Medisoft is medical billing and accounting software used by doctors and other healthcare professionals to input patient records, submit insurance claims, and manage patient receivables. Medisoft is a popular option used by many medical billing schools to train students.
The Windows-based software is relatively easy to use and is reasonably priced for small-to-mid-sized healthcare practices. Developed by the McKesson Corporation, Medisoft is regularly updated to stay current on health care, insurance, and other regulatory changes.
Medical Billing and Patient Accounting
Medisoft uses simple icons to identify the most common tasks done on a daily basis to manage patient accounts, collections, write-offs, patient co-pays, and other medical accounting tasks. You can use the software in your medical practice to get real-time financial data for improved decision making.
For example, you can review patient receivables and billing histories to set up payment plans in Medisoft. Medisoft Patient Accounting also ensures that your practice is compliant with the Health Insurance Portability and Accountability Act (HIPAA), which regulates the electronic transmission of specific healthcare transactions.
Medisoft also helps you manage electronic transactions related to verifying your patients' insurance eligibility and submit insurance claims for reimbursement from insurance providers.
Medisoft uses BillFlash to print and mail patient statements. This lets you upload your billing information and then creates your customized professional invoices and mails them the next day. BillFlash will eliminate the administrative tasks associated with preparing and mailing invoices, such as printing invoices, stuffing envelopes, and applying sufficient postage. You can enroll in BillFlash directly from Medisoft, as well as set up automatic uploads of your billing statement files directly from Medisoft.
As of 2018, Medisoft offers desktop versions of its software that range in price from $499 to $3,599, depending on the size of your practice, the number of features you'll need and the number of users in your office.
The desktop version works only with Windows-based operating systems. A cloud version also is available for $69 per month that allows up to six users and is compatible with both Windows and Macintosh operating systems.
Medisoft's accounting features are posted in real-time and do not have a "day close" or batch posting feature so that each day's transactions are permanently saved. You can use security features to help ensure that records are deleted and use adjusting entries to balance the books when errors are detected.
However, larger medical practices and healthcare organizations need more control over accounting processes, and real-time processing is not useful if thousands of transactions are being processed daily as the database cannot handle this many transactions and the program will run slowly. Medisoft will meet the needs of most small medical practices, especially those on a cash-basis of accounting.
Medisoft's Statement Manager requires set up, and rebilling statements require training to understand the process. You and your staff should spend adequate time training in this area to ensure you can process transactions well.
Some users have reported that they have experienced long wait times for technical support, if they call outside of morning hours. Medisoft has email support, which usually will take 1-2 days to respond to your question.
Medisoft is a popular medical billing software for small medical offices due to its ease of use, pricing, and features. Larger healthcare organizations probably will want to consider more sophisticated software to meet their needs. Doctors and other small healthcare providers also will find that it is advantageous to choose Medisoft because many medical billers are trained on this software.