Medical Billing Software Comparison
List of The Top Medical Billing Companies
Side-by-Side Medical Billing Software Comparison of EHR Vendors
Today’s practices must evolve to stay competitive with larger health organizations. In addition, the Centers for Medicare and Medicaid Services (CMS) mandates the use of electronic health records (EHR) software. While it represents an added expense, the value of an EHR and available medical services is significant. Medical billing software, including managed medical billing, may integrate with the platforms available from the top EHR software vendors. Moreover, dedicated medical billing software and service reduces the costs of in-house billing and alleviates common problems.
Of course, practices may feel overwhelmed and uncertain when trying to choose a new system. The change will impact operations. However, modern medical billing software and services empower practices to recapture lost revenue and reduce denial rates. Instead of selecting the first system reviewed, medical practices and office managers should consider multiple vendors. They must review the features of benefits of the top EHR software and medical billing software or service vendors.
Kareo created a versatile platform that combines the benefits of EHR software with medical billing and revenue cycle management. The system populates data from the EHR to process claims, submit forms for insurance verification and validation payments.
Patients may also make online payments through the system. This ideal medical billing software solution helps those with limited resources take advantage of payment plans. Yes, practices should collect all applicable copays, fees, and adjusted charges at the time of service. However, that may require waiting until after the completion of treatment to determine costs.
Kareo also works with practices to move existing medical billing software data into the platform. Practices simply select a date and time, and an expert installer will assist with the migration process. This enables faster, more effective practice management. As a result, staff may return to caring for patients and managing office functions.
Moreover, Kareo customized checks to validate workflows within the billing software against regulations. This reduces the risk of fines or penalties assessed by CMS or other oversight organizations. Basic practice management tools within the Kareo EHR platform also work with the medical billing software. As a result, appointment scheduling improves, and verification of insurance completes prior to patient arrival. Thus, patients know exactly their cost at the time of service.
Kareo does offer dedicated support via online chat or a 24-hour service line. This further drives down the risk of disruption and system failure.
Other valuable features include the ability to electronically sign documents and view billing data at a glance via a dashboard. Advanced reporting and analytics capabilities further showcase the ROI of outsourced medical billing software and service versus in-house processes. For practices that wish to eliminate all possible risks, Kareo may handle the entire claims process. Costs of outsourcing range from $110 to $320 per month.
DrChrono is the next medical billing software provider within this comparison. The platform offers functions similar to those of Kareo. However, several key functions are also available that Kareo does not provide.
Now, DrChrono does offer the same EHR integration capabilities and revenue cycle management tools. Patients may submit payments online. If a practice utilizes the DrChrono EHR, patients may connect their charts and visit-specific data to payment history as well.
The system also uses mobile-optimized settings that reduce the delay or eye strain that arises from tablets and phones while working. For practices that need help with moving billing processes to DrChrono, guided support is available as well.
This vendor also offers customized workflow management within the billing system. This is ideal for practices with unique billing codes and high-variety treatments.
DrChrono’s medical billing software capabilities also integrate clearinghouse systems and practice management systems. This reduces costs and errors in rekeying information. Fewer errors streamline medical claims management and administrative functions.
Now, DrChrono does offer a designated call center to support in-office staff. This ensures maximum uptime of the system and reduces risk. If a duplicate entry exists, automatic algorithms will identify and correct the issue. Meanwhile, the capability to electronically sign documents and gain insight through reporting and analytics still exists within the billing software.
DrChrono does not publish pricing data due to the high customization capability of its software. To determine an exact price, each practice must connect with a representative. They must also submit to the validation of their practice size, address, the community served, patient volume data, and current collections data. DrChrono may offer medical billing software and managed billing services at a percentage rate of the current outstanding debt.
AdvancedMD also stands out in the medical billing software comparison. The company offers practice management functions, such as Clearinghouse payment processing for payroll and medical billing services. AdvancedMD takes a dual approach to medical billing software and service.
Practices may opt to use the company’s medical billing software or outsource all billing processes to the company. Meanwhile, the billing software does integrate with the AdvancedMD EHR and patient portals.
These factors increase engagement and offer the advantage of better staff-patient interactions. The system leverages the same “donuts,” graphs, to help practices track performance. Additionally, donuts are specific to the system integration as a whole or the individual software.
The billing system also offers insights via key performance indicators (KPIs) within the donut charts to help with continuous improvement. Practices can report and benchmark performance, as well as identify causes of problems.
AdvancedMD does offer claim follow-up management and eligibility verification to reduce denials. The company lacks the level of dedicated support found within other vendors. Users must submit a ticket to a support desk. This could result in added costs to billing management. Those that leveraged full, outsourced service does not have this worry.
Also, AdvancedMD uses a public app, available for iOS devices, for its full software lineup. This is a leading benefit for companies that wish to use app-based systems for the medical billing process. At the same time, integration between the systems, including EHR and billing, reduces delays to care and payment.
Another out-of-the-box function within AdvancedMD includes its non-medical billing options. This is a broad billing topic. It is applicable for service providers that do not fall within the traditional maze of medical practices. For instance, dentists, chiropractors, physical therapists, and provider-like businesses may use it to submit claims to applicable insurers or consumers.
AdvancedMD further offers specific packages for medical practices that wish to create a combined billing, EHR and practice management service. However, the uniqueness of such packages means an in-person conversation is necessary to determine pricing. In general, AdvancedMD costs approximately $420 per month. Yet, for companies with high-volume processing, costs may rise to $1.40 or more per interaction.
Athenahealth is another available vendor in the electronic medical billing software comparison, and the company offers much more. Athenahealth commits its resources to more clinical information, enabling intelligent workflow management. The same principle applies to Athenahealth’s medical billing software and managed services.
Billing software integrates with the Athenahealth EHR platform with ease and optimizes revenue cycle management simultaneously. Patients may submit payments through the connected patient portal, and when a payment problem does arise, the system flags it for review.
Athenahealth also offers assistance in moving data and records from pre-existing EHR and billing systems to the platform. Unfortunately, Athenahealth does limit access of its billing services to practices with six or fewer physicians. This presents a challenge for practices operating with non-physician professionals and larger organizations.
The platform does include an automated rules algorithm for claim processing. This identifies unchecked or completed fields, reducing the rate of denials. Upon demand, the system may run a self-audit to catch additional errors before they result in added costs. Using a unified dashboard also ensures all billing professionals in the practice have a bird’s eye-view of medical billing software activities.
The software also integrates with non-billing practice management tools. Since the EHR offers online appointment functions, medical billing software also works to catch errors that may affect cash flow. For example, assume a patient fails to cancel within a timely window and must pay a fee to the insurer. In this case, the system will identify the payment due automatically.
A critical function of the software occurs at the time of service. When a patient arrives, the system will again verify insurance eligibility, alerting staff of appropriate copays and coinsurance payments required. This eliminates the risk of not identifying such costs at the time of services. It prevents patients from never paying their shared responsibility.
Athenahealth empowers teams with claim follow-up processes as well. Such processes focus on addressing denied claims and resubmission, if appropriate.
The system does allow practices to utilize billing software without running a corresponding Athenahealth EHR. However, functions remain limited. For example, a billing-exclusive service does not include the level of dedicated support that exists within the EHR. This is largely the result of simpler workflows that arise within billing versus the nuances of patient charting.
Lastly, Athenahealth does not offer the ability to access information via a mobile app. Instead, users must use a browser-based system.
The next medical billing software provider, CureMD, offers significant advantages over in-house billing management. Like the top EHR vendors, CureMD does offer integrated EHR software capability, full revenue cycle management outsourcing, and online payments. The company also empowers organizations for success with managed data migration from existing systems.
Additionally, CureMD offers claim follow-up processes to identify denial and approval rates and maximize productivity. This decreases the chances of denials from future errors.
Efficiency rests on electronic process management. The vendor gives users the ability to electronically sign documents. This vital step will reduce denials and shortfalls within records management. As a result, it will lead to higher profit margins.
Users have two options for CureMD, using the software or allowing the company to handle all billing functions. This outsourcing provides excellent flexibility for practices that retain in-office staff. The same feature benefits practices with a high rate of overdue accounts.
This billing provider goes a step further with collections and medical billing cost management. Instead of charging a flat rate for the use of the software, CureMD charges a percentage of recaptured costs.
For example, if $10,000 were billed, the practice would only pay a fraction of the billed amount. The amount currently sits at 5%, and the practice retains the remainder. This makes CureMD an ideal solution for practices that do not have the volume to justify full outsourcing. But, they may still wish to let a third party handle the process. Practices recoup their costs and pay a nominal amount on the software and service.
Any effective platform must include advanced reporting and analytics capabilities. These functions transcend EHR and medical billing software, providing insight into activities. Moreover, reporting functions may streamline existing processes that take countless hours to prepare and present. Meanwhile, analytics provide a path forward to better cash flow and practice management.
PrognoCIS stands out as the final vendor of choice in this medical billing software comparison. The company offers a complete lineup of medical billing software and records management solutions. The PrognoCIS platform leverages integrated systems to streamline both cost management and billing in conjunction with EHR activities. This boosts revenue cycle management through several means.
Easy-to-integrate systems work well with existing EHR platforms. But, integrating the billing service with the EHR unlocks the full potential of the software. Practices achieve increased claims’ accuracy and approval rates, reduced denials, and management of all billing processes. Patients may make payments online, and assisted data migration reduces delays to launch. PrognoCIS offers customized scrubber checks to validate billing processes against regulations. This effectively reduces the risk of fines or penalties.
The company further commits itself to help practices succeed through shared experiences. For example, PrognoCIS engages with staff to help them understand why denials occur and how to prevent future denials. The vendor further offers training for your staff on how to apply reported information to increase billing accuracy and accountability.
Furthermore, integrated systems enable improved cash flow through reduced delays in claims processing. In fact, PrognoCIS billing services guarantees touched claims by day 30, dramatically reducing the time to reimbursement and payment. As a result, practices see more money in the office and less in the collections’ file.
With the capability to offer telemedicine functions within the EHR, the system streamlines telehealth billing too. This means capturing patient information, submitting billing requests, and fulfilling all needs via the patient portal.
Transparency is the name of the game for this vendor. PrognoCIS has built a reputation on a well-rounded, robust platform. Lastly, the company offers a designated patient call center and dedicated support from the technical team. On a final note, the Medical Speech Recognition Software within the PrognoCIS EHR works within the billing platform as well. This is the most unique characteristic among the billing and top EHR vendors.
Summary: Choose the Medical Billing Software Vendor That Meets Your Practice’s Needs
To recount the key, common benefits, all vendors offer common features. These include data migration assistance, integration with practice management tools, RCM, online functions, EHR integration, and reporting capabilities. Some vendors take an extra step in offering medical billing software management via an app and comprehensive functions. Extras may include customized checks and designated patient call centers. Several vendors also offer billing services for non-physician offices, such as physical therapists and mental health counselors. Use the information within this comparison to find the right billing solution for your practice. Also, remember they are different and offer various degrees of service.
EHR Vendor Comparison Chart
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