Best Medical Billing Software – Choose the Right One!

We at SotfFormance are very much into developing medical software that helps healthcare businesses boost their efficiency and service quality. And we certainly know how many processes a healthcare company should handle. 

That’s why automation becomes a key to the improved quality of healthcare services. The more processes you automate, the more time and capacity you have for providing quality services. 

One time-consuming process you can automate is medical billing. Processing of insurance claims, payment management, and reimbursement-related processes may take hours, especially if you are running a healthcare institution with a solid number of patients. In such conditions, medical billing software is ready to become a game-changer.

Keep reading if you want to find out what is medical billing software, how it can help you automate many processes, what features it needs, and what are the best medical billing solutions. 

Medical Billing Software Features

Without further ado, let’s discuss must-have features of software for medical billing. 

Claims Processing

Top-notch medical billing applications include diverse functionality for the automated management of reimbursement claims. It should also record and store information on all the completed reimbursements. The key point is to store all this data in complete security. 

Besides, software medical billing solutions should include functionality for automated claims processing. 

For example, there’s an opportunity to implement an AI algorithm that will scan through and validate all insurance claims. At least, it may be a game changer in terms of efficient claim processing and fraud detection. 

With such solutions, there will be no space for paperwork – only a large system of digital medical documents. 

And, surely, there should be advanced functionality for submitting, tracking, and checking the status of medical claims. 

Insurance Verification

One of the most challenging aspects of managing medical billing is aligning insurance claims to patient histories and cases. 

Insurance verification functionality helps medical businesses find information on an insured patient in a few clicks. 

This leads to a great consistency between insurance claims and services provided to the patients. 

A great example of a software solution providing insurance verification features is Waystar. 

But you can always go for a more business-specific platform and insist on custom insurance verification management functionality aligned to your specific needs. 

Invoice Templates 

Medical invoices are another common problem in the medical business, as they take too much time while being handled manually. 

Actually, creating an invoice with specific insurance information and patient history details may take a lot of time. 

That’s why digital invoice templates provided in top-notch healthcare apps come in handy. 

They may help you reduce the time required for developing a medical insurance invoice from hours to seconds. 

Compliance

Healthcare is all about regulations, such as HIPAA and GDPR. 

When it comes to medical billing specifically, there are also certain rules advocating for billing transparency, such as the No Surprises Act. 

With top-notch billing medical software, you can make sure that your processes comply with the most corresponding regulations. 

In this case, you will have all the relevant documentation in one place. You may also get a list of regulation-compliant templates for auditing or even records of all rules applying to your processes in handy. 

And, surely, the best medical billing software ensures payment transparency. It helps you track all your billing processes so that you will avoid any violations of the No Surprises Act. 

BI and Reporting

The best software for medical billing deals with significant loads of financial data on revenues, expenses, and incomes. 

No wonder it provides much information for business intelligence practices. 

That’s why medical billing platforms include analytical features that facilitate business efficiency. 

Besides, such functionality automates business reporting, thus, helping medical businesses recognize their strengths and weaknesses and become more profitable. 

Payment Reminders

Customer-facing billing software medical platforms may also automate payments.

In this case, you will set a customizable schedule for payments. As a result, your patients will get reminders when it’s time to make payments. 

There will also be reminders for regular reimbursement payments for insured patients. 

Finally, there may be functionality for scheduling regular automatic payments. 

Types of Medical Billing Software

In many cases, completely diverse healthcare features are united in a single platform. 

But there’s still an opportunity to distinguish the main types of medical billing software according to their core purposes and fundamental functionality. 

Software for Billing Automation

These are the apps that are primarily aimed at billing automation. 

Such platforms not only send payment reminders to patients but can also automatically withdraw funds from their payment accounts.

As a result, medical companies or healthcare insurance businesses are safe to receive all the payments regularly and on time. 

A perfect example of a medical billing platform emphasizing such functionality is Kareo Billing. 

Billing + EHR Software

One more demanded type of medical billing software includes applications that integrate with patient EHR records.

Such platforms help medical practitioners retrieve patient data on demand. The outcome is the correspondence between insurance claims, services provided, and patient payments. 

Such multifunctional platforms include powerful search engines and often integrate with a variety of medical management software. 

An example of such an application is NextGen Healthcare EHR, which provides some medical billing and finance management functionality. 

Claim Management Software

As many healthcare systems mostly rely on reimbursement and insurance, software for managing insurance claims becomes really relevant for medical businesses. 

Many medical billing solutions allow healthcare practitioners to automate insurance claim management and review patient insurance. 

However, certain apps, such as Waystar, present insurance claim and reimbursement management as their fundamental selling points. 

Healthcare Payment Systems

There are also industry-specific payment systems designed specifically for the providers of healthcare services. 

What is the best medical billing software of this type?

Consider the example of PayMedix.

This payment system is designed to assure direct payment to providers for covered charges, as well as medical payment automation. 

PayMedix has become a very popular solution in America’s complex system of reimbursement and diverse healthcare service fees. 

Revenue Management Software

Finally, there are platforms that help medical businesses boost their profitability. 

Revenue management software helps such organizations manage their costs and make financial forecasts.

They may also provide business intelligence features to support profitable business practices.

As an example, we can mention healthcare revenue management platforms provided by Compulink Software Solutions. 

What You Need to Know About Choosing a Medical Billing Software

When you are choosing medical billing software, there are numerous points to consider.

So, make sure to ask yourself what are the problems you want to solve and how does this software cover them? Do you struggle with claims management, patient data search, or revenue management? Choose your medical billing solution from the types mentioned above correspondingly. 

Also, make sure to check whether your solution is HIPAA or GDPR-compliant. If you have any doubts, this software is not your perfect match. After all, the cost of the mistake is too high. 

A great benefit of a quality medical billing platform would be a free trial option. It will help you understand whether the solution fits you in practice. 

Finally, don’t forget about healthcare interoperability. Make sure to search for a solution that connects with other medical apps. Ideally, aim for the FHIR data exchange standard. 

Reviewing Top Medical Billing Solutions

Now, let’s continue with practical examples. Here’s an overview of some of the best medical billing software solutions in the market. 

DrChrono

DrChrono is a medical billing and EHR app that provides medical businesses with rich and diverse functionality. 

Among its main selling points, one can mention billing automation and features for managing patient records. 

DrChrono is also known for its real-time patient eligibility checks, features for tracking patient history, and HIPAA-compliant data storage. 

Kareo Billing

Here’s a rather simple solution that helps medical staff manage insurance billing more efficiently. 

Kareo Billing includes built-in messaging and documentation management features. 

It also provides billing analytics and offers interactive schedules for both billing and medical appointment. 

Finally, it helps healthcare businesses save hours with its advanced features for automated claim processing. 

Cure MD

CureMD is known for its strong focus on interoperability and security. 

This SaaS platform helps practitioners record and manage electronic health records and store patient outcomes. 

It is also a great solution for boosting the profitability of a medical business. 

CureMD provides advanced functionalities for analytics and reporting. It helps healthcare organizations measure their key performance indicators (KPIs), identify areas for improvement, and gain useful insights from flexible and scalable analytics. 

AdvancedMD

AdvancedMD is one of the most comprehensive products in the market of medical automation software. 

It helps medical businesses automate finance analytics, BI processes, insurance eligibility checks, and many more. 

However, its functionality goes far beyond regular billing medical software.

AdvancedMD also provides EHR management and storage features and allows healthcare practitioners to schedule appointments. 

Benefits Billing Software Brings and Challenges It Solves

From our expertise, the best medical billing software helps healthcare businesses cover their most significant and time-consuming challenges with corresponding features. 

If a company faces the problem of payment delays, it can solve it with automated payment scheduling functionality. 

Another common challenge in the healthcare industry is lengthy patient registration and verification. This problem can be solved with the help of a search engine that finds all patient data with a few clicks and automates patient registration and verification. 

There is also a common problem with practitioner-patient communication. However, a patient-facing medical software billing product can include functionality for patient registration, documentation exchange, patient reminders EOB (Explanation of Benefits) delivery, and even a chat to solve the problem of communication. 

Many healthcare businesses spend too much time on paperwork. That’s exactly the problem you can solve with the best medical billing software. After all, such apps often provide rich functionality for document verification and documentation management. 

Finally, a very common problem in the healthcare industry is that many organizations fail to establish value-based healthcare. However, the integration of medical billing features with EHR ensures consistency of patient treatment outcomes and billing. At least, tracking the correspondence between the bills and the services provided to the patients becomes simpler than ever. 

When Do You Need to Develop Custom Medical Billing Software

In most cases, you can choose a ready-made solution from the list of the most common medical billing software. Such platforms provide rich functionality that will be more than enough for fulfilling your needs. 

However, there are specific cases when I recommend you go with a custom medical billing solution. It means choosing a unique software developed with features that are tailored to your specific needs. 

Basically, these are the situations when you’d better go with a custom solution instead of an off-the-shelf medical app:

• You are running a franchise that relies on its specific software and may even use franchise-specific solutions as a part of your branding.
• You are working with a network of healthcare institutions with specific requirements that need a consistent software solution that will cover all establishments within this network.
• You have unique requirements, such as features that are not provided by off-the-shelf solutions (for example, integration of emergency management functionality) or very strict security requirements.
• You are already running an existing software solution and want to integrate your medical billing software with it or customize it by adding new features. 

The good news is that you already have a reputable partner for all these cases. SoftFormance is a team with a strong related experience in custom development. 

We are ready to utilize our 7-step product development approach to provide you with a medical billing platform tailored to your needs specifically.  

Summary

Medical billing apps can help you save many hours on routine healthcare processes. 

If you are unsure whether you need an existing medical billing solution or want a custom app tailored to your specific needs, we are ready to support you with our consulting services. 

The SoftFormance team has extensive industry expertise. We will help you find the best solution from the list of medical billing software programs. 

Or we will build you a custom medical billing platform from scratch, guiding you through all the stages of the software development lifecycle.

Contact us, and let’s see how we can help you take your medical services to the next level. 

And remember, people need your software! 

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