Understanding the Investment in Medical Billing Software: Pricing and Top Providers
Last Updated: August 15, 2023
Fact Checked By: Ashley Smith
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Summary: Medical Billing Software Prices #
Cloud-based software typically ranges from $100 to $600 per month, with setup fees from $200 to $1,000, while client/server software licenses range from $1,000 to $10,000 or more, accompanied by additional expenses for server setup, hardware, implementation, training,
Medical offices are now modernizing their medical insurance billing processes with medical insurance billing software. This business solution has revolutionized the medical field yet again. It is designed to offer functionality and simple to understand means of managing important and time sensitive information. Paper billing can take up to 45 days for processing, while electronic billing can take 7 to 21 days.
Billing Software FAQs #
When speaking to any representative about your medical insurance billing software needs, important information mining includes:
- Can the medical billing software reduce your offices A/R issues?
- Ask vendors about the software in terms of PC compatibility, if it is specialty specific, and what types of billing/claims functions it is designed to perform.
- Can the medical billing software send electronic claims to specific insurance carriers?
- How often are there upgrades? Are upgrades free?
- What clearinghouse or houses does the medical billing software use?
- What is the ROI for using this medical billing software product?
Medical Billing Software Features #
Some very important features and factors to keep in mind when purchasing medical insurance billing software include:
Ensure the software is HIPAA certified.
Verify that both the software itself and the entire billing package you are looking at is HIPAA ready. Software should be designed to help protect patient privacy at all points. Information security is all tied into your overall office HIPAA privacy plan.
It is smart to seek a vendor that will offer telephone and remote control support services to quickly answer questions or help you troubleshoot a technical issue.
Medical Billing Software Average Costs #
Here's a general breakdown of the average costs:
Web-Based (Cloud) Software:
- Monthly subscription fees: These can range from around $100 to $600 per month, depending on the software provider and the features offered.
- Setup fees: Some providers might charge a one-time setup fee ranging from $200 to $1,000.
Client/Server Software:
- Software license: The cost of the software license can range from $1,000 to $10,000 or more, depending on the complexity and features of the software.
- Additional costs: You might need to consider additional expenses like server setup, hardware costs, implementation, training, and ongoing support. These costs can vary widely and might range from a few thousand dollars to tens of thousands of dollars.
Pricing For The Best Medical Billing Software Companies #
Several top medical billing software solutions cater to the diverse needs of healthcare providers. Here's a glimpse of some leading options:
| Software | Features | Starting Price | Additional Details |
|---|---|---|---|
| AdvancedMD | Stand-alone MPM Software (scheduling and billing) | $229 - $429 per provider per month | $0.58 - $1.42 per encounter |
| Fully Integrated EMR and Practice Management | $485 - $729 per provider per month | $1.47 - $2.18 per encounter, $500 monthly minimum | |
| Prometheus | Basic EMR and Practice Management | $249 per provider per month | |
| Hippocrates | In-depth EMR and Practice Management | $349 per provider per month | |
| Apollo | Medical Billing Software | $599 per provider per month | |
| Apollo Plus | Incorporates RCM with preset percentage | Minimum Charge: $1,200 | |
| Kareo | Physicians: $500 per provider per month Midlevel Providers: $250 per provider per month Therapists: $175 per provider per month | ||
| PracticeSuite | Starter Edition | Free | |
| Plus Edition | $95 per provider per month | 2 users per provider | |
| Complete Edition | $195 per provider per month | Unlimited users |
Benefits of Medical Billing Software #
Medical billing software offers a plethora of benefits that contribute to efficient healthcare revenue management:
Accuracy and Efficiency: Software automates billing processes, reducing the chances of errors and inaccuracies, which can lead to claim denials.
Faster Claim Submission: Electronic claim submission speeds up the process, minimizing delays and improving reimbursement rates.
Improved Revenue Cycle Management: The software helps in tracking claims, monitoring outstanding payments, and reducing aged receivables.
HIPAA Compliance: Many software solutions are designed to be HIPAA compliant, ensuring the security and privacy of patient information.
Cost Savings: The reduction in manual tasks and improved efficiency translates to reduced administrative costs.