Medical Billing Software

Isn’t it better to focus on what’s important—your patients—rather than the tedious work involved in administration and billing? That’s part of the attraction of medical billing software and why there are so many products to select from these days: Automation makes life easier for everyone.

Your challenge is this: How do you discern which the best of the bunch is? We made it easy by compiling a compact, informative guide. Compare the billing programs (also called practice management software) with the facts below and you’ll quickly identify which one is your best investment.

If you’re still not sure if this is worth the expense though, scan the list of advantages first.

You live in a convenient time in history where so much can be automated by technology. It’s no different in the medical industry and medical billing software will add these advantages to your day to day functioning:

• You’ll collect more payments
• Gain access to reports about your practice with the click of a button
• Monitor and use patient’s insurance information easier than before
• Ensure code claims are done correctly the first time

This will see your revenue improve and minimize staff members’ workload, but only if you pick the appropriate package. So, let’s help you decide.

You’ll meet many vendors and sales people who view their products as the best on the market. This list will tell you which features are really valuable, so you don’t pay for superfluous add ons.

Also remember: Your practice management software must be relevant to you. What works for another practice, may not be best for you. Here’s how you determine what you need.

All practices aren’t the same. The risk of not picking the right software program includes:

• Paying for features your small practice won’t use
• Not having enough capacity to effectively handle a large organisation’s (e.g. hospital) bills
• Having billing functions not appropriate to your practice type; specialists who often require very lightweight packages
• Having form templates unrelated to your functioning such as CMS-1500 (more appropriate for outpatient care facilities) vs UB-04

Discuss these concerns with potential service providers and opt for the one that can guarantee relevancy to your niche.

Here’s the good news: You can pick a product that aligns with your budget. There are even some free versions available which are funded through advertisements. Of course, a paid for product will be more dynamic.

A differentiating factor is whether you pick a program that’s deployed on site or not. You’ll have initial capital investments for licences, servers and hardware, as well as ongoing maintenance & support fees. A cheaper option may be SaaS, but you’ll still pay monthly fees for which you can compare medical billing software prices on Software Finder.

You may also pay more for a mobile feature and this is extremely valuable: You’ll save time when you can access it from anywhere and you can engage with patients online. This could lead to more payments coming in.

Remember that medical billing service should enable you to increase your revenue. Therefore, if managed correctly, you’ll eventually cover the costs of your software, simply by improving your bottom line. Therefore any expense should be seen as a long term investment.

If your staff members waste a lot of time using the software because it’s too complicated, it won’t give you the ROI you’re hoping for. A smart move is to discuss needs and preferences with staff first. Find a program that matches their expectations—and the programs they’re used to working on already—and your transition period will be smooth and short.

Training & Support: Will the Service Provider Help?

This links closely with user friendliness, but it’s all about the quality of the vendor: What do other users say about them? You want in depth training to make implementation effortless. You also want 24/7 support so your downtime is kept to a minimum if anything ever goes wrong. If you don’t have a resident IT team this is a vital feature.

Does it Work For Your Niche/Specialty?

The medical industry has many specialties and any software you use must cater for your niche. General systems won’t work for specialists. Gauge a product’s value in terms of how a similar practice than yours rated its functionality.

Interfacing & Integration: Is it Possible?

It’s ideal if your billing system will integrate with other software in your office. It will be much easier to copy patient details and other data.

One example is interfacing with your EHR (Electronic Health Records). While this system contains details about health records and appointments it makes sense that it should communicate with your billing software: As soon as a procedure is done, the relevant information can be sent through for bills and claims.

Consider the Value of Reports and Analysis

You won’t know how your practice performs financially or otherwise if you can’t analyze data. But doing this manually is time consuming and paying an expert is unnecessary these days: Your billing software should be able to do it for you:

• Find out who refers the most patients to your specialist practice and use the data to plan networking
• Know more about geographical data of patients to understand where to open a new branch or which other professionals to partner with in the region
• Manage cash flow better

Can You Engage With Patients?

In the modern age consumers appreciate personal engagement. You may see accounts settled faster if you can easily send payment reminders. Having an online, mobile medical billing software may also attract more patients who value practitioners who move with the times.

If you want to learn more about choosing between your EHR company and a local medical billing service provider, read our article on Choosing a Medical Billing Company for small practices.

However, if you have decided not to opt for a medical billing provider near you and instead invest in one of the big guns, continue reading. We’ve compiled a list of the best medical billing companies based on user rankings.

• AdvancedMD
• AthenaCollector
• Kareo
• CareCloud
• BillingDocs

AdvancedMD Medical Billing Software

AdvancedMD is one of the industry’s top players that focus on small and large practices, making it affordable yet scalable. It offers a wide range of services, including an EHR/EMR module, a practice management (PM) module, telemedicine software, and RCM.

With AdvancedMD Medical billing service, you get their top-ranked EMR and PM for free.

Here are some of the pros and cons of AdvancedMD Medical Billing:

Pros:

• Has a 95% pass rate on the first claim
• Assists with denied claims
• Checks insurance claims for mistakes before sending them out

Cons:

• Mobile App is only available for iOS devices
• Doesn’t code insurance claims on its own
• Charges extra for after-hours customer support

AdvancedMD offers an extensive suite of features and benefits to its users. Some of their top features include:

• Appointment scheduling software
• Patient portal
• Optimized mobile app for iOS devices
• Claims management
• Centralized billing
• ClearingHouse

AthenaCollector Medical Billing Software

Founded in 1997, AthenaCollector is one of the many healthcare IT modules offered by Athenahealth. Rather than developing a single software for each type of service, Athenahealth has created multiple modules that act effectively alone and as one.

The biggest convenience AthenaCollector provides is automating your billing service yet maintaining in-house control over it. AthenaCollector offers 93% first-pass insurance claims.

Here are some of AthenaCollector’s pros and cons.

Pros:

• Very easy-to-use navigation and interface.
• Robust reporting & analytics features
• Offers claims management

Cons:

• A low first-pass insurance claim rate
• Charges a small fee for denied claims
• It may become complicated for single practices
• Doesn’t code your insurance claims

AthenaCollector does not code your insurance claims itself, but it does scrub for coding errors with a rules engine and human reviewers. After your codes have been verified and corrected (if needed), they are sent off to the insurance companies.
Some of AthenaCollector’s top features include:

• Claims management using a rules engine
• Patient check-in process
• Automated performance reports
• Dashboard optimized for revenue cycle
• Appointment scheduling management

Kareo Medical Billing Software

Kareo medical billing enables practitioners to spend more time with their patients through their all-in-one solution. It includes medical billing, integrated healthcare IT systems, and managed services. Kareo’s objective is to help practitioners treat their patients instead of routine administrative tasks. Referring to itself as the “Only complete technology platform,” Kareo is designed for single practices.

While Kareo offered medical billing services itself in the past, it now has partner vendors that provide this service to Kareo Clients. Here are some pros and cons based on Kareo’s reviews.

Pros:

• Offers a PM solution
• Assigns a Success Coach when you sign up
• Affordable pricing

Cons:

• Kareo EMR and PM also come as a packaged deal
• Doesn’t provide claims follow-up in their basic pricing plan
• Managed billing needs to be purchased separately

With medical billing, EHR/EMR, and practice management combined into one software, you get a few advantages. These include:

• Appointment scheduling with automated reminders
• 70+ standard reports available
• Efficient claims processing
• Claim tracking

CareCloud Medical Billing Software

CareCloud medical billing is yet another solid choice for your practice. With CareCloud, you can choose how much of your operations you would like to outsource. You can choose to integrate their EHR and PM software with their medical billing software or use third-party ones.

In essence, you can hand-pick the services you want for your practice. CareCloud also has an astonishing first-pass insurance claim rate of 97%, one of the highest in the industry.

CareCloud’s pros and cons are listed below.

Pros:

• Offers a user-friendly interface
• Completely customizable billing services
• Offers consulting services as a plus point

Cons:

• High cost of implementation
• Only available on iOS devices

Some of the top features of CareCloud include:

• Free access to MIPS training
• Reduces coding errors by using CollectiveIQ
• Real-time claim management
• Helps generate patient statements
• Centralized PM software

BillingDocs Medical Billing Software

If you are looking for good value for money yet comprehensive billing service for your practice, BillingDocs is a good option. As the company solely focuses on providing RCM services, they can provide excellent service and support to their clients. BillingDocs offers credentialing, accounts, receivables management, and medical billing services. As a practitioner, you have the option to  choose which of the services you want to implement

BillingDocs is an all-in-one medical billing platform that boosts productivity, reduces denied claims, and help you manage your payments faster.

Check out their webinar about credentialing for new medical practices.

The pros and cons of BillingDocs are as follows.

Pros:

• Compliant with Medicaid and Medicare
• Reduces billing and coding errors
• Streamlines cash flow

Cons:

• Has no EMR or PM of its own

Some of the top features of BillingDocs include:

• Reviewing and resolving denied claims
• Electronic Remittance
• Posting insurance claims and patient payments
• Detailed and in-depth insurance claim follow-up
• Free billing audit
• Patient insurance verification
• Assistance with coding

Also Read:  Cost Comparison of Top Medical Billing Companies

Conclusion

It’s time to do business the modern way. In the 21st century you’re spoiled for choice in terms of medical equipment and medicine to help patients. Help yourself—and them—by now upgrading your billing system too.