How Much Does Medical Insurance Billing Software Cost?
Last Updated: December 20, 2021
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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 #
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 Insurance Billing Software Average Costs #
The server is set up on site and an IT provides further on-premise service and technical support. Although perhaps higher in cost, the advantage of the client-server configuration is it allows many users to share the same database. The cost will vary depending on the number of users and included software features. On average, this type of insurance billing software can range in price from just under $1,000 up to $10,000.
Web-based/ASP Software #
No service provider is required and service is accessed through an online browser. It is also sometimes referred to as Software-as-a-Service (SaaS), on-demand, cloud computing, Internet-based, and application service provider (ASP). There are few small differences, but all are part of this popular, lower cost option. On average, prices can range from about $25 to $100 per month (not including electronic claim fees). When calling a Web-Based software company and looking for cost information, it is smart to ask specifically how much the monthly SERVICES and setup fees cost.
Sample costs for Medical Insurance Billing Software #
- Medisoft - offers software systems from Basic Patient Accounting all the way up to 100 user Network Professional software (51 to 100 computer capacity) packages that range in price from $500 to just over $9,000.
- Lytec - markets a variety of software ranging from single user packages to 10 user client servers, with prices that fall anywhere between $3,000 and $8,000.
- EZClaim Advanced Medical Billing Software - depending on the software package, costs range between $400 to $1,300 (does not include monthly service fees)