How To Find the Best Software for Medical Billing
The financial health of any business depends on billing accuracy and the timely receipt of payment. The medical industry’s process for both is more complicated than many other industries, yet practices of all sizes are reliant on efficient management of financial administration tasks.
Medical billing software can improve billing efficiency and accuracy. Here’s how to find the best software for medical billing and free you and your staff up to focus on patient care.
Why Your Practice Should Use the Best Software for Medical Billing
In 2020, 91.4% of Americans had health insurance, indicating that few pay for the entire costs of medical services out of pocket. Instead, billing is usually a combination of patient costs and insurance claims, leading to the possibility of errors and payment delays. Finding the best software system for your practice or organization alleviates many of the challenges in the billing process.
What Does Medical Billing Software Do?
At its essence, billing software uses computer programming to simplify and automate the entire billing process. However, they can do much more. Many of the best software for medical billing packages are part of an integrated practice management system, allowing you to streamline nearly every aspect of your business.
There are three basic levels of software functionality, with many providers offering plans at each level and some providing additional service categories:
- Basic: The most basic software system requires in-house billing expertise. The billing process is automated, but the practice is still responsible for completing certain aspects of the coding, claims, and billing workflow.
- Full service: A full-service system handles much more workflow, requiring little in-house expertise. The best software for medical billing takes care of the entire revenue cycle from when staff creates a patient account until payments are received.
- Comprehensive: A comprehensive system integrates other aspects of your business and provides tools for clinicians, scheduling, check-in, and patient communications.
The right software for your practice or organization should be tailored for your specialty and fit your needs and budget. When you have a good fit, billing software has numerous benefits.
What Are the Benefits of Using Software for Medical Billing?
Medical billing software can boost claim approval and payment rates, reduce coding and billing error rates and improve cash flow. Using the best software for medical billing ensures claims forms are formatted correctly and improves claims tracking. It also reduces paperwork and staff resources.
What Kind of Medical Practices Benefit From Billing Software?
Medical billing is beneficial for organizations and practices of any size. The software can also be helpful for any medical field or specialization, though finding a product that allows you to tailor your software to fit your needs is essential. You should look for a provider with services that focus on your specialty, whether that’s a family practice, orthopedics, ophthalmology, or mental health.
What To Look For in the Best Software for Medical Billing
As you search for medical billing software, it’s essential to know what you’re looking for. Providers may highlight bells and whistles more than critical features, so you may have to dig deeper into their service descriptions to ensure they have everything you need. A full-service product should include several essential tools and features.
When billing software includes online appointment scheduling and management tools, scheduling can be entirely online. The software can even send out automated reminders. This feature also allows staff to verify appointments and track missed or canceled ones, applying fees as needed.
Health insurance provides a wide range of coverages, and patients might not know what theirs includes. The best software for medical billing provides insurance verification. The pre-registration process verifies coverage levels and eligibility, so patients know before their appointment what their status is.
Inaccurate coding is a significant source of billing errors, potentially resulting in overcharges or lost revenue. Though human error can lead to the mistake, it places practices at risk of accusations of fraudulent behaviors under the federal government’s laws governing healthcare fraud. Automated coding reduces the risk of billing errors. Some programs scan codes and flag any that may be inaccurate.
Claims management is another critical feature to look for in the best software for medical billing. The software should handle:
- Claims submissions
- Status verification
- Claims history
- Denial management
Effective claims management is essential to your business’s financial health.
Electronic Payments and Payment Management
Medical billing software should provide secure payment options, including secure credit card payments and credit card information storage. It should also track insurance payments, provide payment reminders and send receipts.
Business Intelligence and Analytics
Analytical and reporting features can significantly improve your business’s performance. Medical billing software can provide financial, departmental, and claims denial analyses and patient reports.
What To Consider Before Choosing the Best Software for Medical Billing
When comparing providers, several factors are worth considering before settling on one. The following are the most critical:
- Compliance: The software should comply with the Healthcare Insurance Portability and Accountability Act throughout the system. If there is a patient communications feature, verify it is also HIPAA-compliant.
- Security: In 2021, the healthcare industry reported 712 data breaches involving 45,706,882 healthcare records to the Department of Health and Human Services. Data security is a growing concern, and software providers should be transparent about their security measures.
- Integrations: The software system should integrate with other systems you already have.
- Support: The provider should offer product support. You may want to read reviews to determine how responsive tech support is.
- Cost: The best software for medical billing is a cost-effective solution. However, it pays to compare products for the price and features.
If you already have a medical billing product that isn’t adequate in any of these areas, you may want to consider switching providers.
How To Connect With the Best Software for Medical Billing for Your Business
Medical Billing Hub knows you want the best software for medical billing for your business. Whether you’re looking for your first medical billing software product or you’re looking to switch providers, we can help you find the right option for your business. Compare services and get started today.