No matter how good of a doctor you may be, you wouldn’t be able to get far with your practice without the right medical billing software at your side. While we admit not every physician out there is an expert in medical billing, that’s why we’ve compiled a detailed review of the top 5 medical billing software. You can use this information to streamline your medical billing.
In 2021, there are a lot of new changes coming to healthcare. For instance, the latest E&M coding changes in Jan 2021. There are plans to add more changes to E&M gradually as well. Right now, only the out-patient codes were simplified, but in-patient codes aren’t that behind either. However, keeping up with those changes isn’t as easy as it seems. That’s why we recommend using in a medical billing software to ease some of your burdens of running a full-time practice.
Medical Practice Setting Vs. Billing Company Setting
While medical billing in itself remains the same if you’re working in a medical practice or a billing company, workflows’ complexity and nature change drastically. In medical practices, you’re only dealing with billing for one practice (even if you have multiple departments or locations). However, with billing companies, you’re dealing with multiple practices. With that, you have to ensure each of their workflows remains independent and not overlap with one another.
In addition, there are also a few features you might need in a medical billing software for a billing company that you wouldn’t have much use for in a practice. These include:
- Rigorous denial & appeal management tools to ensure maximum revenue.
- Manage multiple practices and their workflows with a single sign-on.
- Enterprise code scrubbing to manage large volumes of data.
- Global reporting to organize and report their performance to individual practices.
Medical Billing Software – Pricing Models
Medical billing software usually has different pricing models. These are include:
Monthly/Yearly Subscription: Charges a fixed amount every month or year.
Transactional: Charges a fixed amount per transaction. It may have different tiers of pricing depending on the number of transactions.
Percentage of Collected Revenue: Charges a fixed percentage of collected revenue.
Free: Doesn’t charges a dime.
Medical Billing Software – Review of Top 5
Now that we’ve talked about types of medical billing software and their different pricing models. Let’s talk about the top five medical billing software in 2021.
A cloud-based service provider that integrates a complex set of medical billing services, Kareo is medical billing software that’s used by some of the world’s leading medical practices. With Kareo, physicians can concentrate more on medical treatment than administrative tasks by enabling them to provide it.
Providing technology solutions for independent practices will be Kareo’s major objective during the next five years. The company currently offers more than 65,000+ healthcare providers and their medical staff access to services provided.
In addition to medical billing, Kareo offers a wide range of services that include:
- Clinical (EMR).
- Billing (PM).
- For Billing Companies.
- Engage (Patient Experience).
- Managed Billing.
PracticeSuite is a platform for medical offices that combines state-of-the-art design with cutting-edge functionality. You can either opt for a singular medical billing module or use their enterprise-wide solution that includes EMR, PM, medical billing, and patient experience. This cloud-based software allows access to your patient data from anywhere with a secure connection — even on a cell phone, tablet, and desktop computer.
The deep integration between the billing system and the electronic health record platform enables it to handle 150 medical billing procedures and 61 EHR software capabilities. Whether your practice has a single doctor or a group of 100 doctors, PracticeSuite can adapt to your needs.
An innovator in the EHR field, DrChrono provides one of the most comprehensive practice management platforms available. It includes an integrated platform with features such as customizable EHR and PM, medical billing, and customer relationship management (CRM).
Although their EMR software is offered pre-integrated with their medical billing, you can opt for individual services, etc as well at any time.
Their broad features and services include specialty-specific options for 12+ medical specialties. Dubbed the ‘EMR of the Future,’ DrChrono offers a number of services to medical practices and physicians alike.
With its roots in medical billing dating back to 2009, CareCloud is yet another solid selection for your practice. CareCoud gives you the option to select exactly how much of your practice you want to outsource. There is the option either to use their own EHR software and practice management software with their medical billing software or use third-party software.
Essentially, you are able to pick out exactly which services you want for your practice. In addition, CareCloud boasts one of the industry’s highest first-pass insurance claim rates at 97% percent.
The medical billing industry is being re-defined by eClinicalWorks use of technology and the flow of processes. They offer monthly collection rates at 2.9% of collected revenue. Contrary to external billing services that charge up to 12% of your gross revenue.
In-office billing can be a burden on some practices, putting them under a lot of stress in terms of time, money, and resources. Providing a staff of expert billers direct access to their application, eClinicalWorks medical billing provides an alternative way for our healthcare organization to manage its revenue cycle better.
Conclusion – Simplify Your Medical Billing
To sum up, in everything we’ve talked about so far, medical billing software are a great way to streamline your billing needs. After all, not every physician out there is an expert in medical billing, nor should they have to be.
Even if you’re not well adept with billing, don’t worry. You can simply use one of the top 5 medical billing software that we’ve discussed in this blog. We recommend looking at the features and pricing model of you the software you want to go to to make sure it fits your needs.
If you’ve enjoyed reading this far and are looking for a place to discuss this in more detail. Get in touch with our HIT experts for a FREE consultation today at Software Finder.