For any healthcare professional, medical billing software is a must-have. Medical billing software makes entering and tracking medical data easier, which can be time-consuming without automated processes.
It also allows for efficient communication with insurance companies and patients, ensuring that everyone involved in the patient’s care knows the amount invoiced for services given.
If you’ve been wondering how much medical billing software costs, this post contains all you need to know about the cost of medical billing software.
Let’s start by taking a look at what medical billing software is.
Table of contents
What Is Medical Billing Software?
Medical billing software is a computer program that automates the billing process in the healthcare industry. This software can help medical practices and billing companies increase reimbursement rates and revenue, keeping their businesses in good financial shape.
From organizing appointments to receiving payments, billing software can handle every aspect of the medical billing process.
Consider the following example:
- Front-office employees can check a patient’s insurance eligibility when booking an appointment, then set up automatic patient reminders to reduce no-shows.
- When a doctor visits a patient, information from the encounter can be automatically forwarded from the EHR to the billing software, allowing front-office and clinical employees to communicate more easily. Billers can then use claim scrubbing options within the billing software to increase their claim acceptance rate.
- Billers can provide reports that provide insight into their revenue cycles when payments from insurance companies and patients are processed and collected.
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How Does Billing Software Help Streamline Operations
In a variety of ways, billing software helps to streamline practice operations. Consider the following scenario:
- Fully connected billing systems reduce rework and errors caused by copying and pasting between systems and provide a single view of the patient with fewer clicks.
- Automatically generated claim worklists help billers focus on the work that matters most.
- Claim scrubbing functionality greatly improves the first-pass acceptance rate by inspecting claims for edits before submitting to payers, and claim scrubbing functionality greatly improves the first-pass acceptance rate by inspecting claims for edits before submitting to payers.
- Billers may submit claims to hundreds of payers through a single interface and receive speedier reimbursements using software with an integrated clearinghouse.
- Multi-physician and multi-location practices can use Central Billing Office features to understand and manage billing operations at any level — by the provider, practice, or across the entire business.
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Types Of Billing Software
The most prevalent medical billing systems are:
- Electronic Health Records (EHR)
- Practice Management Software (PMS)
- Electronic Medical Records (EMR)
1. Electronic Health Record (EHR) System
Healthcare providers use EHR Systems to collect and preserve patient data like demographics, insurance information, allergies, and previous medical treatments. When this data is needed during treatment or billing operations, the system can access it. Most medical billing software packages include an EHR system that integrates with their PMS or EMR.
Pre-recorded patient care plans and order sets are available in most practice management software. This means you won’t have to waste time developing your standard operating procedures, saving time in your healthcare institution daily. Patient Care Plans are usually created by the type of facilities where you work, such as urgent care centers or hospitals.
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2. Practice Management Software (PMS)
PMS solutions are a great option if you don’t need to track patient information and want a system that automates your invoicing process. Many of these software alternatives are cloud-based, while some may require the installation of a server on-premise, which will raise the associated costs. The benefit of PMS software is that it can reduce the number of phone calls and time spent on invoicing chores.
3. Electronic Medical Record (EMR)
EMR systems are frequently used in conjunction with a practice management system. Costs vary depending on how customized you want it for your specific needs; nonetheless, most EMR systems are more expensive than PMS systems. It’s critical to realize that an EMR system can be used without additional medical billing software.
What Does It Mean To Have Billing Software That Is “Cloud-Based” Or “Web-Based”?
The cloud-based or web-based billing software is hosted on a remote server and may be accessed from any authorized computer with an internet connection.
Most software systems ran on computers physically located in healthcare practitioners’ offices when they initially started billing electronically. While this method was preferable to manually submitting claims, it did have significant disadvantages.
To keep the software functioning, medical offices must invest in qualified IT specialists to perform server maintenance, make periodic updates, and resolve difficulties. With the advancement of technology, it became possible to execute software applications on a remote server and offer users access via a web browser. On-premise software applications were no longer required.
Maintenance and upgrades are handled entirely by the medical billing software business with cloud- or web-based billing software, allowing healthcare workers to focus on submitting clean claims and getting reimbursed.
And, as mobile computing becomes more common, cloud-based solutions make it simple to complete billing procedures on various devices, including phones and tablets.
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Are Medical Billing Software Expensive?
Medical billing software can be expensive in a variety of ways. It would be best first to acquire the software, after which you will be charged a monthly price. Some businesses provide discounts for each year your firm uses its service. Others will give you a discount if you join up for an annual membership with them.
On the other hand, some medical billing software companies may demand you to pay upfront rather than monthly fees, so make sure you understand the options before signing on the dotted line.
When selecting a service provider, one factor to consider is the cost of medical billing software. Other variables, such as customer reviews, customer service response times, and customer service personnel, should also be considered. These extra factors can also influence how quickly you realize a return on your software subscription investment.
Customers must be aware of the costs of purchasing and using a medical billing service to determine the best fit for their company’s demands and budget.
For example, a small medical billing firm could pay as little as $3,000 per year for their basic software subscription plus an extra cost if they need to call customer support due to software issues.
Medical Billing Software Prices?
Several factors determine the price of medical billing software. A per-provider plan is usually the best option if your medical practice sees many patients. A per-encounter plan is frequently more beneficial to practices that see fewer patients and specializations like mental health, chiropractic, and physical therapy. Additional capabilities, such as payment card processing, patient appointment reminders, complex reporting functionality, and data conversion services, affect pricing.
Medical billing software costs around $300 per month on average. The average monthly cost per user is $25. Premium plans can range from $200 to $500 per month, including setup fees and additional charges not covered by the monthly subscription fee. Additional fees can cost anywhere from $1000 to $20,000 each year.
Medical billing software will cost anywhere between $35 to $8,100 per month (hosted) (on-site equipment). The company’s size determines the entire cost and whether or not on-site servers are required. Web-based or “cloud” software is hosted on remote servers and can range from $26 to $112 monthly. Many suppliers also take a cut of the claims processed through their software. Other considerations include the number of doctors using software and the number of patients treated daily.
Medical Billing Software Prices Ofered By Various Providers
You now have a broad notion of how much medical billing software costs and the variety of services it can deliver. The following is a list of the most popular billing services.
1. Kareo billing cost
KareoWith offers the whole solution for integration, with options starting at around $200 per month and ranging from 4% to 9% of collections. Medical records billing is included in Kareo programs for physicians and non-physician providers.
Kareo also offers electronic medical records, marketing linkages, patient analytics, and telemedicine services in addition to billing.
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2. PrognoCIS
Plans with the cloud-based PrognoCIS start at $250 per month and cover everything from practice administration to invoicing to EMR capabilities. Additionally, their 24-hour technical assistance assures that you can get started with medical billing software even if you have no prior expertise.
3. Athenahealth
Athena Health, which provides services similar to Kare, provides various services that a small medical office may benefit from. Claims administration, appointment scheduling, patient check-in, and a revenue cycle dashboard are all included in the Athena Collector package, which is a one-stop shop.
4. MediSoft
MediSoft, an in-house software solution, costs $1,300 for a single-user platform. You may add an unlimited number of people to the medical billing software for just under $12,000 if you want a setup for a large or mid-sized business.
5. NueMD
NueMDPrices for a basic version of this highly flexible and user-friendly platform start at roughly $200 per month. You can package important services like medical charting, analytics, and scheduling, as you can with many cloud-based billing providers.
Conclusion
There are plenty of solutions available when it comes to medical billing software. It’s difficult to keep track of everything. It is important to note the medical billing software’s cost before taking it up.
References
- advancedmd.com – Medical Billing Software For Optimizing Practice Revenue.
- costhack.com – Medical Billing Software Cost [EHR,PMS & EMR]
- priceithere.com – How Much Does Medical Billing Software Cost in 2023?
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