Top 54 Insurance Data Management Software (Jan 2023)

2023's Best 55 Insurance Data Management Systems

Shlomi LaviShlomi Lavi / Jan 24, 2023

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1. WebPT EMR

  • Best for: Small, medium and large size businesses
  • Price: starts at $3 per provider/day
  • Aug 17, 2022
Compare WebPT EMR Vs. WebPT EMR

WebPT EMR is a cloud-based electronic health record solution that is used in practices of all sizes in hospitals and clinics of all sizes. The solution is designed to be used in multiple disciplines such as general family care, therapy, dermatology, and family care services among other disciplines.


2. DrChrono EHR

  • Best for: Small, medium and large size businesses
  • Price: starts at $199 per provider/month
  • Jan 24, 2023
Compare DrChrono EHR Vs. WebPT EMR

DrChrono EHR is a cloud-hosted medical practice management platform that is compatible with iPhone and iPad devices. The software offers EHR & medical billing solutions that lets its users manage patient intake, billing, revenue cycle management, and clinical charting.


3. Therabill

  • Best for: Small, medium and large size businesses
  • Price: starts at $149 per provider/month + $199 setup fee
  • Dec 22, 2022
Compare Therabill Vs. WebPT EMR

Therabill is a cloud-based medical software for small to large mental health and speech therapy institutions. Its key features include Home health management, Physician management, Automated scheduling, Document management, Claims processing, and Invoice management to name a few.


4. CareCloud Charts

  • Best for: Medium and large size businesses
  • Price: starts at $349 per provider/month
  • Mar 10, 2022
Compare CareCloud Charts Vs. WebPT EMR

CareCloud is a cloud-based electronic health records solution designed for medical practices of all sizes. The solution enables the user to get all the tools that they need to deliver better medical patient care.


5. RXNT hospice

  • Best for: Small, medium and large size businesses
  • Price: starts at $65 per month
  • Mar 11, 2022
Compare RXNT hospice Vs. WebPT EMR

RXNT hospice is a cloud-based medical billing solution that is designed for use in hospitals and clinics of all sizes. The solution is also distributed as a suite combining all the necessary features that are required in a medical and healthcare setup


6. MDConnection

  • Best for: Small businesses and start ups
  • Price: starts at $199 per provider/month
  • Dec 21, 2022
Compare MDConnection Vs. WebPT EMR

MDConnection is a cloud-based medical practice management solution that is developed in order to be used in improving the efficiency of all practices that are carried out in the healthcare and medical industry. The software makes sure that the workflow of all practices is automated regardless of the...


7. DrsMagic

  • Best for: SMBs
  • Price: starts at $80 per month
  • Feb 17, 2022
Compare DrsMagic Vs. WebPT EMR

DrsMagic is a Web-based Electronic Medical Record & Medical Billing software solution that offers a wide range of billing needs including CMS 1500, 2006 ADA Dental form and more. The software is offered in two versions namely; DrsMagic Lite and Pro. Single Station versions are for installation on a...


8. DocuTAP EMR & PM

  • Best for: Small, medium and large size businesses
  • Price:
  • Dec 09, 2022
Compare DocuTAP EMR & PM Vs. WebPT EMR

DocuTAP EMR & PM is a cloud-based electronic health records solution that can be used as a practice management solution suitable for all disciplines in the medical and healthcare industry. The solution allows most of the physicians to reduce the workload they have filling in documents and writing re...


9. Applied Epic

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,000 per license
  • Dec 12, 2022
Compare Applied Epic Vs. WebPT EMR

Applied Epic is a fast growing cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. Applied Epic received a rating of 4.4 from ITQlick team. The software cost is considered affordable (2.4/5) when compared to alternative solutions.


10. COBRApoint

  • Best for: Small, medium and large size businesses
  • Price:
  • Dec 12, 2022
Compare COBRApoint Vs. WebPT EMR

COBRApoint is a web based benefits administration solution for businesses of all sizes. It offers such services as disability insurance administration, retiree administration, self-service portal, and others. The software was designed and launched by Evolution1 Inc headquartered in Minnesot...


Pricing Guide - Insurance Data Management Software:

Medical Software Price Range

Small and midsize practices can expect to pay around $500 per month for an EMR subscription. There are some free solutions, of course, that simply don’t get the job done, and others that charge $1,000+ per month. Major healthcare organizations are paying between $10,000 to $100,000 per month on this type of software.

  • EHR Software: can cost between $99 to $999+ per provider per month. For example, e-MDs Chart starts at $399 per month, eClinicalWorks is $499 per month, and Intelligent Medical Software starts at $199 per month. Praxis Electronic Medical Records pricing is $259 per month, and Practice Fusion is offered for free but it’s not recommended for every type of practice.
  • Medical Billing Software: $99 – $1,000+ per provider per month - In addition some vendors charge a percentage of the collections (between 2% to 10%). A few examples include: PrognoCIS costs $250 per month, NueMd is $150 per month, and Kareo charges 4%-9% of the collections.
  • Appointment Scheduling Software: $9 – $299 per month, depending on how many users need a license. BookSteam starts at $19.95 per month per user, SimplyBook.me offers a free version, and it offers another plan starting at $10 per month.
  • Medical Practice Management Software: $9.99 – $149 per month; vCita starts at $12 per month and Caspio at $99 per month - Caspio also offers a free version.
  • Patient Portals: $9.99 to $149.00 per month; TeamDesk costs $49 per month, and Solutionreach pricing starts at $299 per month.
  • Online Reputation Software: Pricing ranges between $199 to $4999. RemoveYourName starting at $3,000 and Integrity Defenders at $630.
  • Chiropractic Software: Pricing ranges between $49 to $999+. vCita starts at $12 per month and Intelligent Medical Software price starts at $199 per month.

11. Filopto

  • Best for: Small, medium and large size businesses
  • Price: starts at $166 per month
  • Jun 07, 2022
Compare Filopto Vs. WebPT EMR

We LOVE software and Filopto Eye Care Vision Practice Management System is a business-focused, modern, proven, easy to use and complete eye care office / EHR / practice productivity solution to help maintain and grow your eye care business – We are Leader in Vision Eye Care Practice Management solu...


12. Compulink Eyecare Advantage

  • Best for: Small, medium and large size businesses
  • Price: starts at $149 per user/month
  • Jun 14, 2022
Compare Compulink Eyecare Advantage Vs. WebPT EMR

Eyecare Advantage is an on-premise as well as a cloud-based integrated health system which is suitable for health sector operators with small scale business and medium-scale business as well as large enterprises.


13. iTRUST

  • Best for: Small, medium and large size businesses
  • Price: starts at $99 per month
  • Dec 28, 2022
Compare iTRUST Vs. WebPT EMR

iTrust is all-in-one system streamlines patient care and enhances office performance to save you time and money. With every tool and feature included at a price that is unmatched, it is easy to make the switch and see how iTrust is shaking up the competition and raising the standards!


14. NueMD

  • Best for: SMBs
  • Price: starts at $149 per user/month
  • Apr 23, 2022
Compare NueMD Vs. WebPT EMR

NueMD is a cloud-based electronic health record solution that can be used as a medical billing solution and is designed for use in hospitals and clinics of all sizes.


15. ClinicMind

  • Best for: Small businesses and start ups
  • Price: starts at $149 per month
  • Apr 28, 2022
Compare ClinicMind Vs. WebPT EMR

ClinicMind is a cloud-based electronic health record solution that is designed to be used as a practice management solution in hospitals and clinics of all sizes. The solution can be used in various disciplines of the medical and healthcare industry including ambulatory services, inpatient services,...


16. Insight EMR and Billing by Clinicient

  • Best for: Small, medium and large size businesses
  • Price: starts at $50 per feature/month
  • Apr 28, 2022
Compare Insight EMR and Billing by Clinicient Vs. WebPT EMR

Insight EMR and Billing is an integrated web-based EMR, practice management and billing solution that is designed for outpatient rehabilitation practices. The solution has a number of features that include patient registration, appointment scheduling, medical recording, accounts receivable among oth...


17. RevolutionEHR

  • Best for: SMBs
  • Price: starts at $420 per doctor/month
  • Dec 21, 2022
Compare RevolutionEHR Vs. WebPT EMR

RevolutionEHR is a cloud-based electronic health record solution that is also developed as a medical practice management solution for use in optometry practices of all sizes. The solution can be used in practices of all sizes starting from small-sized practices, medium-sized practices, and large pra...


18. MedClarity Platform

  • Best for: SMBs
  • Price:
  • Jun 18, 2022
Compare MedClarity Platform Vs. WebPT EMR

MedClarity Platform is cloud-based medical billing software that can also be used as an electronic health record solution suitable for use in health facilities of all sizes. The solution is easy to sue for most of the users yet a very powerful tool that can help make billing work easy in any hospita...


19. MedInformatix

  • Best for: Small, medium and large size businesses
  • Price:
  • Jun 17, 2022
Compare MedInformatix Vs. WebPT EMR

MedInformatix is an on-premise medical practice management solution that is also used as an electronic health record that can accommodate all types of hospitals and clinics. The solution is provided with scalability in mind.


20. bestPTsystem

  • Best for: SMBs
  • Price:
  • Jun 18, 2022
Compare bestPTsystem Vs. WebPT EMR

bestPT is a web-based EHR and practice management solution designed for physical therapy clinics and practice of all sizes. It has a number of features including a physical therapy office billing solution that allows users to process and collect payments faster.


21. Planetrehab

  • Best for: SMBs
  • Price: starts at $500 per feature/month
  • Jun 22, 2022
Compare Planetrehab Vs. WebPT EMR

Planetrehab is a trending cloud-based Medical, EMR-EHR software, it is designed to support small and medium size medical practices and hospitals. Planetrehab received a rating of 3.6 from ITQlick team. The software cost is considered affordable (4/5) when compared to alternative solutions.


22. Practice Partner

  • Best for: Small, medium and large size businesses
  • Price:
  • Aug 24, 2022
Compare Practice Partner Vs. WebPT EMR

Practice Partner is a cloud-based as well as an on-premise electronic health record solution that is developed as a suite with it comprising a medical practice management, medical billing solution, and a hospital management solution that can be used in hospitals and clinics of all sizes as well as i...


23. Agency Suites

  • Best for: SMBs
  • Price:
  • Jul 02, 2022
Compare Agency Suites Vs. WebPT EMR

Agency Suites is a leading cloud-based Insurance software, it is designed to support small and medium size insurance agencies. Agency Suites received a rating of 3.9 from ITQlick team. The software cost is considered affordable (1.7/5) when compared to alternative solutions.


24. Medledger

  • Best for: Small businesses and start ups
  • Price:
  • Jun 24, 2022
Compare Medledger Vs. WebPT EMR

Medledger is a cloud-based medical practice management solution that is general in terms of operation in that it can work in practices of various disciplines in the health care and medical industry.


25. Sapiens P&C

  • Best for: Small, medium and large size businesses
  • Price:
  • Jun 27, 2022
Compare Sapiens P&C Vs. WebPT EMR

Sapiens P&C is an award-winning cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. Sapiens P&C received a rating of 2.5 from ITQlick team. The software cost is considered average (2.7/5) when compared to other solutions in their category.


26. APTA Connect Software

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 02, 2022
Compare APTA Connect Software Vs. WebPT EMR

APTA Connect is an on-premise Practice Management platform that scalable is for rehabilitative medical practices of any size. The solution is based on an electronic medical records app that comprises of procedure workflows, a patient portal, and tablet support.


27. MahlerRCM

  • Best for: Medium and large size businesses
  • Price:
  • Jul 09, 2022
Compare MahlerRCM Vs. WebPT EMR

MahlerRCM is a cloud-based medical practice management solution that can also be used as an electronic health record solution as well as a medical billing solution in hospitals and clinics of all sizes. The solution is provided as a suite that helps most of the users to save on cost since they only ...


28. eBenefits Resource

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 07, 2022
Compare eBenefits Resource Vs. WebPT EMR

Benetech is a cloud-based benefits management software that helps employers manage their employee benefits packages through eligibility management, common billing remittance, and supervising FMLA (Family and Medical Leave Act) administration.


29. CollaborateMD

  • Best for: SMBs
  • Price: starts at $194 per month
  • Jul 05, 2022
Compare CollaborateMD Vs. WebPT EMR

CollaborateMD is a cloud-based practice management system that is developed to be used in all types of mental health care practices. these practices can include occupational therapy, behavioral therapy, speech therapy, and physical therapy among others.


30. PracticeStudio

  • Best for: SMBs
  • Price:
  • Jul 05, 2022
Compare PracticeStudio Vs. WebPT EMR

PracticeStudio is an on-premise electronic health record solution that has its place in all the various disciplines that are available in the medical and health care industry. The solution has a wide range of use from cardiology, chiropractic, dermatology, family practices, internal medicine as well...


31. ITigris Optima

  • Best for: Small, medium and large size businesses
  • Price: starts at $125 per month
  • Apr 21, 2022
Compare ITigris Optima Vs. WebPT EMR

Goods marking with barcodes Electronic documents interchange with suppliers Simple revaluations, cancellations, goods transfers Discount campaigns, goods markdown Stock optimization Sale of contact lenses in batches or individually Ordered goods management Simple wizard-driven order creation ...


32. DRC

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 09, 2022
Compare DRC Vs. WebPT EMR

DRC is a growing cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. DRC received a rating of 2.5 from ITQlick team. The software cost is considered a bit pricey (4.5/5) vs their competitors.


33. Net Health Therapy Suite

  • Best for: Small, medium and large size businesses
  • Price:
  • May 18, 2022
Compare Net Health Therapy Suite Vs. WebPT EMR

Net Health Therapy Suite is a medical software designed to help therapists improve patient care and outcome. It does this by offering customizable workflows and tools that help maximize staff productivity and efficiency.


34. SynergyPT

  • Best for: SMBs
  • Price:
  • Apr 07, 2022
Compare SynergyPT Vs. WebPT EMR

SynergyPT saves time while capturing the most important connection between your patient treatment and billing. Do not wait until the end of the week to create your documentation. SynergyPT is optimized for tablet devices! Enter documentation during evaluations with ease.


35. Ophthalmology-Cloud

  • Best for: SMBs
  • Price:
  • Mar 22, 2022
Compare Ophthalmology-Cloud Vs. WebPT EMR

Ophthalmology-Cloud is an EHR and practice management software designed for eye and vision care specialists. The software allows ophthalmic imaging like autorefractor and keratometer to be included in a patient charts.


36. WellSky Rehabilitation

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 19, 2022
Compare WellSky Rehabilitation Vs. WebPT EMR

WellSky Rehabilitation is a cloud-based as well as an on-premise rehab software or a physical therapy software that can work as an EHR in the rehab practices. The solution not only offers the basic functionalities like managing the documents, and other tasks but also goes ahead and provides users wi...


37. Cyclops Eye Care Records

  • Best for: Small, medium and large size businesses
  • Price: starts at $7,995 per license
  • Jan 31, 2022
Compare Cyclops Eye Care Records Vs. WebPT EMR

Cyclops enables eyecare providers to increase productivity, efficiency, and revenue. This allows the doctor to concentrate on the patient and not the paperwork.


38. IO Practiceware

  • Best for: SMBs
  • Price:
  • Jul 16, 2022
Compare IO Practiceware Vs. WebPT EMR

IO Practiceware is an electronic health record management solution for medical practices of all sizes. Other than electronic record management, it also offers practice management and security capabilities. The software was designed and launched by IO Practiceware Inc headquartered in New...


39. Acuitas activEHR 2-0

  • Best for: Medium and large size businesses
  • Price:
  • Jul 18, 2022
Compare Acuitas activEHR 2-0 Vs. WebPT EMR

Acuitas activEHR 2.0 is an on-premise or cloud-based electronic health record solution that caters to midsize and large ophthalmology and optometry practices. It offers a number of features that include frames data IDA (Immediate Data Access) that help in updating of the frames.


40. Adaptik

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 19, 2022
Compare Adaptik Vs. WebPT EMR

Adaptik is a growing cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. Adaptik received a rating of 4.3 from ITQlick team. The software cost is considered a bit pricey (4.4/5) vs their competitors.


41. InsuranceSuite

  • Best for: Small, medium and large size businesses
  • Price: starts at $5,000 per user/month
  • Jul 19, 2022
Compare InsuranceSuite Vs. WebPT EMR

InsuranceSuite is a leading cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. InsuranceSuite received a rating of 2.7 from ITQlick team. The software cost is considered a bit pricey (4.4/5) vs their competitors.


42. Smart Property Systems

  • Best for: Small, medium and large size businesses
  • Price: starts at $15.53 per month
  • Jul 23, 2022
Compare Smart Property Systems Vs. WebPT EMR

Smart Property Systems is a cloud-based property management software that enables property managers to simultaneously handle multiple units and property types. It also allows them to collate rental payment data through a central portal and process accounts.


43. SammyEHR

  • Best for: SMBs
  • Price:
  • Jul 18, 2022
Compare SammyEHR Vs. WebPT EMR

SammyEHR is both a cloud-based as well as an on-premise electronic health record solution that is developed to work in multiple disciplines of the healthcare and medical industry. The solution can work in disciplines such as the general care services, family care services, all types of therapy servi...


44. Systems4PT

  • Best for: Small, medium and large size businesses
  • Price: Has a free version
  • Jul 15, 2022
Compare Systems4PT Vs. WebPT EMR

Systems4PT is a cloud-based electronic medical record and practice management software that was specifically designed for Physical Therapy. With Systems4PT, healthcare facilities that offer outpatient rehab can streamline healthcare recording practice as well as other various medical workflows with ...


45. Visionpro POS

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,500 per license
  • Feb 09, 2022
Compare Visionpro POS Vs. WebPT EMR

In every aspect of our operations, we place product quality, ethical practices and total customer satisfaction at the forefront as we build the profitability of our client business operations.


46. Vertafore Agency Platform

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 28, 2022
Compare Vertafore Agency Platform Vs. WebPT EMR

Vertafore Agency Platform is a growing cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. Vertafore Agency Platform received a rating of 4.7 from ITQlick team. The software cost is considered average (3.1/5) when compared to other solutions in...


47. BriteCore

  • Best for: Small, medium and large size businesses
  • Price: starts at $600,000 per license
  • Jul 29, 2022
Compare BriteCore Vs. WebPT EMR

BriteCore is a growing cloud-based Insurance software, it is designed to support small, medium and large size insurance agencies. BriteCore received a rating of 2.5 from ITQlick team. The software cost is considered average (3.7/5) when compared to other solutions in their category.


48. MTBC Software

  • Best for: Medium business
  • Price:
  • Sep 07, 2022
Compare MTBC Software Vs. WebPT EMR

MTBC Software is a cloud-based health care information technology solution. It offers a number of features that include a product portfolio and native mobile applications that help healthcare providers meet regulatory challenges.


49. Uprise

  • Best for: Small businesses and start ups
  • Price:
  • Aug 09, 2022
Compare Uprise Vs. WebPT EMR

Uprise is a cloud-based practice management and electronic health record solution that is developed to simplify the practices that are offered increasing their efficiency. The software reduces the time that physicians will take dealing with much paperwork, giving them more time tom focus on their pa...


50. ClinicSource Therapy Practice Management

  • Best for: Small, medium and large size businesses
  • Price: starts at $72.95 per user/month
  • Dec 21, 2022
Compare ClinicSource Therapy Practice Management Vs. WebPT EMR

ClinicSource Therapy Practice Management is a cloud-based medical practice management solution that is designed to be used in hospitals and clinics of all sizes. The solution is designed to help physicians solve and manage some of the tasks that are repetitive and complex in nature to ensure that ac...


51. My Vision Express

  • Best for: Medium and large size businesses
  • Price:
  • Sep 21, 2022
Compare My Vision Express Vs. WebPT EMR

My Vision Express is a cloud-based solution as well as an on-premise medical practices management solution that is suitable for use in optometry practices. the solution is suitable for use in hospitals and clinics of all types offering these services and helps them in managing their activities and t...


52. Therapistmate

  • Best for: Small, medium and large size businesses
  • Price: starts at $40 per user/month
  • Sep 21, 2022
Compare Therapistmate Vs. WebPT EMR

TherapistMate is a practice management system that helps therapists and their staff schedule appointments, manage cases, handle billing, financials, and payroll within a single program. Some of the features include a payroll function that allows employees to complete timesheets remotely and track th...


53. Azalea

  • Best for: SMBs
  • Price:
  • Sep 23, 2022
Compare Azalea Vs. WebPT EMR

Azalea Health is a cloud-based HIPAA compliant, and ONC certified electronic health record solution designed for practices of all sizes. The solution core features include revenue cycle management, practice management, telehealth and EHR and more.


54. OSCAR EMR

  • Best for: Small, medium and large size businesses
  • Price: starts at $199 per month
  • Sep 23, 2022
Compare OSCAR EMR Vs. WebPT EMR

OSCAR EMR is a cloud-based electronic health record solution that is designed to be used in all types of hospitals and clinics. The solution is famous for being used in handling chronic diseases and it is a good way to offer the patients with E-prescriptions of the drugs.



A Buyer's Guide to Business Software Solutions

How to Evaluate and Buy Business Software
 
If you’re somehow puzzled if this article is only for a specific size of business, no, it’s not. This is for you SMEs, MNEs and start-ups software buyers. Also, we’re not talking about a specific software solution here. Whether the software solution that you’re planning to buy is for Accounting, Business Intelligence, ERP, CRM, Help Desk, Maintenance Management or other types of application, one thing is for sure; with the help of this article, you will be able to know the right process in evaluating and buying a business software solution.
 
We’ve been into the software business for years and we’re seeing a lot of nitty-gritty things that often bring confusions and hesitations to many companies looking for better software solutions. Some companies can’t afford to let go their legacy systems while a few is encountering technological snags once the new system is in place. While this is the underlying truth behind software acquisition and implementation, what’s exciting about buying a business software solution is that there is a clear and obvious proof that thousands of companies and corporations today are happy with the benefits this technology is bringing into their respective businesses.  There is a significant increase in their revenue and the growth is on-going. And it’s easy to say; many from the Fortune 500 companies are making a lot of money because of their smartly-acquired business software.
 
So, let’s get straight to the point. What should you do in order to acquire that business software that could make your organization achieve its goals? The answer to this is pretty straightforward: evaluate and buy that right business software. Yes, that’s what you need to do and here’s the best manual from ITQlick.com that could certainly help you in doing that strategically.
 
Consider the Needs of Your Organization
Let’s assume that at this point, the entire management team agreed that you are ready to invest on a certain software application. The budget has been compromised and the key persons who will be involved in the acquisition process were already identified. Therefore, it’s time to approach things the project management way.
 
Define the Project
Every business software solution is categorized base on application type, features, deployment model, market size and pricing model. Remember that our objective here is to evaluate and buy a business software product that will fit into the size and present needs of your business. So what the project management team should try to deal with first is to define the real requirements of your business exactly base on the categories set by the software industry. Moreover, by doing this activity, you are already narrowing down your search for the right solution. Now, consider bringing this list of FAQs to the project management and aim to come up with clear-cut answers.
 
  1. What type of software is needed? Is it Integrated-Suite, Best-of-Breed or Industry-Specific? Ask your CEO’s main agenda and find the perfect match from these available options.
  2. What are the core and secondary features? Are you looking for basic, advanced or hi-end features? List down the specific features per category and allow the department managers and supervisors to give their insights on this list.
  3. How are you going to deploy the system? Would it be on-premise, cloud-based, hosted, or mobile-based? Weigh these options with the help of your CIO.
  4. Are you going for Tier 1, Tier 2 or Tier 3 vendors? Their offered solutions are base on the size of their target market - SMEs, MNEs or start-ups. Seek your CFO’s advice as it is important to match your financial capacity against the cost of the solution that the providers have for you.
  5. Are you willing to pay for the perpetuity software license or a subscription-based solution is way better? How many users are there and what would be their roles in using the system? Solicit feedbacks from future end users for they know better what challenges and risks might possibly come along their way when they’re using the system.
 
Finalize the BOM or List of Requirements
After providing definite answers on the above questions, we can say that the project has already been defined. Your procurement team is now ready to do their role in the acquisition process of this solution. However, in order for them to execute their job properly, they must have the complete list of requirements - features, specifications, hardware, and the software product. In other words, the Bill-of-Materials (BOM) that is final, complete and well-prepared must be handed over to the procurement director. Needless to say, it is very important that everybody is following the company purchasing and procurement protocols at all times.  
 
Request for Proposal (RFP)
The RFP process will bring everything into formality. Since you’re more likely in a line of business that doesn’t regularly buy software products, it is of critical importance that your RFP is well-structured before you send it to your prospect solution providers.
 
Draft the RFP
An RFP that contains all the relevant information as discussed during the project management meetings will enable the providers to return back to you their proposal that is complete and substantial. Therefore, your RFP should basically contain the following:
 
Brief Introduction
  • Company Name
  • Mission and Goals
  • Purpose of the RFP (or the need for software solution)
Business Background
  • Organizational Structure
  • Current Situation (IT infrastructure, system currently in-use, system issues and desired solutions, etc.)
  • Major Objectives of the Software Purchase
Request for Specific Requirements
  • Solution Functionality
  • System Specifications
  • Vendor Company Information
  • Price Model, Service Plans, Package Options
Other Important Inquiries (if necessary)
 
Send the RFP
Well-structured RFP will bring a lot of advantages especially when the proposals from various providers are received and then subjected for review and analysis. Send your RFP to at least three to five providers (or prospects which you have already shortlisted during the project definition phase). Depending on the complexity of the solution, most vendors will send their proposal in a matter of time, which could be around 4 to 6 weeks for Integrated-Suite solution.
 
Why still send RFP?
Is there really a need for RFP if your preferred solution (like cloud-based) and the service plans or packages are already displayed on the vendor’s website? Well, yes, you still need to undergo the RFP process. For most sales people, they certainly know that those figures appearing in the vendor’s website are usually the “list price” and not the “actual price”. More importantly, the vendor’s proposal (response to RFP) will serve as your main basis for the negotiation. Therefore, sending an RFP is a strict requirement.
 
Follow up questions relevant to RFP
More often than not, questions and concerns will be raised by the vendors to whom you send the RFP. You have to entertain them with utmost professionalism. Solution providers who are seeking further clarifications relevant to the RFP are consisting of professional software experts who wants to help your organization as much as they can. Entertain them but at the same time, always be cautious when providing additional information which you know is confidential or proprietary.
 
Evaluate the Proposals
Always refer to your finalized BOM when tabulating the contents of each proposal. Part of this process is to check the features that are available from this certain vendor and to cross out those that are not. While using spreadsheet aids the tabulation process, laying down the document proposals on the table and allowing your project management team to review them one by one should always be conducted. Evaluating the proposals in full force can help strengthen your decision-making process. Have another round of brain-storming session and come with the name of your preferred solution provider.
 
When selecting the final vendor, always promote the best interest of your organization. Consider answering these questions with full sincerity.
 
  1. Which vendor can provide the long-term benefits to your organization?
  2. Which vendor can provide the best and honest service from acquisition to full implementation?
  3. Which vendor is willing to devote most of its time in better serving its client?
 
Contact this solution provider and in your own strategic approach, try to get the answers to those three important questions above. In most cases, vendor who really wants to prove its craft will offer product demos on a higher level. Others will even invite you to check their already deployed and working systems. Feel free to connect with this type of vendor. Conduct simulation and testing, be it a cloud-based or on-premise solution. Examine all aspects and angles especially those that your project management team want to really know in-depth. For as long as it could help you arrive at a better decision, consider doing all the options available – for the interest of the organization.
 
Enter the Negotiation Process
Most solutions providers can be flexible in terms of pricing. Although the final say is oftentimes on the mouth of the sales person from the vendor’s side, a good negotiation process can always deliver a win-win situation to both parties involve. While negotiation sometimes cannot be settled in one sitting session, always be honest with your intentions whenever negotiating with your provider. If it’s about your budget, justify it with clarity. If it’s about their service plans, tell them what’s lacking or missing on their solution. At the end of the day, the most important event that should happen is that both of you are shaking hands because of a well done negotiation process.
 
Seal the Contract
So what are you going to do on a contract that involves a significant amount of investment? There are three project management approaches for this.
 
  1. Pass the ball to you legal team. They know what to do and more or less they will tell you if there is something wrong with the contract. Give them enough time to review before they affix their signature and then finally seal the contract.
  2. Hire a consultant base on the technical aspect that you want to clarify in the contract. If it’s the Scope of Work (SOW), a software implementation expert is the right person. If it is related to complex legal terms and conditions, a lawyer can help. If it has something to do with money, invite an accountant to conduct a thorough review and computation if necessary.
  3. Always consider consulting your project management team. Remember that the CIO, CFO and CEO are all team members. They will be the signatories and they know what’s best for the interest of the company when signing a contract agreement.
 
From evaluation to buying stage, it is important that the project manager must take full responsibility of monitoring all the works identified and distributed among team members. This is why delegating the right project manager is also an important consideration when buying a business software solution. And again, ITQlick.com wants to emphasize that whatever the size of your company is, using the project management approach will always lead you into a better outcome – that is getting what you paid for the right business software solution. 

Finding the right business software for your business
Proper business software selections are the precursor to successful deployment and business growth. Finding the right solutions doesnít have to be complicated, and it doesnít have to take days or weeks of your time.

After researching over 5,000 systems, we can identify the best solution for companies of all shapes and sizes. ITQlick.com is 100% free for software buyers.



Auditor - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.