7 Best Medical Billing Software for Small Businesses in India 2024

When you run a small medical business, you always encounter some set of challenges, and one aspect that often people ignore is the billing process. As a medical shop or business owner, you probably know it can be a significant challenge to manage your medical billing process effectively. Keeping track of invoices and managing payments can be simple with the right set of tools like medical billing software.

So, in this blog, I will be sharing the best medical billing software that is available on the market right now. I have researched several medical billing computer software examples and made a list of the best options for you. Whether you’re a solo practitioner or have a small team, these software solutions will streamline your invoicing process and help you focus on other important aspects of your business.

What Is Medical Billing Software?

Medical invoicing software is a MedTech software for healthcare providers that helps them manage their revenue cycle. This tool allows them to efficiently manage the billing and invoicing process.

It helps healthcare providers to create and submit accurate claims to insurance companies, track payments, manage patient billing and much more. This software enhances efficiency, reduces errors, and ensures timely reimbursements for medical services.

7 Best Medical Billing Software for Small Businesses in 2024

• Vyapar Billing Software
• DrChrono
• myBillBook
• Kareo
• eHospital
• TallyPrime
• Marg ERP

With that said, let’s take a look at the list of best Medical Billing Software for small businesses:

1. Vyapar

At number one of our list, we have Vyapar Billing Software. This medical store billing software is a great option to manage your business. Vyapar comes with multiple features like tax calculation, GST compliance, sales tracking and more.

You can also generate custom bill designs that suit your business. Moreover, it is multi-device software which works on both desktop and mobile devices.

Features of Vyapar Medical Billing Software

• Paperless billing
• Inventory management
• Business dashboard
• Low stock alerts
• Multiple unit options

Pricing: Vyapar medical shop billing software offer 2 paid plans, and it offers a 15-day free trial | Vyapar Alternatives

• Silver Plan: Starts at INR 3399 per year
• Gold Plan: Starts at INR 3999 per year

Pros and Cons of Vyapar Software

2. DrChrono

DrChrono is a cloud-based medical invoicing software and offers an inbuilt RCM (Revenue Cycle Management) feature. They have an expert billing team that can manage the entire medical billing cycle of your medical claims.

From billing to coding and even claim management, this software can handle it all. With a 96% clean claim rate, DrChrono helps improve practice profitability and reduces administrative tasks so that you can focus on patient care.

Features of DrChrono Medical Billing Software:

• Billing reports and analytics
• Real-Time Eligibility
• Claims Submission
• Patient Statements
• Denial Resolutions

Pricing: DrChrono’s paid plan is available on request on their official website.

Pros and Cons of DrChrono:

3. myBillBook

myBillBook is one of the most intelligent medical billing solutions in the market. This simple yet effective GST billing and invoicing tool can help you manage your medical business at your fingertips.

Moreover, this is quite user-friendly software and you do not need any prior technical or accounting knowledge to work on this software. You can easily create invoices and bills, manage inventory and more.

Features of myBillBook Medical Store Billing Software:

• Cloud-based software
• Automated payment reminders, claims, e invoicing, etc.
• Business analysis
• Manage account receivables and payables

Pricing: myBillBook offers 3 paid plans- Diamond, Platinum and Enterprise. The pricing is available on request through their official website. Moreover, myBillBook also offers a 14-day free trial.

Pros and Cons of myBillBook

4. Kareo

Kareo comes the next on our list. This medical billing software is designed to assist with billing cycles for companies to manage their daily tasks efficiently. It streamlines activities such as claim submissions, revenue management, payment processing, and more.

Apart from that, Kareo is also a patient care solution. You can manage patient data, schedule appointments, send them notifications, etc. With this software.

Features of Kareo Medical Shop Billing Software

• Supports RPA (Robotic Process Automation)
• Advanced reporting and analytics
• Manage patient and document efficiently
• Review and capture patient charges with Automatic Charge Capture management
• Inbuilt secure messaging system

Pricing: Kareo’s pricing is available on request. You can contact their official website and request a quote.

Pros and Cons of Kareo

5. eHospital

eHospital is a robust hospital management system that streamlines hospital functions, including patient records, finances, and legal. Its Billing Management feature provides real-time tracking, precise and comprehensive billing and covers everything from room rent to medical procedures.

Though it is more of a hospital management software, its medical invoicing and billing features gave this software a place on our list.

Features of eHospital Medical Invoicing Software:

• Outpatient and inpatient management
• HR and payroll management
• Financial accounting integration
• Dedicated patient portal
• Inventory management

Pricing: The pricing for eHospital medical software is available on request on its official website.

Pros and Cons of eHospital

6. TallyPrime

Surprisingly, TallyPrime is also on this list of best medical billing software for small businesses. Though TallyPrime is not the customized billing software for medical business, you can use this tool with much efficiency.

TallyPrime can help you to generate personalized invoices, maintain records, and handle financial transactions. It offers modules for finance management, inventory and stock management among others. It is one of the best software for e-invoicing because of all its features.

Features of TallyPrime

• Invoicing and accounting with GST compliance
• Helps manage credit and cash flow
• Robust business reports
• Multiple banking features like cheque management, e-payments, etc.

Pricing of TallyPrime: Tally Prime’s paid plan starts at INR 600 + 18% GST a month for single use.

Pros and Cons of Tally Prime

7. Marg ERP

At last, we have Marg ERP. Marg medical store software is specifically designed for medical stores, and it can greatly enhance the growth of your business. With Marg ERP, you can effortlessly generate invoices, keep track of inventory, and generate comprehensive sales and purchase reports.

It also offers features like end-to-end accounting, filing GST returns with digital payments, and even online deliveries.

Feature of Marg ERP Medical Billing Software

• Free e-invoicing
• Supports auto cloud backup
• Inventory management
• Auto bank reconciliation
• Sales and purchase claim

Pricing: Marg ERP offer three paid plans:

• Basic: Starts at INR 8991
• Silver: Starts at INR 12600
• Gold: Starts at INR 25200

Pros and Cons of Marg ERP

Top Medical Billing Software: Detailed Comparison

Here’s a comparison table of the above listed medical billing computer software for better overview:

Why Use Medical Billing Software?

There are many benefits of using medical billing computer software. Below are some of the excellent reasons why you should consider using medical software for billing:

1. Automate Manual Work and Reduce Errors

As humans are prone to errors, handling the bills and invoices by them can lead to mistakes. But medical billing software can save your bacon. It can reduce paperwork and human mistakes by automating manual tasks and paperwork while also securing your data. Thus, medical billing computer software is important if you want to get rid of any human error.

2. Better Access to Patient Information

Like traditional methods, you need not write every detail of the patient on a physical paper and keep it for eternity. Intelligent medical billing solutions can keep all of your patient data digitally and you can access it anytime and from anywhere. Additionally, you can create a backup of those data to avoid any data loss in any mishap.

3. Easy Claim Tracking

The software can easily help you with claim tracking and settlements. The software enables coverage of patients, and notifies you about denied claims and even guides you throughout the process of resubmissions.

Medical billing tools help improve data quality and also accelerate claim processes so that you can get paid accurately and on time.

4. Improved Finance Reports

Almost every medical billing software provides real-time reports and analysis features. You can easily track key metrics such as revenue generation, outstanding payments, accounts receivable aging, and more. This not only saves time but also allows you to make informed decisions regarding your finances.

5. Enhanced Patient Experience

Billing transparency can really help with enhancing patient satisfaction. Medical billing software provides patients with accurate estimates of their out-of-pocket expenses, simplifies payment options, and facilitates easy communication regarding insurance coverage and invoices. This improves the overall patient experience.

Important Features of Medical Billing Software

If you are looking for medical billing computer software, there are some important features you need to consider. These features include:

• Claims Management

Claim management is a crucial feature of medical billing software. It helps generate accurate claims, process them, and track their status. The software also helps handle claim rejections, denials, and appeals while ensuring compliance with industry standards.

• Revenue Cycle Management

Any good medical billing software streamlines the revenue cycle by automating processes such as appointment scheduling, patient registration, coding, charge capture, and payment posting. This feature enables healthcare providers to optimize cash flow and reduce administrative burdens.

• Electronic Health Record (EHR) Integration

One feature to look at in medical billing computer software is Integration with an EHR medical billing allows seamless exchange of patient information between billing and clinical systems. This ensures that coding and billing are based on accurate documentation, eliminates duplicate data entry, and facilitates efficient claims submission.

• Inventory Management

A good inventory management feature can allow you to manage inventory. The tool should provide the ability to track and manage medical supplies and equipment in real-time. This includes monitoring stock levels, conducting audits, tracking expiration dates, and generating alerts for low stock or expired items.

• Reporting and Analytics

Robust reporting features are essential for analyzing financial performance, identifying trends, and making informed business decisions. Medical billing software should offer customizable reports on collections, invoices, denial rates, productivity metrics for staff members, and reimbursements.

Conclusion

There you have it! The top medical billing software available in the market. You can take a look at the list and choose any of the software that best suits your needs.

The seven medical billing computer software names I have mentioned in this article offer a range of features and benefits that cater to the specific needs of small healthcare practices.

Take the time to evaluate each option carefully and consider factors such as cost, compatibility with existing systems, and customer support before making your final decision.

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