Online medical billing software can streamline how your entire practice operates, improving your patient care and payment collection timeline by fully integrating medical coding procedures and claim processing. The only question is, how do you find the best medical billing system for your practice?

At Weave, we specialize in medical billing software, so we understand how frustrating it can be juggling billing companies, medical records, health insurance providers, and coding professionals while attempting to provide top-notch patient experiences. With Weave Payments, you can enjoy ultimate practice fusion by combining all of your needs into one fluid system. Below, we discuss everything you should think about when researching medical billing software for your practice management needs. 

Factors to Consider When Picking Your Medical Billing Software

Your practice likely needs a different medical billing solution from the next. The most common medical billing systems provide a range of advantages and disadvantages, depending on whether you need features like medical assistant programs, text-to-pay billing, medical records auditor jobs, integrated coding software, claim submissions, etc. To find the right medical biller for your healthcare practice, consider the six factors below. 

1. Comprehensive Features

Juggling dozens of third-party systems will make your life harder, not easier. You need practice management software that can unify all your needs. A few features you should consider looking for when comparing medical billers include the following:

  • Full payment processing: Full payment processing should streamline your billing workflow by bringing all steps into one system, from submitting a claim to billing the patient. 
  • Various collection methods: Offering convenient payment methods can improve the patient experience and collection rates. Look for features like text-to-pay, mobile payments, payment method storage, automatic fulfillment, payment notifications, billing reports, etc.
  • Built-in financing: As a healthcare provider, offering financing options can make it easier for each patient to pay. Built-in financing with your medical billing software, like Buy-Now, Pay-over-time, can help drive more business while improving patient satisfaction. 

2. Ease of Implementation

Your healthcare professionals and medical assisting staff do not have time to spend days learning how to use a complex medical billing service. Consider how long the onboarding process will take, how easy it will be to implement, and what sorts of support options the software offers. For example, does the company provide knowledge base articles, FAQs, one-on-one live setup support, or anything else?

3. Compatibility with Your Existing Systems and Coding

Your team likely already uses numerous coding program solutions (for ICD-10 codes, CPT category II codes, etc.) and electronic health record (EHR) systems. To avoid the future headache, be sure the certified medical billing software integrates with your coding and EHR system. Physician practices using this full integration method can enjoy only entering data one time in a single place, streamlining the entire process. 

The solution you find may even allow you to remove a few of your existing systems so you can save on resources. For example, you may find one with a built-in “coding specialist” to translate medical services so you can avoid additional coding certification requirements. 

4. Transparent Pricing and Contracts

Online services frequently advertise one price, then charge hidden fees later on. To protect your medical practice, you want to find software with fair, transparent pricing so you can budget correctly. Be sure that the company clearly explains all contract and cost requirements so you don’t end up locked into a year-long subscription with a medical billing software you don’t like. 

5. Regular Updates and Helpful Customer Service

Technology constantly evolves, and so should your software. As your computer systems update, your software should release regular updates to fine-tune bugs and improve functionalities. Consistent updates are a great sign that the system’s developer will work hard to keep it working great.  

You should also consider the company’s customer service. If any issues arise, will you be able to find the resources to resolve them yourself, or can you contact support for help? Look for a company that offers ample support channels, from self-service articles to live service agents. 

6. Compliance and Security 

As a medical practice, you must follow various compliance protocols, like HIPAA, so all systems you use must be compliant as well. Be sure that any software you find is HIPAA-compliant and adheres to any other protocols you prefer. 

Since your patients will use the software for billing, you also want to consider security features, like data encryption. Billing security keeps patient payment information safe from data breaches and identity theft. 

Benefits of Offering Online Payments and Web-Based Collections

With practice management billing software, you can enjoy the following benefits:

  • Improved patient experiences74% of patient groups prefer to pay their medical bills online, and 70% would rather pay all of their bills in a single, easy place. 
  • Increased scheduling and revenue flows65% of patient surveyors would potentially switch to a new healthcare provider if they could enjoy a better payment system.   
  • Reduced errors and manual work41% of healthcare practices have not updated their billing platforms in over five years, yet the technology has improved significantly. By upgrading from your old system, you can cut manual hours from re-entering data into numerous systems and prevent the errors that arise with such.  
  • Easier coding: Coding systems constantly update medical terminology, requiring training to stay up to date. Modern medical billing software may soon include AI features that streamline this process for you. 
  • Better financial reporting: Payment collection systems keep all of your financial information in one convenient dashboard where you can view critical revenue metrics. With this enhanced information, you may be able to budget for continuing education programs and certification exams from the National Healthcareer Association or the American Academy of Professional Coders. 

How Weave Payments Meets Your Practice’s Online Needs

Weave Payments combines all of your needs in a simple, intuitive platform. Your patients will enjoy convenient features like Online Bill Pay, text-to-pay, and Buy-Now, Pay-over-time, while your practice can enjoy full payment processing with no long-term contracts. Schedule a demo to see Weave’s medical billing software in action, or call us at 833-572-2139 to learn more. 

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