From solo practitioners to large healthcare businesses, the ratio of physician to administrative staff has traditionally been a critical consideration for the smooth running and profitability of a successful business. However as health tech flourishes, software solutions are streamlining what were previously time-consuming, manual processes - such as medical billing. Once a painstaking activity with a high learning curve, medical billing has been revolutionized by software that is saving businesses thousands of dollars each month. Keep reading to discover the average medical billing software cost and whether or not it is right for your practice.

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What Are 2 Different Types of Billing Systems?

When considering medical billing software options, it is important to first decide whether your business is better suited to an on-site billing software or a cloud-based billing software.

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On-site

This medical billing solution requires that the server, data center, and software be installed and hosted on-site at the practice location. Installation, maintenance, and software updates are typically the responsibility of the practice, so it is ideal to have an IT professional on staff or contracted. The initial setup fees and ongoing maintenance costs are high due to equipment and labor, however this is considered a highly secure option as it is a closed network safe from cyber attacks. 

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Cloud

With cloud-based medical billing, the vendor providing the software also hosts the server and therefore manages all IT issues, such as updates. When it comes to medical billing software price comparison , this is the inexpensive option as it does not involve purchasing or installing any equipment. Rather the practice joins a monthly (or yearly) subscription and gains instant access to the software. 

While on-site software solutions were an improvement from what was previously all manual work, cloud-based solutions are now the preferred option as they are much more affordable, require less upkeep, and are constantly being updated and improved. 

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How Do I Choose a Billing Software?

Once you’ve decided which type of billing software suits your business needs, there is then the important task of finding a specific provider. With several cloud-based providers on the market, it is helpful to compare features and qualifications before comparing medical billing software prices. 

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Security

When it comes to storing and transmitting your patients’ health information, security is of paramount concern. Luckily there are qualifications that trusted vendors can earn that demonstrate their commitment to security. Some well-respected security qualifications include:

• HIPAA Assessment
• SOC 2 Type 2 Report
• GDPR Compliant
• PIPEDA Compliant

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Features

Not all medical billing software are created equal. Consider the specific features that would benefit your business, such as:

• Eligibility Verification
• Claim Processing
• Superbills
• Payment Reminders

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It’s worth noting that many medical billing software solutions are not one-trick ponies. In addition to offering billing software, providers can also provide EHR solutions, practice management solutions, and API capabilities. So while you shop for a billing software, you could actually be selecting a software that acts as the foundation of your business. 

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Cost Structures

Most solutions have options for monthly and (discounted) annual payments, and some do charge an initial setup fee. Before moving ahead with an inexpensive medical billing software option, it can be helpful to utilize free trials, or even test free first-tier subscriptions that allow you to become familiar with the solution. But how much does medical billing software cost? If you’re a sole practitioner or small business, these free first-tier subscriptions might even meet all of your current needs at no cost!

Another factor to consider when selecting a plan is whether the provider has a limit of claims per tier, or if they charge a percentage per claim amount. While these charges per claim can be minimal, if you’re a high volume practice it can quickly impact your monthly costs. 

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How Much Does Medical Billing Software Cost?

Medical billing has come a long way, from employing full time medical billing staff or spending thousands for on-site equipment and software, to now having options for as little as $0 a month. When it comes to medical billing software price comparison,  costs vary greatly depending on the size and needs of your business. However, it is important to not just look at the monthly software spend, but also how choosing the right software can preserve your business resources in other ways. 

A few examples include:

• Automated Reminders: A software that allows you to set up customized, automated payment reminders can increase the resolution rate of outstanding bills without admin having to interfere. 
• Pre-Appointment Eligibility Checks: Patients are often unsure of which practices accept their insurance or the details of copays. A billing software can perform eligibility checks ahead of appointments to anticipate issues.
• Fewer Code Errors: There is a huge waste of resources on claims which are submitted with the incorrect codes, often caused by human error. A well-executed software can reduce this margin of error, sparing patients from surprising bills and your staff from resubmitting claims. 

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H2: Healthie - EHR and Patient Engagement Software

Whether you are a solo practitioner or digital health company, Healthie’s tiered plans offer not just an inexpensive medical billing software solution, but the EHR and patient engagement software to power your business. Additionally, with features such as a white-label mobile app and an open-API, Healthie provides a modern solution that is built for scale. 

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Healthie’s medical billing software features include:

• Integrated EHR and Billing Software 
• Generates CMS 1500 claims, Superbills and offers self-pay services 
• Direct integration with Stripe for payment processing, and collecting client-owed responsibilities
• Integration with Office Ally for direct claims submission 
• Export CMS 1500s as a TXT file to upload directly to payer portals