What to Look For in a Medical Billing Software

Receiving timely payments is the lifeblood of any practice, and implementing medical billing software helps you get paid without delay. Medical billing is a complicated process that involves a tremendous amount of paperwork and documentation. It demands accuracy from everyone in your practice, from your front desk to your biller. Even a slight error can cause denied claims, wasted resources, and payment delays. A steady stream of patients can't withstand an inefficient medical billing process.

Medical billing software helps streamline your medical billing process. The easy retrieval of medical histories and visit note documentation reduces errors and paperwork. Setting up automated workflows in the software allows practices to improve productivity and receive faster payments. But with so many medical billing platforms available today, how do you choose the best one? Let's take a look at what features are must-haves for every practice.

Best Medical Billing Software Features

A large part of your revenue cycle management depends on an easy-to-use medical billing software platform. Selecting the best one starts with understanding the needs of your practice to avoid paying for unnecessary billing features. From there, choose the right platform that offers what you need. To narrow down your search, here are several vital features to prioritize when looking for medical billing software.

1. Claims Management

A claims management feature is an essential part of any medical billing solution. The best medical billing system allows you to handle every aspect of the claims management process in one platform, from charge capture to reimbursement. Find a system that automates the entire process from superbill creation to sending and tracking claims. A built-in scrubbing feature ensures clean claims by auditing and validating codes and patient information before sending them.

Read More: 5 Ways to Improve Medical Claims Management

2. Eligibility Verification

The medical billing process starts with patient registration. Verifying a patient's eligibility before the appointment saves everyone time down the road. By acquiring a patient's insurance information beforehand, you can determine a patient's coverage, enter an accurate demographic on insurance claims, and prevent claim denials. Without proper checks and balances, you could be leaving money on the table.

To simplify the verification process, find a medical billing software that allows you to run automated eligibility checks at least one day before the patient's appointment. In that way, you can find out the patient's coverage before the appointment and inform them of potential out-of-pocket costs. Automated eligibility checks reduce time spent on phone calls to the insurance provider and maximize your biller's productivity.

3. Integrated Payment Processing Solution

Patients today prefer safe and convenient ways to pay, such as credit card or online payments. Integrating a payment processing solution with your medical billing software allows you to cater to their demands, increasing patient satisfaction. Moreover, an integrated billing and payment processing solution helps your staff verify balances and collect payments without maintaining several platforms.

Read More: Payment Processing: Your Secret Key to Patient Satisfaction

4. Reporting and Billing Analytics

How often do you feel like you're in the dark when it comes to the financial health of your practice? You see a steady stream of patients coming in, but how do you know if you are getting paid for every one? Do you know how long it takes to get reimbursed?

The amount of financial data that enters a medical billing software helps you understand your practice's financial health and pinpoint areas for improvement. As the old business adage goes, "You can't improve what you don't measure." Choose a medical billing platform with a granular reporting and billing analytics feature that enables visibility into reimbursement trends, A/R aging, and other key performance indicators.

Read More: Strategies for Supporting the Business Side of Your Practice

5. A Reputable Company Behind the Software

Practices often overlook the importance of looking into the companies behind medical billing software because it's not a built-in feature. You can tell a lot about a software system by how long its company has dealt with the medical field. If you choose a well-established company, you are more likely to receive a system that's gone through years of innovation and adapted to changing medical billing policies.

Pick a company that works with its users when developing features or upgrading current ones. A company that values user feedback and incorporates user requests into the system thinks highly of its clients. Ask your colleagues about the support they receive from their medical billing company. Browse through online review websites such as G2 and Capterra and learn what end-users are saying.

6. 24/7 Billing Support and Dedicated Account Managers

Aside from looking into features that fit your practice, your medical billing software should be a trusted partner. In case of technical issues, find a medical billing software company that's available around the clock to respond to your concerns. Ask potential vendors if you will be assigned dedicated account managers after the sale. Account managers expedite software concerns, provide you access to industry knowledge, and help you achieve your business goals concerning the software.

Meditab, for example, has a separate support line for billing concerns to ensure you get prompt attention. Each client is assigned a dedicated account manager that serves as your direct point of contact with the company.

Choose an EHR-Integrated Medical Billing Platform

Practices lose an estimated $125 billion annually due to inefficiencies in the medical billing process. With the added challenges of an ongoing pandemic, securing every dollar you deserve is more crucial than ever. The best way to streamline your medical billing process is to choose an EHR with a built-in billing solution. IMS, an all-in-one EHR, practice management, and billing software, covers your entire revenue cycle from patient registration to payment posting. With an EHR-integrated medical billing solution, you can save time from manual data entry, reduce information gaps and errors, and focus more on patient care.