Medical Billing service providers are there to assist medical practitioners because they should be spending more time with their patients rather than on the administrative work.
If you are an independent physician or practicing in a hospital, you have the option to outsource medical billing to avoid paperwork and the hassle of compiling clean claims.
As we all believe that Time is Money, so, practitioners can reduce expenses and increase revenue at the same time by just consulting professionals who are better at handling the intricacies of the billing and coding requirements.
If you are into in-house medical billing, related to any specialty be it, home healthcare billing or lab billing, for instance, the following list will help you make the right decision.
We have a list here of a few top billing agencies that are known for their commitment and professional work ethics. Let’s follow through.
P3 was created in 2015, and since then, it has ensured that their clients stay on top of their health IT needs, regardless of their business type or structure.
Their staff keeps clinicians updated with any changes that have an impact on their revenue cycle management. Their goal is to improve their collection process and workflow.
The company helps doctors, nurses, and hospitals with their administrative load for medical billing and also MIPS reporting. The idea is to relieve their stresses and help them focus on their primary duties.
Let’s look at some of the features that make P3Care a quality billing company.
- Medical billing audit
- HIPAA-compliant services
- Revenue cycle management
- EHR support for different specialties
- Follow up and denial management
- Patient eligibility verification
- Clearinghouse claim submission
P3Care has a high-level success rate, no doubt. They generally have a low percentage of denied claims rates, so overall, this medical billing company is considered the best in the industry for all specialties.
It offers a complete healthcare solution for hospitalist billing or any other services. They have a constructive relationship with all covered entities and takes care of the process right from the start. Moreover, they provide lab billing methods and even have a solution for home care billing.
AdvancedMD created in 1999, is now one of the most trusted service providers in medical billing. This agency works with both small and large care services. Advanced MD success rate is 95%, and it also has a dynamic denied claim management system.
Their top features include claims management, patient portals, and more.
AdvancedMD also offers mobile support to clinicians for medical billing, but it is more compatible with iOS than Android. The services for claiming codes in this application are still under consideration by the company. Although it works for practices, however, there is a lot more improvement that needs to be done.
They work with medical practices of all sizes, so it is not an issue for them to cater to any size.
Here are some of the features that make Advanced MD a renowned name in the healthcare industry
- User-friendly mobile iOS application
- Hundreds of app users
- Smart scheduling software
- Automatic updates about the claim process
- Simplified claim management
- Easy-to-use patient portal
- Automatic data backup
Yes! Advanced MD offers mobile support to clinicians for medical billing, but it is more compatible with iOS than Android. The services for claiming codes in this application are still under consideration by the company. Although it works for practices, however, there is a lot more improvement that needs to be done.
Kareo created in 2004, aims to provide time and hassle-free medical billing solutions to physicians. The platform of Kareo believes in technology incorporation, where health practitioners are more at ease with data documentation. Its software is widely used and appreciated software in the healthcare industry.
What Kareo Offers to Its Clients?
The company has many things to offer to its clients and depending on the scale of the medical practice, you can access the following service.
- Scheduling system with reminders to physicians and patients
- Claim processing and tracking tools
- More than 70 standard reports throughout the period
- Print and email benefit statements
However, Kareo lacks follow-up service on billing software, as managing bills is considered a separate service in this company. However, their practice management software is helping many clinicians with the hectic billing process, and it also saves their time.
ChartLogic created in 1994, makes them one of the oldest revenue cycle management software companies. It not only handles your upcoming bill but also audits your past claims. This way, they also help with medical billing audits that help hospitals with better strategies.
Their standards are pretty set, and their services resonate with:
- Billing automation
- Claim processing
- Integrations & API
- Claims Data Automation
- Insurance Verification
They have no tiered pricing system, and their billing works wonders only with their EMR system. Moreover, they have certified coders and end-to-end solutions in an agnostic platform.
They also offer EHR and practice management systems that efficiently enhance the operational capability of the medical practice.
Founded in 1997, athenahealth offers many IT health technologies, providing automated billing services while retaining in-house control. For this reason, athenahealth is well-renowned in many hospitals that do not want to lose control over their data, They are able to generate high performance with ease for their clinicians by sending out claims timely to payers.
In today’s dynamic world, the company has been helping medical practices to practices
- Easy-to-use EHR and EHR app
- Authorization management
- Denials resolution management
- Native telehealth solution
- Integrated dictation
- Open platform and interoperable solutions
A report suggests that it provides a 93% first claim acceptance rate. Their denial claim management is also commendable, as it evolves around technology. Generally, solo practitioners are their major clients.
A professional medical billing company is helpful in so many ways, provided they have the right resources and experience to manage the hectic medical billing services. We have helped you narrow down the list of potential billing companies. You can consult them to streamline your revenue cycle management.
Medical Billing FAQs
What is a Medical Billing Company?
It refers to a third-party company that offers HIPAA-compliant billing services to clinicians, physicians, and hospitals of all specialties and caters to their billing needs. They usually have billing software, commonly known as Practice Management System or RCM (Revenue Cycle Management).
Such agencies not only compile claims to send to the commercial and government payers like Medicare and Medicaid Services, but they also offer additional services that make a complete billing system, such as follow-up, denial management, account receivable management, and billing audit.
The Billing and Coding Procedure
Every company works with different features, but with a difference of one or two components, they all start from patient scheduling to claim to process, clearinghouse claim submission, until the end of the process i.e. receiving reimbursement and payment posting.
However, one thing that is important here is that no matter to what extent, the company provides services, they must comply with the HIPAA rules and regulations.
How Does a Medical Billing Outsourcing Company Works?
When any clinician outsources medical billing and coding services to a third party, they are responsible for your claim processing and reimbursements and accounts receivable.
In simple terms, a professional billing company provides automated solutions either via EHRs or patient portals. They have an experienced team of medical billers and coders who once receive data are trained enough to manage the hectic burden.
Here are some of the responsibilities that most medical billing companies do to help you understand how they work.
- Getting and arranging patient payment information and billing accounts
- Obtaining references and pre-authorizations as the procedures allow
- Verifying patient’s insurance eligibility and healthcare benefits for medications, diagnostic procedures, and treatments
- Follow up services after claim submission to insurance companies
- Payment collection and managing accounts receivable reports
- Checking medical bills for data completeness and other errors
- Preparation, analysis of data, and claim submission via automated billing tools
- Following up on outstanding claims to know their status
- Checking for data completeness and other reporting requirements
- Follow up with insurance companies in case of any payment issue
- Appeal for denied claims
- Answering all inquiries related to medical billing and coding
How to Choose the Best Medical Billing Company for Your Medical Practice?
- First, list down your requirements that why you want to outsource the billing service.
- Look through all the companies that offer your related services and analyze their pros and cons.
- Verify their previous record and discuss your objectives with them.
- Explore through their monthly packages, the workflow, and the contract requirement.
- After you have all the information on the table, choose the most suitable company that seems to work for you.
You can learn more about the top medical billing companies by reading their reviews and industry reputation. The better the research, the better outsourcing billing services you can find for your practice.
How Much It Cost to Hire a Professional Medical Billing Company?
Each medical billing and coding agency has its billing package, depending upon the practice specialty.
You can get an overview of what you might expect when you outsource the billing to a third-party company.
- Monthly subscription plans/healthcare provider
- Pay-per-encounter packages/ billing claim
- Custom service rate/monthly claims collections
Some companies might also charge additional over the package for denial management and other services. However, the best practice is to seek out every detail before signing the contract.
Why are Medical Billing Companies Important for Physicians?
It’s simple! Doctors should be spending their most time on their primary responsibilities, that is, patients, rather than catering to the administrative load.
It does not matter if you work in a large medical practice or a small one, or if you are an individual clinician or work in a hospital, outsourcing billing and coding will release your stress and save you time.
- You would not have to check patients’ eligibility on your own.
- You would not have to manage data or see claim submission and denial management.
- Your revenue cycle management will be automated, and a professional team will be there to audit your process.
Medical billing companies are important as time is money, and, by outsourcing, you can easily access quality resources. Moreover, your quality of care services also improves.