These days, using a reliable and robust medical billing software to manage your medical practice is a must. The medical billing process today is mostly, if not entirely, digital. This means that if you run a small practice, you will either need to invest in the best in-house medical billing software to collect patient balances efficiently, or outsource to a professional medical billing company. If you are looking to handle medical billing in-house, be sure to consider the top features and functions to look for in a medical billing software. Then, consider our list of the 5 best medical billing software options overall, so you can make a great choice for your practice.
9 Factors to Consider Before Buying Medical Billing Software
Medical billing software today comes with tons of options for features and tools. There are also important factors to consider like monthly cost and your specific medical field. (Some software may be a better fit for some specialities and not others). Before choosing the best medical billing software for your small practice, it’s a smart idea to become familiar with these features. Then, you can build a list of priorities (ie. must-have’s vs. nice-to-have’s) in terms of features, tools, and other important factors as you choose a software.
When shopping for medical billing software options, we recommend considering these factors.
1. What is your monthly/annual budget?
Medical billing software, of course, is priced differently. You can expect to pay at least $100+ per user per month for a reliable software. However, there are also different fee and payment structures. For instance, some software might charge on a monthly basis while others will require an annual fee. The last thing you want is to sign up for a long contract with a medical billing software that is beyond your budget, and hurt your practice’s revenue as a result. Be sure to sit down and think through how much you are willing to pay on a monthly and annual basis, as well as whether you prefer one payment structure over the other. Learn more about medical billing software costs here.
2. Would Practice Management Software be a better fit?
Some practices don’t realize that they can choose between standard medical billing software and a more comprehensive practice management software. Although it is more expensive, practice management software is a good choice for practices who manage a majority of their back-end tasks in-house. It offers additional tools compared to standard medical billing software, such as automated appointment setting and reminder tools, financial reports, digital electronic health records (EHR), insurance eligibility tools, and more. You can find 5 of the best practice management software options here.
3. Does it have the integrations you need?
Keep in mind that different medical billing softwares will have different integrations available. If you already use certain computer applications and tools at your practice, you will likely need to check to see if the software you’re considering can integrate with them. Otherwise, you may have to download new applications and tools, which can cost you additional money as well as present a learning curve for your staff. Consider whether the software is compatible with Windows vs. iOS, your telemedicine platforms, and other internal digital healthcare platforms.
4. Is the software easy to use?
This may seem like a simple question, but it’s very important! Choosing a software with a complicated user interface can mean a big learning curve for your back-end staff and possibly paid training, which can take months as well as an out-of-pocket investment. Additionally, while you care for patients and run your practice on a day-to-day basis, you want to be confident your staff can easily manage your billing process. Make sure you ar5e comfortable with the software’s ease of use before buying.
5. What is your medical specialty?
As mentioned, some medical billing software is better for some specialities over others. Make sure to see if the software you are considering is suitable for your specialty and practice’s particular billing needs.
6. Does the software include access to Electronic Medical Records (EMR)?
A reliable medical billing software should include access to Electronic Medical Records (EMR). While using the billing software everyday, your staff should be able to easily look up patient files and records as they check in and out. This will make for the smoothest billing process for both your staff and patients.
By the way, many medical billing software options also provide access to Electronic Health Records (EHR). Learn about the differences between EMR and EHR.
7. Does it have an ICD code converter?
Medical billing and coding is not an easy job. Medical billing and coding is a profession that takes a good deal of training. Plus, if it’s done incorrectly, it can mean delayed or incomplete payments to your practice, which can hurt your revenue. The best way to ensure insurance claims are being submitted promptly and correctly is to use a ICD-10 code converter built into the software. This allows your staff to easily look up the medical codes for each procedure while handling the billing for each patient.
8. Is there an insurance eligibility tool?
Similarly, it is ideal to have an insurance eligibility tool built into your medical billing software, especially if your practice accepts several different forms of insurance. When a patient checks in, this tool will allow your staff to seamlessly look up the patient’s insurance plan and determine whether or not their procedure will be covered. It also allows your practice to give patients full transparency about billing and costs before they go through with any procedures or visits.
9. Is there a patient portal?
These days, providing patients with an option to pay online is very convenient. Patient portals can also notify patients about pending payments, show their co-pays and bills from each visit, and allow them to manage appointments.
5 Best Medical Billing Software for Small Practices
Kareo Medical Billing Software
Kareo provides a popular option for medical billing software designed to help independent and small practices with their in-house Revenue Cycle Management process. Their software is priced competitively for the medical billing industry and is cloud-based, making it accessible from anywhere at anytime. They also help small practices to collect their payments in full more quickly.
| Pricing | Features | Ease of use | Support | Integrations |
| $200 - $250 per user per month | -Claim processing and tracking -Billing dashboard -Charge capture and review -Claim rejection management -Appointment setting -Insurance verification -Data reports -ICD-10 code converter -Patient portal and reminders -and more | Medium | -FAQs -Forums -Online support -Phone support -Video tutorials -and more | -EHR integrations -Microsoft -iOS |
Keep in mind that Kareo offers additional options to small practices, such as outsourcing billing to Kareo professionals and telehealth billing options.
NextGen Medical Billing Software
NextGen is another company that provides one of the best medical billing softwares for small practices. Their software offers a comprehensive, automated billing process for an easy to manage billing process. They also have helpful tools for small practices such as due payment reminders and convenient online payment options for patients. NextGen is one of the most patient-friendly billing platforms, with an accessible and easy to use interface.
| Pricing | Features | Ease of use | Support | Integrations |
| By quote only. Contact NextGen. | -Advanced tool for managing claim rejections -Claim tracking and processing -Automated bill generation -Web-based and mobile solutions -EHR access -Financial analytics -Patient portal -Insurance eligibility -Bundled training -and more | Easy | -Online support -Phone support - E-books -Videos -Online learning center -and more | -EHR integrations -Telehealth options |
Be sure to take a look at NextGen’s small practice solutions web page.
TotalMD Medcial Billing Software
TotalMD is a budget-friendly and user-friendly medical billing platform, making it a great fit for small practices. They provide both cloud-based (mobile) and on-premise software options and flexibility when it comes to adjusting the TotalMD software to your practice's needs. TotalMD is known as one of the most robust medical billing softwares at an affordable price.
| Pricing | Features | Ease of use | Support | Integrations |
| $199 - $499 per user per month | -Code and charge entry -Claim tracking and processing -Insurance verification -Practice management options -Remittance advice -Appointment setting and reminders -E-prescribing -Built-in EHR -Reporting and analytics -”Write-off” wizard -and more | Easy | -Online support -Phone support -FAQs | -Windows -EHR integration |
NueMD Medical Billing Software
NueMD is a flexible, cloud-based medical billing software that caters to a wide variety of medical specialties - such as chiropractic, physical therapy, and speech therapy. It is an easy-to-use software that is designed to shorten the revenue cycle and increase efficiency in small practices. NueMD can provide detailed financial reports, revenue trends, payment status, collection aging, and more valuable information. The best part is the software is one of the most affordable in the industry!
| Pricing | Features | Ease of use | Support | Integrations |
| Starting at $99 per user per month | -Claims processing and scrubbing -Compliance tracking -Invoice history -Code and charge entry -Insurance verification -Practice management options -Remittance advice -Appointment scheduling -EHR -and more | Easy | -In-person -Online learning center -Phone support -Webinars | -iOS and Android -EHR integration |
AthenaHealth Medical Billing Software
AthenaHealth provides a reliable cloud-based billing platform for practices to easily manage their EHR, revenue cycle, patient coordination, and more from just about anywhere on any device. It’s also designed to help small practices easily navigate their finances and clinical results. AthenaHealth’s medical billing software is flexible and can be used with EHR or on its own.
| Pricing | Features | Ease of use | Support | Integrations |
| By quote only. Contact AthenaHealth. | -Claims management tools -Appointment setting -Performance reporting -Patient check-in -Revenue cycle dashboard -Mobile options -and more | Medium | -FAQs -Online support -Phone support -Video tutorials | -Windows -Mac -EHR |
Learn More
Learn more about the cost of medical billing software here.
If you are looking for the best medical billing solution for your small practice, don’t overlook outsourced medical billing services! Outsourced medical billing can earn your practice more revenue per year while improving the accuracy of your billing process. Take a look at the benefits of outsourced medical billing as well as these 9 steps for choosing the best medical billing company.
Want to get free quotes on medical billing services? 360Connect can help you decide which is more cost-efficient - purchasing software or hiring a professional team to handle your billing. Visit us here to receive up to 5 free quotes!