Whether you are a small clinic setup or a large healthcare organization. Having access to the most appropriate billing solution will give you more control over your patient billing data. Make that information easily accessible for your practice. Medical billing software is designed to automate your invoicing and payment collection. It involves electronic billing, invoicing templates for various invoices, generating invoices for orders, and facilitating the claims process. This is why it is crucial for you to find the best medical billing system for your unique business needs while keeping in mind. The medical billing software prices to make your decision process possible.
In this article, we will explore the top medical billing vendorszearn about their advantages and strengths so you can decide on the solution that benefits your needs.
What features to look for in a medical billing solution?
When choosing medical billing software, you should look for the following features:
- Billing reports & analytics
- Insurance claims processing
- Payment processing
- Form customization
- Compliance with HIPAA privacy laws
- CPT coding system
- Appointment scheduling
- Integrations with EHR, and practice management, and accounting systems
Top 5 medical billing software you definitely consider
Kareo joined the healthcare IT industry back in 2004 as billing software and has since emerged as electronic health records and billing services provider. Currently, it represents a growing community of 40,000 healthcare practitioners and has managed to gather a significant online review presence on various third-party websites. The vendor continues to receive perfect-starred user reviews and users seem to love it because of its usability, interactivity, and intuitiveness.
It is designed to best cater to the needs of independent practices and healthcare specialties. The solution helps users get rid of the issues involved in insurance billing. Kareo Billing enables clinical staff to enter patient data and verify their insurance claims instantly. Moreover, this software allows practices to schedule patients, manage the collections process and the delinquent accounts, store patient documents, develop customized reports, confirm insurance, etc.
Number two on our list, DrChrono is a leader in the EHR space that comes with an integrated practice management platform. It provides high-end multi-location features, such as medical billing, revenue cycle management, customizable EHR, or practice management. The RCM services offered by the software help to increase your practice profitability. With the constant monitoring of claims, consistent workflows, and reduced administrative tasks, providers can focus on providing better patient care.
If you are looking to opt for an advanced revenue cycle management solution that can let you handle a great number of clients, DrChrono will not let you down. The software handles finances by minimizing multiple data entries, verifying insurance at the point of care, and billing directly. In addition, the pre-populated billing codes enable you to save time, bill accurately and get paid quicker.
CureMD EHR offers a cloud-based solution that can handle a variety of a medical practice’s clinical and administrative tasks, from appointment scheduling and patient documentation to the billing process. This platform is a good fit for healthcare organizations and specialties of all sizes. It transforms medical services into cash reimbursements with the help of claim preparation, follow-up, same-day electronic claim submission, electronic payment posting, and other features.
You can get billing process automation, tools, and an all-inclusive solution, all at a reasonable price. There is no need to hire expert billers, train and retrain your staff to manage complex billing queries that can affect your bottom line. The platform further streamlines revenue collection functions which reduces the burden on clinical staff enabling them to collect more from payers and patients.
AdvancedMD comes packed with a number of useful features and is suitable for medical practices of all sizes. It is a cloud-based software that offers a comprehensive billing solution. The vendor aims to maximize patient traffic and generate more revenue without having to compromise on the quality of care. You can streamline your medical billing using the comprehensive claims features, simplified A/R tracking, and robust clearinghouse offered by this EHR solution. It provides a unified platform to help users run the entire claims process in one location, from charge capture to full reimbursement.
The software comes with all the reporting, billing, and analytics tools that one needs. It has a complete option of billable add-ons for your clients, including patient engagement and EHR. The fully unified medical office bundle automates the clinical workflows to enhance the quality of care, efficiency, and patient experience. On top of this, the exclusive reporting & business intelligence tools help to increase the revenue.
Practice Fusion is an ambulatory solution that helps smaller, specialized health facilities. Manage a number of different tasks, including charting, revenue cycle management, scheduling, labs and imaging, medication prescribing, and more. The platform provides quality care to above 5 million patients every month and increases the overall revenue of healthcare practices. Practice Fusion’s streamlined electronic superbill makes the billing process a breeze.
Using this software, patients can receive billing statements and update payment information. The system also enables physicians to create superbills by automatically pulling data from chart notes. The solution can verify insurance providers and get rid of any errors found in billing codes before submission.
How much does a medical billing software cost?
The pricing for medical billing software can range between $33 – $9.7/month (hosted) – $8,100 (on-site equipment). The total cost of ownership TCO will vary according to the size of your organization and deployment choice. A cloud-based software solution runs on off-site servers and can cost you around $26 to $112 per month.
Choosing between the above top-tier medical billing solutions is not an easy task. The only way you can sort this out is by evaluating their medical billing software prices and key offerings against your practice needs. We also recommend you read multiple user reviews for the products mentioned above to make a wise decision. For more information, reach out to our team of medical billing experts at FindEMR.