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Medical billing is the lifeblood of any healthcare facility or institution. It helps ensure all finance processes remain accurate and efficient. If there are errors or discrepancies in medical billing, doctors and support staff may not be paid on time, affecting all healthcare operations. Without medical billing, utilities would not work, and functional equipment would not be available for the institution’s everyday activities. This is why every organization needs to have an efficient billing process so their cash flow remains healthy.

Billings and payments are the lifeblood of every business. And the right billing software is crucial for smooth operations and healthy cash flow.  All healthcare facilities need robust medical billing software to send accurate invoices and process, track, and monitor all payments. And not all software is created equal—some are better than others. The right software can help your business achieve optimum performance.

When it comes to medical records and billing, you will encounter many complex terms that may confuse those who don’t work in the industry. Some of the most common terms you will hear or read are EMR and EHR.

Artificial intelligence (AI) is everywhere, and there are genuine fears that it will one day replace humans in certain jobs. It is not unfounded for medical billers to also fear for what they do. Will AI replace medical coders? No one can ascertain the future, but there is something about human expertise that no robot or AI can duplicate.

According to a report, around $3 trillion worth of medical claims were submitted in 2016. Of those, $262 billion was initially denied. There are many reasons for such denials:

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a national law. Its set standards and policies ensure that sensitive health information remains protected and never exposed without a patient’s consent. Every individual has the right to control how their health information is handled and who can have access to their records.

The world is transforming, and more and more businesses are going digital. It is happening across various industries, and the medical sector is no exception. Healthcare processes are becoming more dependent on technology. Aside from highly advanced medical equipment, administrative tasks and diagnostic reports also benefit from this evolution. Unsurprisingly, medical billing and insurance claims are also shifting to digital.

The Health Insurance Portability and Accountability Act (HIPAA) is a crucial healthcare law. It was originally enacted in 1996, and its importance continues today. HIPAA compliance is a critical concern for many. Healthcare facilities and related businesses must follow all mandates. Click here for more on who needs to follow HIPAA compliance. Another piece outlines why it is important.

Medicare is the U.S. national health insurance program. It used to be the primary payment provider for Americans. However, in 1980, Congress amended the law, making Medicare the MSP or Medicare Secondary Payer.