The efficient billing process is the engine and timely payments are the fuel that keeps a medical practice running smoothly. Both are possible with the right medical billing software .
Automating the billing process while maintaining organized data files can help a practice increase revenue as well as patient satisfaction. It also keeps you well prepared in the event of any legal hassles.
But implementing an inefficient billing solution can cost you dearly. It can affect the patient flow, accounts receivables, payment postings, and ultimately, the sustenance of your practice.
So, while you are in the market for the best medical billing software and are hearing pitches from multiple companies, here are some aspects to consider in order to make the right call.
1. Cost
Expense is always an important factor to consider. In the case of medical billing software, these costs can vary.
Some may be free to install but charge huge subscription fees to use their premium tools, some may cost less initially but display many hidden fees later while others can cost more upfront but include unlimited use of different functions.
Choose according to the needs and size of your practice. It is advisable to consider long-term expenses and the scalability of the software as your practice expands. You don’t want to end up with a big surprise bill at the end of the year.
2. Features
Owing to leaps and bounds of technological advancements, medical billing softwares offer a host of features these days. Providers can choose the one that suits their current requirements as well as their vision for the future.
Certain features like HIPAA compliance are a must. You must go for software that provides encryption to maintain the privacy and confidentiality of patient and healthcare data.
A secure backup is another feature you will need to maintain documentation and data and get easy access when required.
Consider how many staff members and doctors will be accessing the software and whether it can handle the surge in billing periods efficiently.
Software that allows patient pre-registration is a boon, as new patients can complete the intake forms and you can verify the insurance before they arrive for their appointment.
Features that automate insurance payors listing, claims tracking, electronic remittance alerts, etc. are the core reasons for installing billing software in the first place.
Accounting is a crucial feature. The software automates many steps of the revenue cycle management from staff payroll, timesheets to allowing online patient payments and keeping a record of accounts receivables.
If you have outsourced certain tasks like insurance verification to a medical or dental billing company, the software should assist their secure access of patient data, thus saving you the hassle of being a middleman.
It will also be time-saving for you to choose a software that requires less intensive training to use various functions or tools.
3. Access
As mentioned earlier, you want the software to enhance your bottom line as you grow. Getting digitalized is a part of the process and you will be accessing patient records across various platforms and devices.
You need medical billing software that is supported by different operating systems on smartphones, tablets, and PCs. When associating with a company that provides medical or dental billing services, this access will prove instrumental.
If the software offers webinars and online training sessions for your staff, that would be a good influencer for your preference.
4. Provider’s Track Record
In October 2015, the Government mandated the transition to ICD-10 (International Classification of Disease Code). If the staff of the software provider is not proficient in the same, the maintenance can go for a toss. Ensure to prefer the one that is compliant and efficient in the guidelines.
Find out how long the provider has been in business and the reviews of their medical billing software from your peers. Look for testimonials that provide substantial information and not those intended for marketing purposes.