Running your medical billing efficiently is a necessary part of managing any medical practice. Practitioners have two main options when it comes to deciding how to handle their billing operations. They can either manage billing in-house using billing software or practice management software, or they can outsource their billing needs to a medical billing and coding service.
As healthcare becomes more digital, both utilizing medical billing software OR outsourcing are viable options that allow medical practices to run digitally and remotely. If you are considering a medical billing or practice management software for your practice, you may want to look into Medisoft as a software option.
What is Medisoft Medical Billing Software?
Medisoft is a type of cloud-based medical billing software used by all different types of healthcare offices. As one of the most popularly used medical billing software options on the market, it helps practices with:
- Revenue cycle management (RCM) and accounting
- Submitting insurance claims
- Managing accepted and denied claims
- Collecting and managing patient balances
- Logging patient data with Electronic Health Records (EHR)
- Scheduling appointments
Medisoft can be seen as an all-in-one practice management software solution, since it combines many different digital functions that healthcare professionals need to run their practice everyday.
Features and Integrations
- Clinical EMR tool
- Easy-to-use EHR interface
- Online appointment setting (with live office hours and automated reminders)
- Automated patient accounting (using BillFlash)
- Electronic claims submission and management system
- Transaction entry alerts
- Claim scrubbing for accuracy
- Reimbursement tracking
- Reports and analytics
- Advanced ICD-10 coding system
- Patient insurance eligibility check
- Customization using buildable “templates”
- And more
Often practices want to know how much Medisoft’s software costs. One of the biggest perks of Medisoft is that it is very affordable. Since it allows you to run your billing operations in-house, it can cost even less than a medical billing service. Because Medisoft is a cloud-based software that can be accessed from internet-connected devices, pricing runs on a monthly subscription basis. So when budgeting, keep in mind that the bulk of your expenses will be these monthly premium payments.
Medisoft’s monthly pricing depends on the number of users that will need to access the software at your practice.
|Number of Users||Monthly Cost per User|
|40+||Must call for a quote|
As you can see, the price per user per month drops when your practice signs on with more users. All of Medisoft’s monthly pricing plans will give all users:
- Mobile access
- Upgrades and updates
- Free training
- Technical support
Keep in mind that many of Medisoft’s included features often come with a price with other medical billing software companies. Additionally, these are very affordable prices when it comes to medical billing software on the market today. For this reason, their pricing and plans are a great value for both large and small practices.
Medisoft: Pros and Cons
As with any medical software, there are going to be advantages as well as disadvantages. It will all come down to your practice’s needs, preferences, and must-haves for your chosen software. Keeping in mind that Medisoft is a widely used medical billing software, we recommend considering these pros and cons before making a decision:
- Regular advanced updates
Medisoft is always making improvements to their software to make it more useful to medical practices everywhere. In fact, they are now on version 25 of their software. When signing up for the software, you will gain access to regular updates and upgrades that are free of charge for users.
- Cloud-based, mobile flexibility
Medisoft is cloud-based and mobile-friendly. This means you can access the billing software on mobile devices, such as your smartphone, tablet, laptop, desktop computer, and more. Medisoft also recently upgraded this mobile functionality, making the software accessible anytime, anywhere – even without a stable network connection.
Medisoft’s pricing and plans are especially great for small practices, as they are some of the most affordable subscription prices in the medical software industry. Their flexible plans give smaller practices room to budget for the software and accommodate different amounts of users. Additionally, their plans have bonus items included such as training, upgrades, and support. These things can cost extra with other medical software companies.
- Real-time transaction processing only
Some Medisoft customers complain that the software only posts transactions in real-time, and they cannot “save” transaction info to access the next day. This can cause some disruptions in the billing system.
For instance, a large healthcare facility may spend hours entering transactions for the day, and due to the large transaction volume, they may be “pending” or “processing” for a long time. At the end of the day, frustratingly, these users either have to wait until all transactions post or start over the next day.
- Substantial set-up and training required
Because it is a comprehensive practice management software, implementing Medisoft will usually require several hours dedicated to set-up and training. Luckily, these costs are included in your subscription payments so you won't have to pay any extra. However, training and installation can be time consuming.
- Slow customer support system
Some Medisoft users report slow service when it comes to customer support, especially technical support. Medisoft has customer support via email or phone. However, it can take 1-2 days for each technical request. This can be a big issue when you need to process payments during a busy day of patient appointments.
If you are considering medical billing software for your practice, know that there are tons of software options available to you. Today, there is everything from medical billing software alone, to practice management software, EHR, EMR, as well as all-in-one platforms.
You can also partner with a medical billing service to simplify your task work in-house. Take a look at some top medical billing company options:
Want to compare the best prices in the market for both medical software options AND medical billing services? Use our free comparison tool to match with high-quality, affordable options and save up to 30%.