Essential RCM Pricing - why 4.6/10?

Essential RCM Review
ITQlick Score: 90/100
ITQlick Rating: (3.7/5)
Pricing: 4.6/10 - average cost
Category: Medical Billing -> Essential RCM -> Essential RCM pricing
Ranking:Ranked 6 out of 95 Medical Billing systems
Company: edgeMED Healthcare
Pricing: starts at $149 per user/month
Typical customers: Medium and large size businesses
Platforms: Desktop, Cloud
Links: Essential RCM review, Essential RCM alternatives
Shlomi LaviShlomi Lavi / May 08, 2021

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What is Essential RCM's cost rating? (4.6/10)

When comparing Essential RCM to its competitors, on a scale between 1 to 10 Essential RCM is rated 4.6, which is similar to the average Medical Billing software cost. Essential RCM offers few flexible plans to its customers with the basic cost of a license starting from $149 per user/month. Read the article below in order to calculate the total cost of ownership (TCO), which includes: customization, data migration, training, hardware, maintenance, upgrades, and more.

You can also leave your info with us to get a free custom quote with a break downs for your business needs.

Medical Software Price Ranges

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.

What is the cost breakdown of Medical Billing implementation?

When it comes to selecting Medical Billing tools, buyers are primarily concerned about the cost. In fact, it is the cost that determines whether a potential buyer would go with the product. True, there is no one-size-fits-all formula to determine the “worth” of a business application, but as a software buyer, you want to make sure you get the best value for your money, without having to dig a big hole in your pocket.

Understanding the exact price of a Medical Billing system isn't easy as the overall cost of software includes the cost of a license, subscription fees, training, customization, hardware, maintenance, support, and other related services. It's essential to take into account all of these costs to gain an understanding of the system's "total cost of ownership."

What are the typical Medical Billing pricing models?

There are primarily three common pricing models – Perpetual License, Subscription, and Commercial Open Source.

  • Subscription/Software-As-A-Service: - Relevant for Essential RCM
    Under this pricing model, the system is accessed over the internet, as opposed to installed on-premises. The payment is made either on a per user basis or subscription basis. Ideally, customers are required to pay a recurring monthly fee until a specific period for using the tool. Subscription pricing model is more common with Software-as-a-Service (SaaS) apps.
  • Upfront cost for customization and integration is less compared to perpetual license cost because there is not much flexibility with SaaS systems in this area.
  • Recurring cost is greater as customers are required to make monthly payments as a subscription fee. Additionally customers using premium support services must pay an extra fee.
  • All in all, the total cost of ownership in the both cases is almost the same and may span over a period of 7-10 years, though you may have to pay a higher perpetual license fee upfront. The total cost may vary from starter to mid range to enterprise level apps in both cases.
  • Perpetual license: - Not relevant for Essential RCM
    A common pricing model for on-premise applications, perpetual license requires a customer to pay an upfront sum to own the tool or other intellectual property on-premises for a fixed term.
  • Upfront cost involves the fee for installation, customization, and integration with existing systems, besides perpetual license fee.
  • Recurring cost is low in this pricing model and may include the cost for updates, maintenance, upgrades, and patches. Some vendors do offer premium support services, which come for an extra price.
  • Commercial open source: Not relevant for Essential RCM
    The customer can acquire the system free of cost without having to incur any upfront license fee. As a customer, you’re solely responsible for the ongoing maintenance, upgrading, customization, and troubleshooting of the application to meet your specific needs. You are on your own for providing end-user support, since you are not locked in with a vendor-supplied system solution.

How much would it cost to customize Essential RCM? (and is it relevant)

If you need specific features in your system catering to your specific business requirements, the vendor will charge customization cost, depending on your needs and feature requirement. Ideally customization cost is more complex to calculate compared to licensing cost.

Some apps allow you to easily combine data from multiple sources, without any complicated query requirements, while some others can be embedded into different applications to provide enhanced reporting. If you seek products that support customizable dashboards and predictive analysis to identity possible trends and facilitate decision making, you may have to pay higher for all the customization features.

Additionally, the following factors may affect the cost of customization:
  • User interface changes
  • Configurable dashboards
  • Data elements required for tracking
  • Forms to collect additional data
  • Dashboard, management and operational reports that are needed.
  • Workflows and how complex they are
  • Forms to collect additional data
Here are some questions to answer: How much customization is needed? How many systems do you want to integrate to? Does your company work like industry standards or does it have its own customized processes? What kind of special reports are needed?

In order to calculate the cost of customization you can use the following estimates:

  • Minimal customization - integrate with 1-2 systems: $2,500
  • Standard customization - integrate with 3-5 systems: $10,000
  • Fully customized system - integrate with more than 5 systems: $25,000

Cost of data migration when migrating to Essential RCM? Relevant for Essential RCM

Most companies opt for data migration services from a vendor, which raises the cost of product ownership. If you choose to transfer data on your own, you can avoid paying the cost of data migration.
Data migration cost depends on the amount of data to be transferred, your current software, availability of migration tools, complexity of data, and gaps between the existing system and the new system.

If your data is stored in Excel spreadsheets, then it may incur you a lot of time and money to migrate data from Excel.
By involving a business services provider in data migration, you are asking them to offer additional services, for which you may have to pay extra.

As a rule of thumb the cost of data migration depends on how many records you want to migrate. Records can include the number of customers, invoices, financial transactions, products, versions, etc. Here is a list you can use as a rule of thumb:

  • 1,000 records: $500
  • 10,000 records: $2,500
  • 100,000 records: $10,000
  • 1,000,000+ records: $25,000

What is the cost of training for Essential RCM? Relevant for Essential RCM

As a buyer, you are required to pay extra for in-person training, though some vendors offer web-based solutions as part of the package. The cost may involve end-user training, video/self, group, department, and training the super users.

The cost is mainly derived from the approach that you select for your organization:
  • End-user training
  • Group/Department
  • Video /self
  • Train the trainer/super user

Here are some questions to answer: How many groups (different departments, usages, type of users) are needed?

In order to calculate the cost you can use the following estimates:

  • 1-2 Sessions: $500
  • 3-4 Sessions: $1,500
  • 5-7 Sessions: $2,500
  • 8-10 Sessions: $5,000

How Essential RCM pricing compares to alternative Medical Billing solutions?

When comparing Essential RCM to alternative systems, on a scale between 1 to 10 Essential RCM is rated 4.6, which is similar to the average Medical Billing cost.
DrsMagic is medical billing software for small, medium, and large healthcare companies. Drs.Magic pricing is cheaper than Essential RCM. Its price starts at $80 a month per user. Essential’s feature includes Claims Management, Code & Charge Entry, Compliance Tracking, Dunning Management, Customizable Dashboard, Invoice History, Patient Eligibility Checks, Payment Processing, Practice Management, and Remittance Advice whereas DrsMagic only has Claims Management, Invoice History, and Remittance Advice only.

Though DrsMagic has a higher review score online and cheaper, Essential offers more RCM systems so businesses could be paid more. Mercury Medical serves medium and large healthcare providers at the same price range as Essential.

Mercury Medical and Essential have the same medical billing features but what makes Medical Mercury better is their support package. It already includes software upgrades, customizations, corrections, and 24/7 email and phone support. Both have the same excellent review scores online and can greatly help companies to increase their revenue.

How can the team at ITQlick help?

The science of TCO (total cost of ownership) may not be easy to calculate. If you seek to get detailed info about the TCO, get in touch with ITQlick experts. Contact us today and get up to date, detailed quotes.

Author

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.