Healthcare providers devote their lives to service. Automating and outsourcing various repetitive tasks can help them with extra time, which can be used to check on other patients. For this reason, several healthcare organizations use software or outsource a few tasks. Before we look into the top medical billing software, let us first understand what medical billing is and the types of medical billing systems.
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What is Medical Billing?
Once a healthcare provider gives its services, it expects remuneration for the tasks performed as professionals in these organizations would require to be paid. Now is where billing comes into play. You might have a general idea about billing. Let us go into the nuances of medical billing in particular.
Medical billing is the process of scouring patient records to determine the total billable charges, together with incorporating insurance claims that need to be reimbursed appropriately. Such a process takes care of the healthcare organizations’ financials.
Different Types of Medical Billing Systems
From a general perspective, there are 3 types of medical billing systems. Let us have a glance at them:
1. Closed Medical Billing System
A closed medical billing system is ‘closed,’ i.e., used only within a single practice. Using digital tools like Electronic Medical records (EMRs), the complete patient data, along with diagnosis and future procedures, can be accessed. A patient’s vitals and vaccinations can also be tracked.
2. Open Medical Billing System
An open medical billing system uses Electronic Health Records (EHRs) with info that can be accessed by providers, chief stakeholders, patients, medical billing teams, insurance payers, and even third-party vendors and more than one healthcare organization. This system is preferred due to its flexibility. Integration of EHRs into existing software can also be done with ease. Confidential data is secured, and unauthorized personnel cannot access it.
3. Isolated Medical Billing System
These are solely for the users of a healthcare organization. Through patient health records (PHRs), users can add their health information and maintain and refer to it when required. Isolated medical billing systems are not for healthcare providers or organizations. Users can avail of them to provide details when needed during medical check-ups or procedures.
Top Medical Billing Software
Medical billing software is an application that assists in the medical billing process. It helps organizations automate billing processes to function more smoothly and save time. But how do you choose which software suits your organization? Do you want to know which ones ranked on top?
When it comes to medical billing software, many have emerged with the technology boom. Several healthcare software development companies deal with developing medical billing software. Let us look at the ones that have topped the software list:
1. DrChrono
Known to be the best software overall, DrChrono tracks each step of the accounting process. Furthermore, there are allowances for human intervention when required. There is continual analysis so that a bug detected in any step can be resolved soon. Along with billing, DrChrono offers telehealth services and health records management. It provides a patient portal and supports insurance claims processing, too. Recurrent payment and multiple payment automation are incorporated into this software. HIPAA compliance is an added benefit. DrChrono offers several customizable forms, charts, and templates, thus being suitable for all.
- Website: drchrono.com
- CEO: Michael Nusimo
- Revenue: $23M
- Phone Number: +1-844-569-8628
2. Kareo Billing
Kareo Billing is identified as the best software for small practices. Its integrated cloud platform ensures patient communication is done without a hitch. Its managed billing capabilities reduce the number of rejections and denials, thus increasing efficiency. It is known to be user-friendly and assures an excellent user experience.
- Website: kareo.com
- CEO: Dan Rodrigues
- Revenue: $70M
- Email: [email protected]
- Phone Number: +1-866-938-3272
3. CureMD
For large medical practices, CureMD is considered the best. Not only is it widely known because it is the only specialty-driven Electronic Health Record (EHR), but it also does intelligent billing and has a good user portal. CureMD strives to deliver personalized care whilst taking care of the users’ safety, optimizing efficiency, and minimizing cost. They give mobile care as a solution for all medical practices.
- Website: curemd.com
- CEO: Bilal Hashmat
- Revenue: $115M
- Email: [email protected]
- Phone Number: +1-212-509-6200
4. AdvancedMD
AdvancedMD can take care of chains of large organizations and each user involved. It is recognized as the best for large healthcare organizations. Thorough yet user-friendly, leading up to a great user experience. Revenue cycle management (RCM) and insurance claims processing are easy to handle. With HIPAA compliance and several customization options, AdvancedMD takes the forefront and has the capability for a large quantity of data storage. It is much preferred as it supports both online and multiple payment options.
- Website: advancedmd.com
- CEO: Raul Villar
- Revenue: $39.6M
- Email: [email protected]
- Phone Number: +1-801-984-9500
5. Dentrix
Ranking at the top for dental, periodontal, and orthodontic practices, Dentrix is renowned for quick and real-time insurance claims processing, supporting both online and paper payments, and giving customizable billing statements. Not only limiting itself to billing, Dentrix provides marketing, promotions, business management, and tech support for its patients.
- Website: dentrix.com
- CEO: Henry Schein
- Revenue: $33M
- Email: [email protected]
- Phone Number: +1-800-561-2983
6. Alora Home Health
The latest trend of mobile and home healthcare providers must be acknowledged. Considering compatibility with all types of devices, Alora Home Health Software is the best. It can be accessed and have information updated with the help of any device: desktops, laptops, tablets, or mobile phones. Allowing for multiple payments and customized documents makes it a good portal for users. Being fully HIPAA compliant is a great advantage. Their exemplary customer support helps to manage services and complaints, if any.
- Website: alorahealth.com
- CEO: John Sathish
- Revenue: <$5M
- Email: [email protected]
- Phone Number: +1-800-954-8250
7. CentralReach
“A healthy mind resides in a healthy body.” – Roman poet Juvenal, 1st century AD
There are a multitude of mental health practices that cater to the overall well-being of humanity. CentralReach is considered at the top of its game regarding medical billing software for such practices. It has unique features for those working with users with autism, dyslexia, and ADHD. Not only does it provide the software, but it also offers skill development training for the same. Revenue cycle management (RCM) is handled, and integration is easy. You can seamlessly get it into your existing system. It has multiple payment options, custom templates, automated insurance claims processing, and is HIPAA-compliant.
- Website: centralreach.com
- CEO: Chris Sullens
- Revenue: $58.7M
- Phone Number: +1-800-939-5414
Advantages of Availing of Medical Billing Software
One can gain several benefits from using medical billing software. Let us explore a few:
1. Less Paperwork
We must save our trees. More governments are encouraging their citizens to go paperless. Availing of software will help in this respect. With paperwork slowly becoming a thing of the past, even smaller organizations opt for digitalization and automation.
2. Less Manual Labor
Adding on to the above point, more people prefer automation for tasks they feel are laborious.
3. Decrease in the Number of Errors
We know for a fact that automation reduces errors. Human errors are more likely to occur, but software produces fewer errors. Organizations do not need to worry too much about tampering with software.
4. Greater Accessibility
Digging up old records was a task in itself. With software, you can find a user’s records in an instant. The software helps professionals do their practice with quicker speed and fewer headaches.
5. Better Claims Processing
Tracking and processing claims is more straightforward with the medical billing software. Patient coverage, alerts, coding errors, and inconsistencies can all be known quickly.
6. Better Financial Reporting
Billing is all about finance. A deeper analysis of the records you avail of in the software can help you improve your organization’s efficiency.
7. Ease of Payment
Cashless online payments are becoming the norm. With software, healthcare payments can be made with ease. Multiple payments can be tracked. Online and electronic payments cater to a demographic of users satisfied with the healthcare provider’s facilities.
In Conclusion
It was found that the U.S. medical billing outsourcing market size was $3.73 billion in 2022. The prediction for the year 2032 is $12.48 billion, considering a CAGR of 12.9% from 2023 to 2032. If your organization isn’t using software already, it is high time you get one. Availing of one will save you time and energy. You can use that time and energy to give your heart to your practice.
Each software has its plus points. Each software is suitable for a particular type of organization. Some healthcare providers have a set of requirements that are suitable for a set of software. It all comes down to thorough analysis. You need to find out which software you need in your organization and go about it as you require.
