Medical Billing software is a suite of tools that help hospitals, clinics, and private health practices automate billing processes. Using medical billing software can ensure that all revenue is accounted for an optimized and also improve reimbursement rates and the overall financial health of a medical business. Medical billing software can verify insurance coverage quickly and help streamline claims and improve payment workflows and speed.
The main features and functionality included in Medical Billing software are:
- Appointments & Scheduling
- Patient Registration & Insurance Eligibility Check
- Claim Generation
- Claim Submission
- Claim Management & Follow-Up
- Coding and Claim Automations
- Data Security & Privacy
- Easy-to-Use Interface & Features
- Credit Card Payment Processing
- Statements & Collections
The benefits of Medical Billing software are:
- Minimize Paperwork, Manual Work, and Errors
- Make Patient Information More Accessible
- Improve Claim Tracking
- Enhance Financial Reporting
- Streamline Coding
- Improve Patient Care with Payment Ease
Historically, medical practice software fell into a few different categories: Practice Management, Electronic Health Records (EHR), and Medical Billing Software. While many software vendors still offer point solutions that practices can implement separately and integrate into all their other systems, there’s been a shift toward all-in-one solutions.
Small practices often opt for a stand-alone medical billing or RCM solution. These are often online or web-based, and very easy to acquire and use. No complex servers or databases need to be set up and managed. Payment generally is based on a percentage of collections: if no money is collected on a bill, the service provider does not get paid. Large practices tend to acquire software solution packages that include medical billing, practice management and EHR/EMR.
Many practices are not keen to outsourcing medical billing because they don’t want to relinquish control of their medical billing or disclose revenue to a third-party. The medical billing software solutions available on the market today make it possible for medical professionals to easily manage all the components of billing internally, from claims and billing to online payments and interactive patient portal.
Medical Billing software can be used as a stand-alone service or as part of a larger suit of tools, so it's important to understand business needs and what tools will benefit your practice most now and as it grows in the future.