Medical billing and coding software performs all the billing related tasks in medical practices and hospitals. It helps to record, store and retrieve patient’s medical information. Using medical billing software, nearly 75% of the submitted medical claims are processed resulting in 98% of those claims being reimbursed within 1 month.
When starting your medical practice, it is important to know the ins and outs of medical billing and coding software. You need to know what features to look for and what you can expect to pay. Your office is going to rely on the efficiency and speed of the software you choose.
Benefits of Having Online Medical Billing and Coding SoftwareSome of the most important benefits of having medical billing software, or practice management software, are that there is no upfront cost for software and services. You will typically just pay a monthly fee. Online software can provide a faster experience since the heavy lifting needed to provide core function is done by the online server components. In turn, you will not have to worry about any upgrades, maintenance, or server hardware.The software can be accessed from any PC, so there is nothing to install prior to use.
The biggest drawback to using online practice management software is that your data could possibly be held hostage. You want to be sure to choose a software with exceptional security settings. Also, depending on which online software you choose, you may not be able to choose your clearinghouse and you’ll be dependent on a broadband connection.
Features to Look forYou want to seek out medical billing software that is ICD-10 ready, and includes a patient portal, medical billing software, and is fully integrated with EHR. Another important feature you want in your software is “restricted access” settings for all users in the office. This type of feature will help the user to maintain the confidentiality of the data that is stored in the software.You also want some of the other features of the software to help with managing the billing activities that include printing and report generation, data entry, appointment and task generation. Even a mailing feature that enables the users to send direct email messages from the software is helpful.
Other important features typically included in medical billing software is insurance type designations, automatic super bill numbering, sales tax support, billing reconciliation, ERA posting, transaction coding, resource-based scheduling, guarantor filing, and color-coded scheduling.Your software can also be used to help manage patient data on a daily basis.
What You Can Expect to Pay
To help narrow down your choices, be sure to understand the benefits of the software from each vendor and compare them side-by-side, including the cost. You can even ask a vendor what makes them better than the competition.
Most vendors start under $100 per provider for basic services. However, for a single provider with good tech support, you’re probably looking at paying at least $300 per month. Great service doesn’t come cheap, but it can be a lifesaver and is often times worth the money to keep your medical practice safe.
So How Do You Choose?
Your ultimate decision should be based on the needs of your practice, i.e. number of doctors, daily patient load, and the amount of billing and coding being done on a daily basis. You also want your software to be able to change with your office. Can you add new doctors or delete old ones? Is the software compatible with being used at several office locations? Even knowing the price of new modules is important. Keep a notepad or spreadsheet of all the things you must have for your medical billing and coding software, along with things you want the software to have, but won’t be life changing.
Unfortunately, you may have to try out a few different vendors if you are just starting out. Finding the right fit for your medical practice can be hit or miss, but it is very important. Be sure to check out all available packages within your budget before making a final decision. Your time and money depends on it.