Best Medical Billing Tools For A Home-Based Business
You may know that there has been an increase in the number of Americans working from home, especially over the last couple of months, because of the COVID-19 pandemic. A FlexJobs survey indicates that the country will continue to witness a surge in remote employees in the next five years. Like other industries, this trend is also prevalent in the healthcare sector for specific positions like medical billing and medical coding.
Because of the fast growth of the US healthcare sector, there has been an increase in the demand for competent in-house medical professionals, such as medical billers. However, it is worth noting that both companies and doctors are also outsourcing work to independent and home-based medical billing specialists.
As it is easy to handle billing patients and insurance companies by telephone and mail, note that running your home-based business is quite simple once you set everything up. Keep in mind that there are many things you have to successfully do before you are able to start making a profit if you would like to launch a home-based business. One of those things is finding the best medical billing tools and software for a home-based business.
Traditional Office vs. Home-Based Business Costs
You will be pleased to know that you can probably start a home-based business for as low as $5,000. The cost can be higher depending on many factors, such as the number of employees, the type of equipment you use (new or old), as well as the amount of paid training your staff members need.
On the other hand, start-up costs are considerably higher for traditional bricks and mortar offices. Note that monthly rent, electricity charges, and other common operating costs may bring your opening expenses to $20,000 or even more.
The Best Medical Billing Tools and Software
It is no secret that the healthcare canvas is quite broad for providers who need opportunities in order to earn more money through a home-based business. Note that purchasing a tool like practice management software that’s cost-effective and has a smart interface is appropriate for your home-based business.
There is no doubt that a reliable medical billing software solution is one of the essential tools for operating a successful home-based company. Here are some of the best medical billing tools and software for a home-based business.
NextGen Medical Billing Software
NextGen Office medical billing software is an excellent cloud-based billing tool that offers you a free demo that helps in the decision-making process. You will be pleased to know that this billing software comes with fantastic online support and training. Another benefit is that there aren’t any installation fee and fees to update the software, making it ideal for home-based businesses.
If you run a home-based business, you will undoubtedly get the most out of this amazing software as it provides you with comprehensive and integrated tools that are simple to use. Note that small clinics and doctors use it for the identification of claims, outpatient services, and complex billing processes.
This is another excellent option. CollaborateMD is an efficient, simple, and economical cloud-based medical billing and practice management solution for your billing needs. Did you know that billing features include medical claims processing, health insurance verification, claims scrubbing, and remittance advice?
Kareo Medical Billing Software
The best thing about Kareo medical billing software is that it makes your home-based medical practice quite rewarding. The software is an excellent cloud-based clinical management tool with an intuitive graphic interface, and it offers web and mobile applications to users. Therefore, if you are looking for a billing tool that is complete and offers you everything that you need to run your home-based business, Kareo should be on top of your list.
Kareo billing software can schedule patients, manage accounts, verify insurance, and process collections. The tool can also store patients’ details, handle complex medical records, and produce customizable reports.
DrChrono Medical Billing Software
Did you know that DrChrono is a reliable tool that has been on the market since 2009? Keep in mind that it is a robust and effective system for claims management. You will be pleased to know that this billing software has innovative functions, which simplify inputting, processing, and tracking of claim history. The billing tool also allows users to perform tasks at multiple locations.
Another amazing thing is that DrChrono has several features that can easily cater to the varying needs of hospitals or larger enterprises and clinics or small businesses.
Athenahealth Medical Billing Software
Note that Athenahealth is also an excellent cloud-based medical billing system with a large client base of about 75,000 providers. According to the company website, this software can lower Accounts Receivable (AR) time periods by 32 days (on average) and helps reduce paperwork on claim adjustments and denials.
The Benefits of Medical Billing Software for Home Based Business
There is no doubt that the digital era of modern medical billing tools has gained a lot of popularity among many providers today. Also, keep in mind that the secure and safe management of confidential healthcare information has led to convenient paperless medical records that you can access through effective medical billing software.
Medical billing tools and software will help streamline your workflows with considerably fewer constraints on your end. These tools offer the following benefits:
- They help manage all medical claims for insurance and other purposes.
- They offer accurate and precise management of financial and accounting processes.
- With these tools, you will be able to manage all billing and collection tasks quite well. They process electronic as well as hard-copy data for both insurance companies and patients.
- They can easily search, manage, and check on past patient records when needed. There isn’t any need for you to go through a massive pile of papers in order to look for your patients’ records. Medical billing tools store all the information.
- They handle billing processes and appointment scheduling.
- They ensure compliance with HIPAA standards.
Leveraging the best medical billing tools and software for your home-based business will enhance your business performance while bringing a competitive advantage. This will help you succeed in the long run.