How Much Does Medical Billing Software Cost in 2023?
Are you wondering how much does medical billing software cost? This informative guide will help address commonly asked questions. Discover the cost, and compare quotes.
If you’ve been having trouble keeping up with patient billing, you may have considered investing in the medical billing software.
MANUAL BILLING SYSTEMS
With a manual billing system, it can prove difficult keeping track of who owes for services. Today, lost bills can equal lost revenue. What’s equally as bad, however, is spending too much time creating bills.
Fortunately, medical billing software can make the process much easier. Today, a growing number of businesses are investing in medical billing software to streamline back-office functions.
If you don’t like the idea of hiring a medical billing service, you may prefer to invest in medical billing software. If you’ve been thinking of investing in medical billing software, however, you may wonder about medical billing software prices.
How Medical Billing Software Subscriptions Work
There are two kinds of medical billing and coding software – cloud-based and self-hosted. With cloud-based medical billing software, a third-party would bill you for the service through a monthly subscription.
Some vendors may also charge for extra services. These services might include collections, invoicing, and appointment reminders.
For instance, a service provider such as Kareo may charge a four to nine percent fee for collections. The final cost would depend on your service volume.
However, self-hosted medical billing software pricing isn’t quite as transparent. Many factors influence the cost of self-hosted software.
SELF-HOSTED MEDICAL BILLING SOFTWARE
The vendors that provide self-hosted medical billing software rarely, if ever, reveal their prices. To find out the medical billing software cost for a self-hosted solution, you’ll have to provide the company with detailed information about your needs. You’d most likely also have to sit through a lengthy demonstration video.
In general, however, the more expansive your solution, the more it will cost. For instance, you may need a self-hosted software solution to manage the administrative functions of your entire practice.
These functions might include claims processing and electronic health records management. A comprehensive self-service medical billing solution with these features might cost upwards of $15,250-$39,000.
Cloud-Based vs. In-House Medical Billing Software
To begin with, you need to decide whether you want a self-hosted or a cloud-based solution. For smaller practices, a self-hosted solution may prove cost-prohibitive. Accordingly, if you operate a small-to-mid-sized practice, you’ll most likely find that you want to choose a cloud-based solution.
CLOUD-BASED MEDICAL BILLING SOFTWARE
Both a cloud-based and self-hosted medical billing solution work similarly. However, you’d access the programs differently.
With a hosted solution, you’d install software on your in-house server or data center. You’d access the software on-site at your location. You would need a technology room for the equipment to operate the server.
A cloud-based solution is also called ‘Software as a Service' (SaaS). With cloud-based medical billing software, you don’t need a server or any special equipment. However, you would need workstations and internet service to access the program in your office.
A third-party vendor would host the software on their servers. You’d connect to the service remotely using your internet connection.
This kind of arrangement frees you from managing IT issues and equipment costs. However, you’re at the mercy of your internet connection.
Also, you’d have to make arrangements with your service provider to change your subscription if your operation grows. Upgrading is usually as simple as subscribing to a higher tier of service for a nominally larger fee.
Medical Billing and Coding Software Cost
For most organizations, a cloud-based and self-hosted solution comes down to cost. A small organization may most likely find that a self-hosted solution is too far out of their price range to provide sufficient value.
At the same time, that organization may desperately need access to improve medical billing and coding capabilities. For a large chain of hospitals, however, the investment might outweigh the risk of trusting another organization to store patient records.
A cloud-based solution could cost anywhere from $399 to $12,000 for the first year. Alternatively, a self-hosted solution may cost anywhere from $5,999 to $29,000 or more for the first year.
After the first year, the cost of a high-end cloud-based solution may drop to $2,000 to $10,200 per year. Likewise, the price for a self-hosted solution might drop to $1,580 to $3,600 each year. It’s important to note, however, that you’ll also have to pay IT personnel to manage a self-hosted solution on top of these estimates.
Weighing Up Your Options
Medical billing software can help you overcome many of the challenges faced by healthcare organizations. If you want to test out medical billing software, you might try an entry-level cloud-based offering for around $35 a month. If it’s in the budget, however, you may want to consider a self-hosted solution for increased security.
If not, a cloud-based medical billing software solution will enable you to access the service for a nominal fee. You may also pay additional fees based on your volume of transactions.
Find the Best Deals for Your Business
Now you know more about medical billing software, you’re ready to start your search for the perfect solution!
Cost Cutz is your solution to finding the best deals for your business. Using our site, you can find the best value for your enterprise. We offer a database of comparable vendors so that you don’t have to sacrifice quality or value to find a great deal.
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