Home Business & Industry 5 Medical Business Management Tools You Need to Know About

5 Medical Business Management Tools You Need to Know About

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With constant changes in the healthcare domain, managing medical procedures can be tough. From reimbursements to managing patient data, the paperwork can get heavy. As a provider, you need to have the best receipt maker and medical billing software by your side to handle operations smoothly. 

Not only will it help you automate tasks and reduce administrative workload, but it will also help you settle claims faster and reduce denials by massive margins. Moreover, medical invoice solutions ensure that the claims filed are in sync with federal and state regulations. Here is a list of tools your medical business must consider. 

1. Moon Invoice 

66+ templates, time-tracking features, estimate generation facilities, and an in-built receipt maker make Moon Invoice the perfect choice for your medical practice. It can easily be integrated with your electronic medical record systems (EMR) while accessing the web version. Besides, you get access to its top-notch reporting and analytics features that can aid in bringing changes to your financial operations. 

Pricing

  • Bronze Plan: 5.47 USD/Month
  • Silver Plan: 6.83 USD/Month
  • Gold Plan: 10.25 USD/Month

2. AdvancedMD

AdvancedMD is a cloud-based software suite that offers top-notch medical billing, electronic health records (EHR), and practice management capabilities. Suitable for practices of all sizes, AdvancedMD comes with an integrated clearinghouse. Thus, there is no need to separately upload claims or download documents related to remittance. Besides, you get automated reminders for payments and check claims to reduce errors in billing and, eventually, rejection of claims. 

Pricing 

  • Basic Plan: 429 USD/provider/month
  • Integrated EMR and Practice Management Solution: 729 USD/provider/month

3. Intergy

A fully integrated medical billing software, Intergy offers excellent compliance tracking, remittance advice, and claims scrubbing. You have the option to install it on-premise or in the cloud. Besides, it boasts a built-in claim validation engine that lets you reduce errors. 

Practitioners can leverage its reporting and data analytics features to simplify financial operations and know the reasons for claim rejections. Another reason to use this solution is that you can submit multiple calendars with a single click. Lastly, you can add and manage user permissions and provide multi-level access to staff members with ease.

Pricing 

  • Custom pricing

4. Kareo

A dedicated billing dashboard, robust analytics, and insurance enrollments are just a few features offered by Kareo. Besides, its AR management system lets you track end-to-end claims processes. Another distinct benefit of using this solution is that you can review billing metrics. Also, if you are facing rejections continuously, its denial management tools will let you eliminate all reasons and verify insurance status during appointment scheduling. 

Pricing 

  • Kareo Clinical (EHR): 125 USD/month 
  • Kareo Billing: 125 USD/month 
  • Kareo Pro + Plus: 199 USD/month  

5. NextGen

Another medical invoice and billing solution on our list, NextGen lets you build the best estimates, get remittance advice, track compliances, and send receipts with ease. The best thing is that practices of all sizes can use it. 

NextGen has an in-built predictive rules engine that analyses data against claims to eliminate errors. Moreover, it lets you automate time-consuming tasks like printing statements, filing claims, and generating receipts. With streamlined front- and back-office administrative tools, you can manage the entire billing process and heave a sigh of relief (more frequently!)

How do you pick the right medical billing software for your health practice?

Now that you know about some of the best receipt makers and medical billing software, it is important to know how to select a solution. If you are not willing to buy the above-mentioned ones due to budget constraints or other reasons, make sure your chosen solution scores highly on these aspects. 

  • HIPAA compliance. Data security compliance cannot be compromised. Thus, all medical establishments need to adhere to the Healthcare Insurance Portability and Accountability Act (HIPAA). It is essential to double-check if your vendor provides the facility.
  • Easy-to-use interface. There is no purpose in using medical billing software if your staff cannot grasp it in a jiffy. While some solutions are easy to learn, others need to be examined thoroughly to be understood. Make sure either the solution is simple or a dedicated knowledge base is provided to help you understand the solution. Also, check the availability of customer support offered by the solution.
  • Compatibility with EHR systems. The first thing, if you have practice management software, is to check with your vendor if they offer medical billing services or even medical invoice templates. If yes, you can always choose to integrate it with your system. Otherwise, you will need to research deeply and find a third-party tech provider to solve your issues. Considering the patient volume, we suggest investing in scalable medical billing software. Moreover, you need to decide if the application can be hosted on a local network, a SaaS product, or a cloud-based app.
  • Regular upgrades. Healthcare regulations and requirements are constantly changing. Thus, you need to ensure that your chosen medical billing software is updated and upgraded regularly. Also, some providers do not offer upgrades in pricing plans. Besides, you need to understand how the solution offers customer support. For some vendors, you can give them a call and get your issues solved in real-time, while others offer it during selected hours. We suggest looking for a service solution that has a chatbot, a knowledge base, email and phone support, and online chats.
  • Budget-friendly. Medical billing solutions offer a variety of pricing plans. Some vendors offer cheaper solutions for solo practices. On the other hand, there is scalable software for mid- and large-sized practices. Also, if you need some additional features, you will need to shell out extra money. These might include advanced reporting, credit card processing, time tracking, and scheduling functionalities.

Wrapping up

A medical billing software that can help you navigate the insurance system is the bare minimum. All you need to do is keep track of the latest advancements, pick the right receipt maker, and look forward to improving your revenue and boosting patient satisfaction. So, choose the right medical invoice solution partner that understands your business and gets going.




David Radar, a psychology graduate from the University of Hertfordshire, has a keen interest in the fields of mental health, wellness, and lifestyle.

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