time. 2. Bills are paid faster. Insurance companies are known to take a long time in paying your invoices, especially when paper bills are sent through the mail. With e-billing, bills will be paid in less than half the time. Typically, e-bills are returned in less than two weeks. This is significantly faster than paper bills, which cake take up to six weeks to be returned. 3. Cash flow increases. When invoices are paid faster, cash flow increases. More cash flow means you’ll be prepared in case of emergency. It also means you can pay your employees and yourself on time, and you’ll likely increase profit margins. 4. Save money. E-billing saves you money because you can cut your office costs. With an electronic system, you’ll no longer need employees to prepare your invoices. You also won’t need to spend as much on office supplies. 5. Open up some space. You can do away with the paper files that used to crowd your billing department. All you’ll need is a computer. 6. Eliminate human error. With some e-billing systems, like Healthcode’s VEDA, the programme automatically checks to make sure invoices are completed properly before they are submitted. You’ll have error-free bills from now on. 7. Connect directly with insurers. The VEDA system allows you to send invoices directly to insurers for faster turnaround time. You can also communicate with insurance houses through the system, so you don’t have to worry about waiting to get someone on the phone. 8. Feel secure. With e-billing, your data is always safely encrypted. Though you can access it easily, your information is safe from anyone else’s eyes. E-billing can do all of these things for your practice and more. With an electronic system in place, your practice’s efficiency levels are certain to improve. You’ll be left with more time to focus on your top priorities--your patients.

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