Erroneous medical bills represent one of the most frustrating and time-consuming tasks for hospitals and other healthcare institutions. According to one study, the erroneous medical bills make up to 80% of all medical bills, clearly highlighting the severity of the problem.
Now, in order to minimize the rate of medical bills with errors, hospitals, and healthcare institutions are integrating medical billing software into their existing systems and processes. By choosing the right type and reliable medical billing software, healthcare institutions are able to reduce the erroneous medical bills by more than half, as compared to traditional billing methods.
There are various advantages of using automated medical billing software. For starter, the software offers various billing templates, which allow healthcare facilities to keep a consistent theme for the invoices and eliminate the need for manual invoice creation of patients using time-consuming words or other processing programs.
Companies like Folio3 and others are developing robust and well-integrated medical billing software with cloud technology to offer better data security, and easy real-time access to data to all related staff. Cloud-based medical billing software thus not only ensures accurate medical billing process but also create faster and more efficient workflow processes with remote accessibility and real-time data storage.
However, before you choose medical billing software for your clinic or hospital, few things need to be considered. To begin with, it’s important to confirm that the software offers secure and encrypted data storage servers, which comply with the Health Insurance Portability and Accountability Act (HIPAA). Moreover, it’s also important to choose software that offers a seamless scalability option; so you don’t have to redo the complete exercise as your business grows. Also, it’s important to consider if the company of your choice offers a reliable and dedicated customer support system, which remains available at all times to take you through any issues or updates.
Here in this blog, we have come up with some of the leading medical billing software tools which can help you streamline the billing department of your healthcare institution and increase the productivity of your practice.
JotForm is a HIPAA compliant medical billing software that offers users with efficient and effective solutions for billing and payment collection. The software comes with professionally created invoice templates which are completely customizable to meet the branding need of your clinic or hospitals. The medical billing invoice templates offered by JotForm can also be customized by adding or removing elements or information boxes.
The software is compatible with various electronic payment gateways including; PayPal and Stripe, thereby, patients who want to use another channel instead of credit or debit cards also have other options. This not only saves time to purse unpaid balances but also opens up more revenue channels for healthcare institutions.
Kareo is yet another premium medical billing platform that assists healthcare institutions to manage invoice payments, as well as, deal with insurance debts. The platform is available on the web and mobile platforms, developed specifically to meet the complex medical needs of the United States Medical System.
The features of the software are customizable and offered as per the needs and requirements of the hospitals/clinics. Some of the features offered include; insurance verification, compliance tracking, automatic invoice generation, and others. On the negative side, the Kareo billing templates aren’t customizable at the user end. The company does offer complete training for staff via online webinars or training manuals.
MedicsPremier comes with strong functionalities including robust medical practice management tools, along with medical scheduling tools. Some of the features offered by MedicsPremier include insurance verification, claim processes, automatic invoice generation, invoice history, and quotes/estimates.
One of the big strength of the MedicsPremier is its 99% success rate on claims, and sales tax calculation, which makes it a top choice for hospitals, clinics, and other healthcare institutes in the United States, who refer to the software as a reliable tool to keep up with the finances. The software boasts an intuitive and easy to use interface, which makes it easier for staff to utilize the complete potential of the software.
ProviderSuite is yet another dedicated medical billing software that targets experienced medical billing professionals carrying out their clinical practices. However, the platform is also used by hospitals and primary care facilities.
The software comes with two dedicated programs including billing and scheduling, both of which can be easily integrated with the organization’s existing electronic health record (EHR) system.