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Best Medical Billing Software in the USA

Finding the best Medical Billing Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is Medical Billing Software?

Medical billing saves your time and enables you to manage your patient more efficiently and thus provide you better work & life balance. It helps providers to submit claims electronically, post installments, clean claim etc. The patient billing process runs smoothly and efficiently with medical coding software. Doctors don’t need to spend their managerial time searching for records and recovering past patients’ medical records and hospital management from off-site storage.

Healthcare companies are now making use of applications that can record patient information, payment and billing information and can also send claims automatically in order to process insurance follow-ups. These applications are known as Medical Billing Software. It eliminates the time-consuming process of rummaging through paperwork for patient records and documents, facilitates proper storage of information and increases the convenience for the clinic staff as well as the patients. It can help streamline processes, increase the productivity of the staff and provide faster turnaround times for claims processing. With all the convenience Medical coding Software can add, it is a must have for clinics and hospitals.

Key Features of Medical Billing Software

Although Medical coding Software involves some investment, it does have lasting implications. If you want to reap its full benefits, there are some features your Medical coding system must have, like:

  1. Managing Records and Documents: Managing patient information is one of the prime purposes of Medical Billing system. It must have an organized document management system to avoid mix up of records and store patient information accurately. This is very important for claims processing and collection.
  2. Scheduling: Another important feature Medical Billing Software must provide is medical appointment scheduling. It should be able to confirm appointments with patients and practitioners as well as send automated reminders about upcoming appointments via phone, text or email. This essentially reduces no-shows and saves time.
  3. Compliance: Any Medical Billing solution must essentially be compliant with the guidelines of HIPAA and be updated for the 7-digit coding system as per ICD-10.
  4. Electronic submission and claim verification: It must have features for applying the correct charges, discounts and taxes. It should be able to generate claims to insurance providers, Medicare and Medicaid within the time limits. Claims and reimbursements must be automatically verified and processed. It should also be able to convert super bills to claims to avoid double data entry thus saving time and money. It must also have features for scrutiny of rejections so that red flags can be monitored as they arise.
  5. Transparent Processing of Payments and Electronic Tracking: Tracking of payments must be transparent. It must provide the users with the ability to log and communicate the enlisted steps to get the claim processed. Users should be able to post payments from all kinds of sources like waivers and adjustments. When it comes to payment collection it should be able to verify the eligibility for health insurance and setup payments plans which allow you to automatically charge their bank accounts or credit cards.
  6. Reporting: It must have a comprehensive billing system that allows you to create and print customised reports. It lets you oversee the business.

Apart from these you should also check and make sure that the interfaces are easy to use and that the software is safe and secure and comes with adequate back-up and support from the vendor.

Advantages of Medical Billing Software

  1. Automation and Reduced Paperwork: Using Medical Billing system dramatically reduces the tedious paperwork and improves the efficiency of the process by automating the steps involved in billing, information management, claims and reimbursements.
  2. Reduction of Errors: It reduces the scope for losing data and human errors that can occur with the use of a paper-based system. The software has features for catching errors and reducing them to a large extent.
  3. Reduced Expenses: It May seem like an expense, but in the long run, it saves you a lot of expenditure not just in monetary terms but also in terms of time. You do not have to hire additional employees, and it also saves the time involved in going back and forth with the billing and claims processes. It also helps in tax deduction.
  4. Increases Productivity: It provides easy access to information, automation of procedure, and also reduces errors and the number of denials and rejections, thereby largely increasing the productivity.

Disadvantages of Medical Billing Software

Any medical billing solution is internet dependent. Hence, the only disadvantage is that, if the internet connection goes down, it will restrict your access to any records or the database. Apart from that, you will only be at a disadvantage if you do not choose the software correctly or if the vendor doesn’t provide support or goes out of business or your staff isn’t trained well enough. Hidden fees could be another potential disadvantage. You could avoid all of these by being careful from the start.

Looking at the ease of operation and the advantages that Medical Billing Software can bring to, the disadvantages are clearly outweighed. It can be a key business tool which helps you monitor the revenue, increase productivity and offer better patient care.

Other features Include:

  1. Payment Reminders
  2. Eligibility Verification
  3. Detailed Transaction views
  4. Mailing labels in large variety of formats

Costs & Return on Investment of Medical Billing Software

Medical billing system costs regularly rely on the application’s arrangement model. Buyers of on-reason frameworks will also need to pay ongoing maintenance and support fees, which are ordinarily 15-20 percent of the authorizing expenses.

Saas applications commonly require lower forthright expenses and continuous monthly charges that include licensing, redesigns and support. There are also free medical billing system options that support alternative income streams.

Most purchasers who have effectively executed frameworks will have the capacity to generate returns on their investments through enhanced precision of filings, and in this way, expanded collections.

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Pharmiz

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Digihealth

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Himanshi SharmaBy Himanshi Sharma | Last Updated: October 22, 2020

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