Financial Medical Partnership

Efficient practices use e-billing

3 Aug 2011 by FMP Accountant

If youíre looking for a way to make your practice more efficient, think about changing your billing style if you havenít done so already. Making the switch from paper billing to electronic can save time, space and money. And it can reduce the possibility for human error, so your invoices will more likely be filled out correctly the first time. Electronic billing, or e-billing, consolidates medical data and insurance information onto a secure database. Programs like Healthcodeís VEDA e-biller locate this database online so it can be accessed from any computer with an Internet connection. And with VEDA, you never have to download software to access your information. With your important data all in one place, you wonít have to worry about losing a file in the clutter caused by paper. And, e-billing will greatly reduce the amount of space needed for a billing department. All thatís necessary is a computer. E-billing programmes like VEDA can save you valuable time in addition to making extra room in the office. With an e-biller, invoices are automatically created and edited, and are sent directly to insurerís computers. This process greatly reduces the time it takes to prepare an invoice and get it to insurance companies for payment. Best of all, with an electronic billing system like VEDA, youíll receive your payments from insurers in a third of the time. Compared to four to six weeks for cheque delivery with paper invoices, e-billed payments are usually received in five to 10 working days. Switching to an e-billing system will save you money too. With paper billing, a whole team is necessary to manage a billing department. Electronic billing cuts back office costs because employees and supplies are not needed. Youíll find that using and e-billing program pays for itself. There are very few errors with an e-billing system, so you can be sure your invoices will be paid without question. VEDA validates all invoices before they are sent to insurers, and if a problem is found, a change is requested. This way, changes to invoices are always made by the medical practice, rarely by the insurance company. Another great feature of the VEDA e-biller is its tracking feature, which allows billers to follow their invoices throughout the payment process. Switching to an electronic billing system will revolutionize your billing process. Youíll save space, time and money, and youíll generate error-free invoices that will bring quick payments. E-billing will make your practice better all around.

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