Medical Billing Software
Before you buy medical billing software, consider how you would answer each of these questions: Are you looking for software to handle your entire billing process? Or are you looking just for software to handle the electronic coding and submission of claims? Are you ready to spend additional dollars for upgrades or extra features? Do you want technical support that is on-site or would you be satisfied with online technician assistance?
What You Should Know About Medical Billing Software
Medical billing software can save time and money however the initial investment of both money and time in learning the software needs to be considered. While the software will provide savings in the long run, you can expect to pay between $3,000 to $5,000 for a comprehensive medical billing software package which is compliant with federal regulations for patient privacy and can be integrated with other medical office software.
The best advice before buying any medical billing software is evaluate the choices and then check with the Better Business Bureau, Federal Trade Commission and your state's office of the Attorney General.
The right software for medical billing can save you real money. Here are some examples provided by Microsoft regarding the savings achieved by Southeast Texas Medical Associates: Claim denials decreased by a total of 26% percent resulting in an increased revenue of $102,000 over a year. The overall collections increased by $1.4 million. Improved coding added over $150,000 in allowable and billable charges.
Special features on medical billing software include: electronic claims submission, electronic charting, complete accounts receivable documentation, reference tools for coding and medical terminology, tracking of collections and outstanding claims. The most sophisticated medical billing software allows for features such as tracking of staff productivity, aging of accounts, and creation of management reports.
Before you go shopping for billing software, it is advised that you make a list of the problems you wish to solve by using medical billing software and then shop for the software that is going to provide you with the best solutions for your needs. By looking at your needs first, you will be able to narrow down your options and find the best medical billing software based both on your needs, features and price.