Technological advancements are affecting every industry, improving how individuals get things done. Electronic health records (EHR), a computerized version of traditional health records, are one of these advancements in healthcare. EHRs make it easier for authorized health workers to access patient records.
Some people might be confused, thinking EHR systems are used for managing patient data only. In reality, they play a crucial role when it comes to medical coding and billing.
This guide will discuss how EHR software can help healthcare providers become profitable by assisting with the intricate medical coding and billing services. So, fasten your seat belt as we dive into EHR systems, their types, and how they keep healthcare practices afloat.
What Is An Electronic Health Record (EHR)?
An electronic health record (EHR) is the digital equivalent of a patient’s paper chart. EHR systems offer real-time, patient-centered records that provide authorized users with immediate and secure access to information.
An EHR contains patients’ medical history (including the diagnoses and treatments). It is designed to go beyond the traditional clinical data obtained in a provider’s office and can include a more comprehensive view of a patient’s care.
EHRs are a significant aspect of health IT. They can:
- Document a patient’s medical history, treatment plans, prescriptions, diagnosis, allergies, immunization dates, and laboratory test results.
- Give providers access to evidence-based tools for making decisions about patient care.
- Automate and streamline the providers’ workflow.
On average 96% of non-federal care hospitals and almost 80% of office-based physicians have implemented a certified EHR system as of 2021.
One of the primary aspects of an EHR is the ability of authorized physicians to collect and manage health information in a digital format that can be shared with other providers across several healthcare organizations.
EHRs are designed to exchange information with other healthcare providers and organizations, including specialists, laboratories, pharmacies, medical imaging facilities, emergency rooms, and school and workplace clinics. So, they include data from all the healthcare providers involved.
Types of EHR Systems
There are three major types of electronic health record (EHR) systems. In this section of the guide, we are going to explore the benefits and shortcomings of each type to help you gauge which EHR software is best suited for your healthcare facility.
So, without further ado, let’s get started!
Cloud-based EHRs
If you have used Google Drive or Dropbox, you must be familiar with cloud storage. This word refers to software applications that store and transport data on specialized off-site servers or “the cloud.”
Cloud-based EHR differs slightly from traditional apps. These systems must comply with HIPAA rules to ensure the confidentiality and security of electronic medical records. As a result, cloud-based electronic health record (EHR) comes with extra layers of protection to ensure that only authorized healthcare professionals can access patient data.
The US EHR cloud computing market is estimated to grow at a CAGR of 11.58% from 2022 to 2027.
Physician-Hosted EHRs
Physician-hosted electronic health record (EHR) software is not just for physicians. In this traditional arrangement, all medical information is housed on on-site servers owned by individual healthcare providers, senior living complexes, or organizations.
Remotely-Hosted EHRs
Remotely-hosted systems keep data on third-party servers owned by EHR vendors. As previously noted, cloud-based storage is commonly used in these solutions. Other options include dedicated servers intended for certain organizations and vendor-subsidized servers.
Healthcare reimbursement can be a lengthy, complex, and frustrating procedure. Traditionally, the medical billing and coding processes that practices must complete for healthcare reimbursement include various steps, each of which can easily be derailed.
When these activities are carried out manually (by keying claims), there is a risk of advanced radiology billing low first-pass claim resolution rates, and time-consuming administrative tasks.
While traditional paper-based billing and coding play an integral role in the medical billing business, electronic health record (EHR) systems can significantly reduce the administrative burden on practices.
Importance of EHR in Medical Billing and Coding
One of the primary benefits experienced through electronic health records (EHR) integrated medical billing system is enhanced efficiency. Employing EHR eliminates the need for your office personnel to enter critical data multiple times, saving them effort when it comes to coding and billing.
Besides, using an EHR system for billing allows you to send bills to insurance companies and patients in minutes, saving time and increasing your chances of getting reimbursed faster. After migrating to an EHR, most billing and coding teams can audit more encounters for accuracy rather than manually entering data from paper superbills.
Your office staff will also find it simple to use an electronic health record (EHR) system to transmit and distribute documents containing personal information, treatment, diagnosis, and other information that patients and insurance companies require when requesting medical records. Using an EHR is faster and easier than printing, photocopying, and mailing documents when it is time to bill.
As a result, your employees spend their time on other core duties, increasing productivity and lowering your overhead costs. In this approach, coding with EHRs benefits your practice by slashing time and costs.