Top Medical Billing Softwares
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
- CareCloud – Best Overall
- Kareo – Best for integration with other platforms
- Drchrono – Best for Customization of workflows
- Advanced MD – Best for Patient management
- CureMD – Best Support Assistance
- Athenahealth – Best EMR system
- NextGen Billing – Best Value for Money
- eClinicalWorks – Best for its functionality
- EZClaim – Best for User Interface
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
- Best overall
- Highly customizable software
- User-friendly interface
- Affordable pricing
Cons
- Higher setup and implementation fees
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
- 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
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
- Highly trusted providers with over 17 million patients
- Seamless experience
- Competitive cost
Cons
- System slow issues
- Support is not always quick
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: 3.7 on average
Pros
- Highly customizable services
- Hands-on, customer-friendly implementation
Cons
- More features makes software more complex
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
- User-friendly UI
- Friendly and knowledgeable support team
- Strict compliance policies
Cons
- Slow processing time
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
- 24/7 customer support
- Easy implementation
- Endlessly customizable reporting options
Cons
- Relatively not as user-friendly as other companies on this list
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: 3.7 on average
Pros
- Streamlines administrative tasks
- Insightful data analytics
- 24/7 support services
- Training and support
Cons
- Customization often causes errors
- Features aren’t intuitive
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:
eClinicalWorks is a medical billing software provider with over 6,000+ employees providing the best in healthcare technology solutions. eClinicalWorks has multiple cloud-based solutions, making it a leader in healthcare IT.
Overall Rating: 4.1 on average
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
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
- User-friendly
- Great customer support
- Easy to use and provides accurate reporting
Cons
- Slow UI
- Constant system updates
Key features of EZClaim medical billing software includes a customizable user-friendly interface ensuring faster patient processing and lower wait times.
FAQs:
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.
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.”
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.
Medical billing system comes in three types: isolated, open, and closed.
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.
All CPT codes are always five digits and can be either numeric or alphanumeric. CPT code descriptors are clinically focused and always utilize common standards so that a set of users can have a shared understanding across the clinical healthcare paradigm.
There are multiple types of healthcare reimbursement methods; the two most commonly used methods are traditional and value-based reimbursement.
