Top Medical Billing Software for Large Practices

Medical billing software helps healthcare providers and medical professionals automate their healthcare billing process. Thus, finding the right software to serve your institution’s needs will improve your patient reimbursement rates, optimize your revenue cycles, and build a more efficient medical practice.

An Overview of the Best Medical Billing Software for Large Practice

According to numerous sources, the U.S. medical billing software market was valued at approximately USD 5.4 billion in 2022, with an expected growth to USD 15.68 billion by 2033 and a compound growth rate of 11.3%. This, in turn, has created an influx of billing companies in the market. As healthcare practices strive for greater efficiency, accuracy, and compliance, there is an even greater demand generated in the market for an all-in-one platform to optimize processes.

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List of Top Medical Billing Software’s for Large Practices

What is Medical Billing?

Medical billing is a process of creating healthcare claims that needs to be submitted to insurance companies to obtain payment for medical services rendered by healthcare practices. After making a billing claim, the medical biller follows suit to ensure the organization receives reimbursement for the provider’s work.

Types of Medical Billing Systems

Medical billing systems comes in three types:

Open Medical Billing Systems
Closed Medical Billing Systems
Isolated Medical Billing Systems

Open Medical Billing Systems:

An open medical billing system within the healthcare domain enables seamless transfers of information/data among healthcare professionals, practices, and facilities. Electronic Health Records (EHRs) are the best example of an open medical billing system.

Closed Medical Billing Systems:

A closed medical billing system doesn’t allow the transfer of information/data to healthcare providers. This system utilizes digital tools to monitor health records with a concentrated emphasis on a singular practice. Electronic Medical Records (EMRs) are the best example of a closed medical billing system.

Isolated Medical Billing Systems:

An isolated medical billing system operates independently, entirely detached from healthcare facilities, physicians, and practices. This system is specifically designed to empower patients to manage their health information personally. Patient Health Records (PHRs) are the best example of an isolated medical billing system.

Maximize Your Practice Efficiency with These Top Medical Billing Softwares for Large Practices

CareCloud

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Overview:

CareCloud, Inc. is a leading healthcare technology company with a comprehensive suite of proprietary, cloud-based solutions for growing healthcare organizations in terms of increasing revenue, streamlining workflow, automated billing processes and seamless patients charting etc. CareCloud deliver the most comprehensive technology-enabled solutions to assist healthcare providers in transforming and enhancing their clinical, financial and administrative operations.

Overall Rating: 3.8 on average

Pros & Cons

Pros

Best Overall
Highly customizable software
User-friendly interface
Affordable pricing

Cons

Higher setup and implementation fees

Why did we pick it?

CareCloud medical billing software for large practices streamlines billing workflows at every turn including claim scrubbing and submissions, coding, ensuring faster denial resolution, centralized billing, advanced analytics, payment processing and their integrated EHR solution ensures that your practice only receives the best service possible.

Kareo

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Overview:

Kareo is a healthcare IT provider that provides user-friendly software to help practices manage their workflows, improve patient care, and follow claims all the way through the payment process. Despite not directly offering revenue cycle management (RCM) services, Kareo collaborates with medical billing software affiliates to accommodate the needs of its customers.

Overall Rating: 3.6 on average

Pros & Cons

Pros

Covers a wide range of features
Single platform to access all data
Easy-to-use and intuitive software

Cons

Involves third-party provision
Pricing is only possible to estimate by investigating all the available billing partners

Why did we pick it? :

Kareo, like many on this list, was selected as the top medical billing software for large practices for its integrated solutions allowing healthcare providers to use a range of their services over various devices.

DrChrono

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Overview:

DrChrono is a leading medical billing software provider that empowers medical practices with integrated EHR and practice management solution. DrChrono has robust features that streamline administrative tasks, enhance patient care, and improve efficiency.

Overall Rating: 3.9 on average

Pros & Cons

Pros

Highly trusted providers with over 17 million patients
Seamless experience
Competitive cost

Cons

System slow issues
Support is not always quick

Why did we pick it? :

DrChrono’s medical billing software made it to our list, as it streamlined customizable user-interface makes it easier for patient data to be adjusted and processed.

Advanced MD

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Overview:

AdvancedMD’s innovative billing solutions help adapt practices to the evolving healthcare landscape, making it a trusted choice for healthcare providers seeking comprehensive solutions.

Overall Rating: 4.8 on average

Pros & Cons

Pros

Highly customizable services
Hands-on, customer-friendly implementation

Cons

More features makes software more complex

Why did we pick it?

AdvancedMD was one of our top choices for medical billing providers. Its user-friendly UI allows healthcare providers to manage patient scheduling and appointments with ease.

CureMD

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Overview:

CureMD offers an all-in-one healthcare platform which includes EHR, practice management, medical billing, patient portal, revenue cycle management and much more. CureMD is suitable for a variety of medical specialties and healthcare organizations of all sizes practices.

Overall Rating: 4.8 on average

Pros & Cons

Pros

User-friendly UI
Friendly and knowledgeable support team
Strict compliance policies

Cons

Slow processing time

Why did we pick it?

CureMD’s key selling point is their incredible 24/7 support assistance, ensuring client’s queries will always be promptly answered.

Athenahealth

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Overview:

Athenahealth is an industry giant with a comprehensive suite of healthcare technology solutions. AthenaOne from athenahealth is a comprehensive medical billing software suite that includes an EHR system, medical billing and coding solution, and medical practice management software for medical practices.

Overall Rating: 4.0 on average

Pros & Cons

Pros

Automated eligibility verification
It is simple to make superbills

Cons

The interface needs improvements
The scheduling feature can cause bugs

Why did we pick it?

Athenahealth’s medical billing software relies on strict compliance with HIPAA policies, ensuring patient data is always secured. It made its way on our list as its electronic health records (EMR) allows for easier communication and coordination between patients and their healthcare providers.

NEXTGEN

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Overview:

NextGen healthcare is a healthcare technology company that offers multiple tailored services to meet your budget friendly needs. NextGen healthcare medical billing software for large practices ensures your practice receives a guaranteed return on investment (ROI).

Overall Rating: 4.1 on average

Pros & Cons

Pros

Offers excellent insurance verification and copay collection
Centralized medical billing within a single login

Cons

Implementing the software can require a learning curve
Slow customer support

Why did we pick it?

NextGen’s medical billing software can help healthcare providers save time and money while growing their practices. NextGen helps increase revenue by assisting physicians to give more accurate assessments faster and also provides high-quality care for patients.

eClinicalWorks

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Overview:

Overall Rating: 4.1 on average

Pros & Cons

Pros

Budget friendly
User-friendly solution
Streamlined software for all your medical billing management

Cons

Irresponsible customer service
The system is always slow after an update

Why did we pick it?

EClinicalWorks medical billing software for large practices is a comprehensive, EHR integrated software with accurate claim submission and denial resolution features.

EzClaim

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Overview:

EZClaim medical billing solution is a platform catering to single and multi-provider practices. It is a diverse software that can be deployed both on-premises and cloud-based. This solution assists users through the entire billing and scheduling process and can also be integrated with third-party electronic medical records or an (EMR) software system.

Overall Rating: 4.1 on average

Pros & Cons

Pros

Budget friendly
User-friendly solution
Streamlined software for all your medical billing management

Cons

Irresponsible customer service
The system is always slow after an update

Why did we pick it?

Key features of EZClaim medical billing software includes a customizable user-friendly interface ensuring faster patient processing and lower wait times.

FAQs:

What is the main software that is used for medical billing and coding?

There are multiple billing software out there, but CareCloud’s medical billing and coding services is a great fit for large practices, offering guaranteed ROI with its integrated cloud-based EHR, denial resolution, claims submission, and batch payment technology.

What is the main golden rule in medical billing?

A major golden rule of any healthcare billing department is, “You do not code it or bill for it if it’s not first documented in the medical record.”

What are the two most common types of medical billing?

There are two common types of medical billing — professional billing and institutional billing. Professional billing is used in individual physicians’ practices. Specialists who focus on professional billing are often required to know both the billing and the coding system. Institutional billing is a kind of medical billing that’s used to process hospitals, clinics, rehabilitation facilities, nursing homes, and other health care institutions’ invoices. This may include outpatient and inpatient treatments such as equipment rentals, lab testing, radiology services, and more.

What are the three main types of medical billing systems?

Medical billing system comes in three types: isolated, open, and closed.

What is the major difference between medical billing and medical coding?

A major difference is that while medical coders work with patient data to assign appropriate codes and accurately process claims, medical billers mostly interact directly with patients. Medical billers are generally responsible for collecting payments from patients and processing insurance claims.

What are the two major types of medical reimbursement in the United States?

There are multiple types of healthcare reimbursement methods; the two most commonly used methods are traditional and value-based reimbursement.

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