It’s a real headache when you or your staff has to deal with coding and billing of your practice manually. That’s why most doctors and practitioners prefer medical billing software to take care of their coding and billing needs. Medical billing software helps in handling extensive billing processes (paperwork). This way you’re free to focus on your patients without dealing with any pesky paperwork. However, finding the right medical billing software that fits your needs is no easy task. In fact, in this article, I’m going to take you through all the things you should keep in mind when looking for medical billing software.
You’ll find that there are hundreds of medical billing software that you can find online. So how do you choose the right medical billing software for your practice? How do you evaluate medical billing software’s effectiveness? Should they have any qualification? These are all questions you might be wondering about. Here’s all you need to know to recognize effective medical billing software.
10 Aspects of an Effective Medical Billing Software
Irrespective of your field in medicine, implementing a reliable medical billing software can help improve your cash flows and reputation. Here are 10 aspects to look for in a medical billing software to assess its effectiveness.
One of the most important questions to ask is, “How long have they been in business?” The reason this is so important is that new entrants might still be experimenting with their software, while the old players would have perfected it. The satisfaction of their existing clients also plays a role here. If none of the existing clients are happy with the purchase, chances are you won’t be either.
What kind of reputation does the company have? The world is full of deceptive people that want to take your money and waste your time. Thorough and detailed research into the company can help you identify its reputation. A simple Google search might not be enough to provide you with all of the details you need. You can read reviews of other practitioners and medical staff to gain better insights.
Knowledge of ICD-10
Coding is a part of the healthcare industry. Make sure your vendor is well equipped with ICD-10 codes for error-less coding. This will help you save time and money because now you have someone else to do the required coding for you. In addition, there would be fewer chances of claims returning to your practice as well.
Experience in Specialty Practice
Most healthcare providers concern themselves with general practice, not specialized practice. If you run a general practice, that should be no problem for you. However, if you run a specialty practice, you should make sure their approach will with your specialties.
Staff size also matters when it comes to making a decision. Usually, healthcare providers with more staff are able to cater to any problem or query quickly. One of the biggest benefits of having more staff is that you can easily deal with billing tasks even during peak hours.
Like any good company, your healthcare provider would also want their clients to return again and again. So you should look for a company that provides quick responses and availability. If the company lacks in either one of these, they probably won’t be a good fit for your practice. So your medical billing software provider should have a quick response time during and after the patient encounters.
Cost of Services
The whole reason you would outsource your medical billing process is to reduce cost and save time. So the decision usually comes down to how much the company is charging for their services. So before moving forward, you should ask the company:
- What payment method do they follow?
- What about any hidden costs?
- If any discounts are available?
This will help you assess the cost of their services in advance so you have time to decide if it fits in your budget or not.
It is best to work with a company that has ISO-certification and is the Health Insurance Portability and Accountability Act (HIPAA) compliant. This would ensure that you won’t have to deal with any legal matters in the long run and to ensure your patient information remains confidential and safe.
You should also ask your healthcare provider to what extent do they offer denial management. With a well-trained denial management team, you can easily handle your rejected claims with your medical billing software provider.
Promised vs. Actual Benefits
Reality is often different from what we’re told. So before making the final investment, make sure that the services and benefits that the company is promising you is real or not. Moreover, what portion of these benefits would convert to profitability with your medical billing needs?
Conclusion – Making the Final Purchase
Whether you’re a practitioner or a physician, managing your medical billings is no doubt a tough job. An easier approach would be to implement a medical billing software demo instead. However, there are things you should look for in a healthcare provider that offers billing software such as experience, reputations, cost, responsiveness etc.