Insurance Billing

Insurance billing refers to the process of filing an insurance claim. Traditionally, this is done by mailing invoice and support documents to the insurance carrier. Studies have shown that 38% of insurance claims filed are now done electronically. Those who stick to traditional paper claims process are missing the following benefits.

Simplified claims process: with electronic information replacing paper EOBs, electronic insurance billing eliminates messy paper work.

Reduced costs: in the medical field, for instance, electronic insurance billing reduces US healthcare bill by $30 billion annually. A physician cuts cost not only on postage stamp and sheets of papers. The American Medical Association estimates that a physician spends $6-$12 processing paper claims for overhead and labor costs. By reducing processing time, filing insurance claims electronically system gives physicians $7 savings per file claim.

Speedier claims process: online bills payment system that insurance companies use automatically records and interprets information provided by their client.

Speedier payment: a paper claim is typically placed on hold for 28 days. Electronic claims are paid out within 7-21 days. Since more and more companies are following the trend of electronic insurance billing, electronic claims are considered a priority; paper claims are pushed back to the bottom of the file.