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E-Billing and Invoicing - Complete Controller

When it comes to starting and running a successful small business, technology has to be considered as a crucial aspect of the business. Due to the nature of technology and the movement to online transactions, e-billing and invoicing have become more widely used by small businesses. There are distinct advantages for you and your customers, and they are as follows.

E-Billing and Invoicing Customer Advantages Check out America's Best Bookkeepers

Convenience

Convenience is not only an advantage for your customer but to you as the business owner. By offering your customers various payment types, you are increasing the chances that your customers will pay their bill in full but on time. Customers using the option of paying online can choose when and where they complete transactions, therefore, ensuring on time or early payment.

Control of Finances

Because online bill paying is instant, this gives the user control over their finances. Sending a check takes time to arrive, process, and debit from their bank accounts, leaving time to possibly utilize the funds causing the check not to clear due to insufficient funds. E-billing eliminates this because instant account debit applies whether the customer chooses, debit, credit, or e-check.

Email Reminders

E-billing and invoicing include automation to remind customers of their upcoming due date. Not only does it send reminders, but it also offers an option to “Pay Now” when it sends the reminder before the due date. This option increases the probability of the customer paying early. Check out America's Best Bookkeepers

Automatic Payments

Speaking of automation. Most e-billing and invoicing systems have an option for automatic payments. The customer can opt into this automatic payment debit. In some cases, the company can offer discounts or fee waivers for those using the automated option. Automation increases paid receivables by a large percentage.

E-Billing and Invoicing Business Advantages

Instant and Secure Invoicing

Invoicing is made convenient and secure by emailing the invoice to the customer with the mouse’s click. The invoices will also trigger automation for email reminders. At the time of the original invoice, there will be a “Pay Now” option increasing the possibility that the customer will pay before or on the due date.

Less Time Invoicing and Bookkeeping

Electronic invoicing allows you to distribute multiple invoices in less time to create and send one paper invoice. You can use automation to link invoicing to your bookkeeping software, which can save time spent reconciling accounts receivable entries.

Cost reduction

Sending automated e-invoices saves money. There are savings on time, mailing products, and postage. The savings can be quite a lot for high volume businesses. Small businesses benefit from this cost savings the most since budgets are generally tight for small businesses. Check out America's Best Bookkeepers

Storage

Automatic reminders and electronic invoices can be saved on your business computer’s hard drive. You can also back up your files on external drives. Paper documents must be stored in filing cabinets taking up space and utilizing precious time to file them. Also, Invoices can be integrated into your accounting software, making it more accurate than paper document filing, which leaves the possibility of lost or misplaced invoices.

Conclusion

Because of security, accuracy, convenience, and quick payment, e-billing and invoicing are quickly becoming the norm for accounts receivable. Whether you are a customer or a business owner, the benefits of e-billing and invoicing are numerous, and the disadvantages are few.

 

With more and more customers going online to find a payment solution that works for their needs, electronic invoicing and billing is an excellent tool for your business that provides your customers a seamless and enjoyable billing process.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Medical billing and coding are considered important aspects of the healthcare industry. These practices ensure the involvement of those parts of the services must be according to their performance. Medical billers and medical coders are related to healthcare professionals who take care of the patients by processing their data, treatment record, and insurance information. It is the duty of medical billers and medical coders to code patients according to their diagnosis as well as receive payment from the insurance company of the patients. Both professionals are involved in the reimbursement cycle that assures the fact that health care providers are paid according to their services. It is crucial to review the primary and responsibilities these professions carry out in the healthcare industry.

Medical Coding

Check out America's Best Bookkeepers The work of medical coding requires reviewing clinical statements and issues standard codes such as CPT, ICD-10-CM MAD HCPCS LEVEL II. It is an essential part of medical coding to translate medical reports in form code that can be utilized within the premises of healthcare. In simple words, medical code summarizes reports and medical services. In this regard, these medical codes provide aid to medical coders to maintain the record of the patient’s condition and also inform healthcare providers of relevant information related to the patient. For instance, patient s with different types of illness consults the doctors, and for this, they are required to go through certain types of medical test. In this respect, whenever patients visit the doctor, and doctors and health care providers maintain the record. Here, medical coders are required to translate each, and the doctors prescribe every information related to the diagnosis. The recommendation of treatment is coded in the form of numeric and alphanumeric codes, and lather, they are used in billing procedure. In this regard, medical coders need to be aware of the number of sets and subsets. These codes, also known as the universal language, is shared between doctors, hospitals, insurance companies, government agencies, clearinghouses, and organizations related to the healthcare sector. It is important to note that these codes carry significant guidelines and rules that tell about the pre-existing condition of patients. Furthermore, coding procedures come to its end when the medical coder enters the specific codes in the software program. In this way, once the report is submitted, it goes directly to medical billing. Check out America's Best Bookkeepers

Medical Billing

The term medical billing seems simple and easy where medical billers are required to take the information from medical code submitted by medical coders and make a bill that they send to the insurance company known as a claim. In respect of healthcare, the procedure is carried out by medical billers is not that simple the way, as it seems. For instance, the patient visits the doctor after an appointment who carries the symptoms of cough and producing mucus. Now from here, medical billing starts its function. In this respect, it becomes convenient for medical billers to check the codes to determine the nature of the visit, the symptoms, and the diagnosis carried out by the doctor for further treatment. In this regard, a medical biller can also check the prescription of the doctor to claim a form already uploaded. This claim is further sent to the insurance company for evaluation and returns it. This claim gain comes in the hand of the medical biller to evaluate the return claim to acknowledge that the amount of the bill patient owes after taking out the insurance. It has been observed that those affected with issues like bronchitis, their bill will be comparatively low as compared to those diagnosed in terms of other harmful diseases. The medical biller considers all the aspects and creates a bill according to the nature of the condition. On the other hand, sometimes, some patients are not willing to pay the bill. The medical biller has to hire a collection agency to assure that health care providers are adequately paid.   Check out America's Best Bookkeepers

Medical Billing and Coding Training

Training is an important aspect of the profession of medical billing and coding. These training programs teach medical billers and coders the technical element that enhances their skills and knowledge essential in the revenue cycle. It helps medical billers and coders to understand the nature of payment and payer requirements and also learn to maintain records of the patients in different types of codes that can determine the nature of illness and helpful for medical billers to prepare bill accordingly.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Introduction

Innovative methods have been used in office workflow since the advancement of technology. In the healthcare industry, it has been realized that paper handling is a time-consuming practice, and it’s evolving when it comes to automation. Through Electronic Medical Billing, healthcare providers streamline their bookkeeping and get quick payments by reducing the processing time. It takes weeks for paper handling to receive payments, with electronic billing services that time is significantly reduced.

Benefits of Electronic Billing

Check out America's Best Bookkeepers Paper-based billing adds more cost to serve patients, such as the delivery of receipts, printing, and posting envelopes and data entries. Electronic medical billing service does not require printing of every document and will also save money on courier services.

When productivity is increased in workflow practices by using the electronic billing method, it will benefit the healthcare facility both at a lower cost and less time consumption. When all the work is being accomplished by pressing a button, it will deliver claims promptly and resolve any patient concerns.

Besides speeding up the billing process, electronic medical billing has other benefits. The software designed for electronic billing can also keep medical records of patients. It benefits surgeons and physicians to access the information of those patients quickly. The software can also help the administration to write reports and schedule appointments for streamlining and accuracy.

Additional Medical Benefits

Check out America's Best Bookkeepers Additional benefits of electronic medical billing are as follows:

Focus on Patients

When the electronic medical billing gives providers quick service, they will consume more time in facilitating patients. The data and record of patients will be efficiently available every time the doctors want before diagnosing.

Accuracy in Reports

Electronic medical billing ensures error-free reports of patients, and the administration can access a wide range of reports on the patient’s condition, which directly affects billings and receipts.

Real-Time verification

Electronic medical reports facilitate doctors to verify insurance eligibility for their patients. Since the electronic system is error-free, it will provide accurate insurance information.

Elimination of Irrelevant Records

Besides removing unwanted transcribed errors, the electronic medical billing can also eliminate the information of those patients who have either died or misplaced because their data is not more beneficial to the hospitals. The software sequentially maintains information so that doctors can easily find relevant patients who are willing to be treated by their preferred doctors.

Software Coordination

Check out America's Best Bookkeepers The main component of electronic medical billing software is that it coordinates processes among departments for delivery or reception of information because sometimes information of patients is entangled, and it becomes time-consuming for the staff to find relevant information about patients. Other components involve training and education of newly hired medical staff and maintaining organizational rules and regulations.

Improved Efficiency and Productivity OF EHR

With the use of Electronic Health Reports (EHR), quick lab results could be retrieved. Mere using computerized entries can show a reduction in duplication of reports. EHRs have the capability to interface billing programs for the submission of electronic claims. Moreover, lab reports can be forwarded through a secure messaging service via the portal service of the hospital. EHRs improve not only overall office productivity but also decrease clinical works such as bookkeeping date entries.

Conclusion

Electronic medical billing provides advantages for both hospitals and patients when it comes to billing and care. It improves the bookkeeping efficiency of accounts payable and receivable and streamlines patient care. The healthcare facility that implements electronic medical billing will find it saves time, generates revenue, and relieves stress.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

High medical bills can be overwhelming after a hospital stay or if you have no health insurance or inadequate coverage. Unpaid medical bills can be a bookkeeping nightmare as they pile up. They can cause stress and even negatively affect your credit score. Here are eight tips that can help you recover from high medical bills and keep you out of debt due to them.

Everything is Negotiable

A typical medical bill could be for surgery, treatments, x-rays, and medications. You may be able to get all or at least a part of your bill reduced. Contact the billing provider and try to negotiate lower fees. This negotiation is often effective as the provider would rather receive partial payment than none at all. Check out America's Best Bookkeepers

Make a Payment Plan

Most, if not all, healthcare service providers offer payment plans. Again, they would rather get partial payments of the total amount due than none at all. When negotiating a payment plan, use your bookkeeping system to determine what amount you can pay each month that will work within your budget. When setting up the plan with the service provider, be aware of any extra fees or interest they may charge to set up the payment plan.

Authenticate Your Bill

Review your bill as soon as you receive it and check for accuracy. Medical bills are itemized and will show the cost of each item. Highlight any questionable charges and contact the provider to discuss. Depending on the size of the facility and the bill, it can either be remedied immediately, or it can be sent for review. Check out America's Best Bookkeepers

Insurance Provider

Health insurance is often provided through an employer; if not, you can look into private insurance options. If you already have coverage and still receive a medical bill, contact your insurance provider and inquire about coverage. Even if they do not cover the item on your medical bill, they will often negotiate a better rate with your provider on your behalf.

Medical Bill Support

Charitable groups and government agencies have been created to help with medical bills and services. These groups and agencies can aid in payments or providing services for free. If you have low to zero income, you may qualify for financial aid or free services.

Choosing a Provider

When choosing a healthcare provider, seek out doctors who accept your insurance. If you have no insurance coverage, seek out a provider that is willing to negotiate your bill before services are provided. Research is essential when it comes to choosing a provider, choosing from a financial standpoint can save you hundreds in medical bills. Check out America's Best Bookkeepers

Credit Counselors

Credit counselors will often provide services that will help you lower your medical bills. In some cases, they may even get them forgiven completely. While these services are usually not free, the cost is nominal and worth the savings on your bills.

Collection Agency

If you have made every effort to take care of payments and are still unable to pay, your provider may send your bill to a collection agency. The same process will apply to handle the bill at the agency. They now own the debt and will want to negotiate payments that will be beneficial to you and get the debt paid in full.

 

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Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers