As a company in the business of developing medical invoicing software utilized by clinics, hospitals and large medical corporations, the announcement of new versions of the software is not only expected on a regular basis, it actually becomes news when CollaborateMD doesn’t launch a new update. The pace at which the software company continues to evolve and improve its product can be seen with its standard billing product, which is already up to a 9.2 version slated for launch in the winter of 2015.
As CollaborateMD knows, one of the biggest problems when it comes to billing and invoicing in the medical health world has to do with how fast the legal and regulatory world plays in changes. When a health law changes, it often rewrites a significant number of areas at once, both direct and indirect. That in turn creates big ripple effects in administration. HIPAA compliance changes, for example, had a tremendous effect on billing information and patient data. As a result, medical billing software had to start including security safeguards to protect identifying medical information on individuals to a far larger degree than ever before.
CollaborateMD software has a unique feature that keeps up with continuous legislative changes, however. Unlike static billing software packages, the ICD-10 version of CollaborateMD’s tool has the ability to update and stay consistent with new changes in laws and regulations. This is a big breakthrough, because previous software packages for all types of administration had to be updated manually with static files to stay in pace with the legal world, and failure to do so could have resulted in expensive compliance issues and fines.
To make the financial investment of CollaborateMD’s advancements on a scaled basis, clients don’t have to buy the product with all the bells and whistles at the first go. Instead, the company utilizes a “pay as you go” charge approach. This strategy eliminates the large, upfront investment that financially makes it impossible for medical companies to advance their systems or improve upon the tools they have. While many medical office managers often agree immediately that they are aware an update or change is needed, with the current system being somewhat to grossly inefficient, the cost barrier presents a huge challenge to get around, especially for those offices working with thin operating margins due to tight markets. Instead, the charge for what is needed approach allows a flexible entry into the software’s use, scaled to what a business can afford, and the cost is kept lower than with a full suite where 80 percent of the tools are not used.
By combining an effective and practical financial cost model with an interface that follows a browser approach with server-based infrastructure, CollaborateMD provides a three-way winning package for private medical offices that have to pay attention to the bottom line. People today are already familiar with a general Internet browser and its directional tools. As a result, the browser approach becomes a natural path for applying other software tools, using the same navigational features already learned. Doctors, nurses and office support can all jump in to the software quickly and be working with it and real data within a few minutes of navigation and training.
CollaborateMD has been setting new standards for the market and competitors. Its latest update, with intuitive updating to match ever-changing legal requirements, is a major leap forward, empowering medical offices for growth without difficulty and noncompliance issues in financial data management. And both smaller and larger medical offices can get involved with CollaborateMD in a way that is most affordable for their present needs. The newest version of the software package also provides room to scale and change the software in the future as well, as the user’s needs change and grow.
All of this certainly demonstrates that CollaborateMD presents a win-win combination of a powerful and intuitive billing software tool, which places the burden of medical billing firmly in the hands of where it should be: the software. This leaves more time for medical staff to focus on the important things: the patients. It is clear that a company such as CollaborateMD understands this, which explains why it is the one to watch when it comes to medical billing software.