As a clinician, managing a fine balance between caring for patients and caring for your bottom line can be pretty dicey.
Studies have found out that there are high rates of medical errors in medical billing, and this has a direct negative effect on your business. Reportedly, doctors in the US leave $125 billion on the table due to poor billing practices. This not only reduces your profits, but also spoils your relationship with an insurance company because the smallest mistake can cause it to reject a medical billing claim.
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The issue has also been a huge concern for the American people, that major news organizations have done interesting, in-depth news on the billing crisis. CNBC, for example, did a piece on the need to get a second opinion before paying for a medical bill.
The problem has been amplified by the media and part of the public, thanks to revelations such as Stephen’s. Stephen Parente, a professor of health finance at the University of Minnesota, has extensively studied this subject. While speaking to the Huffpost on his unpublished research, he revealed that 30% to 40% of all bills, except pharmacy bills, had big medical billing errors. This problem had been further highlighted by groups such as CoPatient and Medical Billing Advocates of America, who report that the error rate is shockingly higher, at about 80% to 90%.
Due to this, patients have been advised to only pay a bill if they understand it. In fact, Sara Taylor, health solutions and strategies manager for benefits administer at Aon Hewitt, says, ‘don’t pay it until you understand it.’ What this means is that the modern day patients are keen on what is contained in their bill and you need to accurately bill them, lest you will have to spend money dealing with reputation management after you are shamed.
One of the ways to do this is to use great apps or software for practice management and medical billing. Here are 10 of them.
10 Apps For Practice Management/ Medical Billing
AdvancedMD is an integrated medical software suite for independent practices. The app features Electronic Health Records (EHR), reputation management, practice management, financial analytics, patient engagement, rooming, business intelligence reporting, and telemedicine. The app runs on any device, and can also be accessed from the cloud, allowing you to access the platform and work from anywhere.
NueMD is a great practice management app, despite the size. It is an integrated medical billing, appointment scheduling and electronic health recording solution. The most notable feature is its ability to allow users to process an unlimited number of claims at any time. The software however doesn’t auto refresh, hence you’ll need to manually do it to see any changes made.
- Kareo Billing
Kareo billing is a web- based practice management and medical billing solution that perfectly suits small practices and billing companies. Kareo manages complications involved with insurance billing by verifying insurance claims immediately. Additionally, it schedules patients, develops customized reports, manages delinquent accounts and collection process as well as provides appointment reminder.
- Athenahealth EHR
Athenahealth EHR is a cloud-based services for revenue cycle management & medical billing, care coordination, electronic health records, epocrates, patient engagement and population health management. The billing module can be used either on its own or in tandem with EHR. The medical management tools include custom benchmarking, visibility into daily activities and proactive trends analysis, among others. The system is not entirely intuitive, so you need to get a little used to it.
PracticeSuite is an all-in-one practice management solution, that’s not only feature-rich and affordable, but also cloud-based, making it possible for you to access it from anywhere. With this solution, you can comfortably perform tasks such as electronic claim filing, charting and appointment scheduling.
- CareCloud Charts
CareCloud Charts is practice management software that’s great for all business sizes. It is an integrated EHR solution with a range of benefits for EMR, medical billing services and practice management. With this app, you can streamline your clinical operations by professionally handling prescriptions, reporting and billing due to the prebuilt templates, and a better patient handling due to the complete patient history displayed on the dashboard.
- ChartLogic EHR Suite
ChartLogic EHR suite is perfect for all practice sizes, and is built to handle primary care, surgical care, and other complex areas of medicine. On a single screen, you can view medical history, diagnosis codes, patient notes and referral letters. Its revenue cycle management enables users to optimize their practice’s financial performance, also taking care of the claims continuum and providing staff access to accurate and detailed financial data.
Being HIPAA and ARRA-compliant, Therabill is a great choice for many small and medium-sized practices. It is a web-based documentation and electronic billing software, which can be accessed from anywhere, and you don’t need to download or install anything. It’s a preferred option for mental and behavioral health specialists, nutritionists, counselors, social workers, psychologists, developmental therapists, and speech therapy practices, for submitting claims, managing schedules, maintaining patient information and entering treatment notes, because it is available to both single and group therapy practices. Using Therabill is a bit complicated however, so you need time to understand how to use it.
- ChartPerfect EHR
ChartPerfect EHR is suitable for small and medium-sized practices, with up to 10 doctors and 50 employees. It’s also suitable for medical offices in several segments including dermatology, plastic and reconstructive, urology, internal medicine, cardiology, allergy, rheumatology, neurology and podiatry. You can enter notes by speech dictation, point-and-click, or conventional typing.
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There is an order module, which allows users to order diagnostics or lab, after which results can be imported directly into the notes and EHR. This is what makes it preferable for the aforementioned medical offices.
- PGM Billing
PGM Billing helps in the processing of billing transactions for healthcare facilities and laboratories. By allowing for automated reconciliation of EOBs and insurance verification, which can be processed individually or in batch mode by appointment date. This allows for faster collection and improved revenue cycle management for practitioners.