Claims Software - A Much Needed Solution

Claims software is considered to be a much needed solution for the healthcare industry. In fact, US healthcare industry is under tremendous pressure and finding it really very difficult to cope up with the increasing demand. Added to this is the burden of medical insurance claims processing, it is believed that physicians and the clinic staff spends their maximum time resources in entering claims data, forwarding and managing it. Also, practices find it difficult to keep up with burdensome requirements and administrative challenges imposed by insurance companies.

If we go with the statistics, over $200 billion is spent each year on medical insurance claims processing in US. It is believed that physician practices spend over 14% of their revenue in medical billing costs to submit claims and help ensure accurate payments from insurers. However, these high figures too are not helping them in achieving optimum utilization of their resources. Here comes the role of claims software that promises to bring about change in the situation. 

The AMA estimates that up to $15.5 billion in unnecessary administrative costs could be saved by medical practices if insurance companies would improve their claims processing accuracy. This would lead to lower healthcare costs and improve quality of care. Claims software seems to ease out the situation by providing readily available data entry forms, eligibility verification, error handling, one click claim generation, status check, follow up, resubmit and many more features. 

Claims software, the advantages are many, if implemented in a planned manner... it wouldn't be wrong to say that "claims software is considered to be a much needed solution for the healthcare industry".