Key Points:
- There are numerous top medical billing services to pick from
- Consider outsourcing your medical billing, or revenue cycle management
- There is a variety of different features and pricing options
- compare quotes from several vendors that offer medical billing services
Top Medical Billing Services
Billing for medical care is crucial for every medical practice to stay in business. Next to providing the best care possible for patients, medical billing comes in at a close second of other top priorities.
Known to be a top challenge for most practices, in-house medical billing can be a tedious responsibility. So many medical practices are looking to use a medical billing service to help with this duty.
There are numerous top medical billing services to pick from. And every practice has their own needs.
We aim to help narrow the search for those considering medical billing services, especially for small to mid-sized medical practices.
TOP 10 MEDICAL BILLING SERVICES FOR SMALL TO MID-SIZED MEDICAL PRACTICES
- AdvancedMD Medical Billing
- AthenaHealth AthenaCollector
- CareCloud
- Cerner Medical Billing
- eClinicalworks Billing
- Greenway Health Medical Billing
- Kareo Managed Billing
- Medisoft Billing
- Modernizing Medicine (ModMed) Boost
- NextGen Financial Suite Pro
Consider outsourcing your medical billing, or revenue cycle management (RCM) to one of these top nine medical billing services. Stop worrying about your billing which can be a significant undertaking, and make a move towards lightening the load for your in-house staff.
AdvancedMD Medical Billing
Looking for an affordable, flexible and effective medical billing service? AdvancedMD should be a contender.
AdvancedMD medical billing service provides you with full visibility into your financials and helps set you up for success. They pride themselves of the transparency they provide to their customers. They aim to make it as easy as possible for customers to understand the wealth of reports and analytics that are available.
The medical billing services provided by AdvancedMD go way beyond just processing claims. AdvancedMD does all the leg work needed to appeal denials, manage rejections and numerous other tedious tasks needed to run a practice.
Main Benefits
- Affordability – AdvancedMD pricing. They say they are “the most affordable, flexible medical billing service on the market.”
- Get to see your reimbursements immediately
- Easy to read reporting and analytics
- COMPARE QUOTES
Athenahealth AthenaCollector
Take a closer look at AthenaCollector as the medical billing service / RCM has a 93% first pass resolve rate.
AthenaCollector is more of an automated service. This makes it a great fit for small to mid-size practices looking for some help but not looking for the complete package from a third party medical billing service.
Finally, Athenahealth was awarded the 2020 Best in KLAS Ambulatory RCM Services title.
Main Benefits 
- Allows for practices to catch errors and improve their collections
- Get paid faster and with less workforce
- Athenahealth pricing is competitive
- Receive real-time data on the performance of your practice
- COMPARE QUOTES
CareCloud
CareCloud provides a full-services Revenue Cycle Management (RCM) service called CareCloud Concierge. They tout their performance analytics and back office team specializing in RCM to help practices spend more time on caring for patients and less time on collections.
CollectiveIQ is CareCloud’s library of over 180m automated rules on billing that help provide stellar resolution rates.
Lastly, they provides an assortment of CareCloud pricing plans to fit the different needs of any practice.
Main Benefits
- CareCloud has over a 97% composite resolution rate
- Provide advanced analytics
- Demonstrated experience with lowering costs and increasing profits
- Assortment of pricing plans
- They boast a U.S. based support team
- COMPARE QUOTES
Cerner Medical Billing
Typically thought of as a solution for only large practices, Cerner also provides services for small to mid-sized practices too. The Cerner pricing model will differ for these size practices.
Cerner brings a reputation for outcomes making them a powerhouse in the industry. They work hard to live up to this.
Take notice that some of Cerner’s advanced features may be thought of as challenging. These advanced features may require extra training and experience in order to achieve the best outcomes.
Main Benefits
- One of the biggest brands in the industry, the Cerner name comes with experience and clout.
- Enable cleaner claims to speed up reimbursement.
- Help improve efficiencies of process through improved communication with the clinical team.
- Full-service offerings available with all the bells and whistles you can think of.
- COMPARE QUOTES
eClinicalWorks
eClinicalWorks (eCW) leverages performance metrics to promote their status as one of the best in the industry at RCM. And eCW pricing is favorable.
eCW offers medical billing services at 2.9% of monthly collected revenue. This is meaningfully less compared to other external billing services that may charge anywhere from 5% to as high as 12%. This can be significant to your bottom line.
Main Benefits
- They boast a 98% first-pass claim submission
- eClinicalWorks has a demonstrated track record
- An RCM dashboard to give complete visibility into finances
- COMPARE QUOTES
Greenway Health Billing Services
Offering ideal solutions for small to mid-sized practices, Greenway Health offers competitive Greenway EHR pricing, yet they can also help with medical billing services. They also promote Greenway Revenue Services and Greenway Clearinghouse which can help your practice collect every dollar possible.
Greenway says, “We have a solution for every challenge”. They are laser focused on meeting the needs of their small to mid-sized customers.
Lastly, Greenway Health was named the 2020 Frost & Sullivan winner of the North American Ambulatory RCM Customer Value Leadership Award.
Main Benefits
- Improve your collections, cash flow and profitability
- Greenway offers award winning RCM solutions
- Both seamless and efficient
- Greenway can help transition your practice to value-based care
- COMPARE QUOTES
Kareo Managed Billing
Kareo was designed with independent practices in mind. They have a strong billing software, but they farm out the managed billing services to a variety of vetted partners. Kareo can help set up your practice with a medical billing partner that best fits your needs, including specialty practices.
Being able to simplify the billing process is one of Kareo’s key claims. And as one can imagine, simplification should lead to faster reimbursements.
Identify ways to optimize the revenue of your practice by applying Kareo’s robust billing analytics.
Finally, their pricing is very competitive. But it is worth noting that there is an implementation fee.
Main Benefits
- Focus on independent practices, providing you with the attention you need.
- Kareo pricing is very competitive.
- Kareo is ranked as a leader amongst Medical Billing Software by FrontRunners.
- COMPARE QUOTES
Medisoft Billing Services
One of the most popular choices for Medical Billing Services is Medisoft due to its easy-to-use, affordable solution.
Medisoft also integrates with Aprima EHR making it an ideal solution for independent physicians and small staffs.
Main Benefits
- An affordable solution, offering a high value to healthcare providers.
- User-friendly software.
- Flexible Medisoft Pricing Plans.
- COMPARE QUOTES
Modernizing Medicine Boost
What makes Modernizing Medicine (ModMed) Boost so successful? It is a combination of their Practice Management Software and their Business Operations Services.
Modernizing Medicine wants to get to know your practice and understand its unique processes. This will allow for them to develop strategies that will drive cost savings and efficiency that will work for your practice. Plus, Modernizing Medicine pricing offers a ton of value making it worth it.
Main Benefits
- One vendor for both technology and billing services
- 98% average first pass claim acceptance rate
- They focus on medical specialty practices
- Modernizing Medicine is a Black Book 2020 winner
- COMPARE QUOTES
NextGen Financial Suite Pro
There are three tiers of Practice Management solutions offered by NextGen. They offer their Financial Suite, Financial Suite Plus and Financial Suite Pro which is a holistic medical billing and collections support service.
The NextGen Financial Suite Pro solution provides state-of-the-art technology and esteemed professional services, which can help your practice attain financial success.
Looking to spend less time on the hassle of billing and more time with your patients? NextGen should bee one of your top considerations. And with NextGen EHR pricing being quite competitive, take a look at their EHR offering as well.
Main Benefits
- Expertise in regulations and compliance to keep your practice on top of the ever-changing landscape.
- Strong reporting and analytics
- RCM expertise to help guide decision making
- Focus on patient experience which helps ensure overall patient satisfaction.
- COMPARE QUOTES
IN CLOSING: CONSIDERATIONS FOR SELECTING A MEDICAL BILLING SERVICE
There is much to consider when shopping around for a medical billing service.
Think about the needs of your practice and the specific areas you need the most support in. If cash flow is a concern, it could be worth looking at medical factoring which is a financing alternative.
There is a variety of different features and pricing options out there which make the selection process appear complicated. Consider comparing quotes from several vendors that offer medical billing services to make sure you are getting the whole picture.
Frequently Asked Questions:
Which is the Best Company for Medical Billing?
The best company for medical billing can depend on specific needs and preferences, but some of the most highly regarded medical billing companies include:
- Kareo: Known for its user-friendly interface and comprehensive billing solutions tailored for small practices.
- Athenahealth: Offers robust medical billing services with integrated practice management and EHR solutions.
- AdvancedMD: Provides extensive billing services and practice management software, suitable for both small and large practices.
What is the Highest Paid Medical Biller?
The highest-paid medical billers typically have extensive experience, advanced certifications, and may work in specialized fields or high-demand regions. Certified Professional Coders (CPCs) and Certified Outpatient Coding Specialists (COCs) often command higher salaries. Salaries can vary widely, but the top earners can make upwards of $70,000 to $80,000 annually, particularly in metropolitan areas or specialized medical facilities.
What is the Best Medical Billing Software?
Some of the best medical billing software options include:
- Kareo: Highly rated for its ease of use and comprehensive billing features tailored for small practices.
- AdvancedMD: Offers robust billing and practice management capabilities, suitable for a range of practice sizes.
- AthenaCollector (part of Athenahealth): Known for its integrated approach, combining billing with practice management and EHR.
- DrChrono: Offers an all-in-one solution with strong billing, scheduling, and EHR features.
What Are The Two Most Common Types of Medical Billing?
The two most common types of medical billing are:
- Professional Billing: This type of billing is used for individual healthcare providers such as physicians, specialists, and other non-institutional healthcare services. It involves claims submitted for services performed in an outpatient or office setting.
- Institutional Billing: This type of billing is used for hospitals, clinics, and other healthcare facilities. It covers services provided in an inpatient or institutional setting, including room and board, nursing care, and facility-based services.
Is Medical Billing in High Demand?
Yes, medical billing is in high demand. The healthcare industry continues to grow, and with it, the need for skilled medical billers and coders. Factors contributing to this demand include:
- Aging Population: Increased healthcare services needed for an aging population.
- Complex Insurance Processes: Navigating insurance claims and reimbursement processes requires specialized knowledge.
- Regulatory Changes: Continuous updates in healthcare regulations necessitate expert billing professionals to ensure compliance.
Why is Medical Billing so Complicated?
Medical billing is complicated due to several factors:
- Complex Coding Systems: The use of various coding systems like ICD-10, CPT, and HCPCS, each with thousands of codes, requires detailed knowledge and accuracy.
- Insurance Rules and Regulations: Different insurance companies have varying rules for claim submissions, coverage, and reimbursement, making the process intricate and time-consuming.
- Regulatory Compliance: Adhering to federal and state regulations, such as HIPAA, and staying updated with frequent changes adds layers of complexity.
- Data Accuracy and Documentation: Accurate documentation and data entry are critical to avoid claim denials and delays, requiring meticulous attention to detail.
- Patient Financial Responsibilities: Balancing insurance payments with patient co-pays, deductibles, and out-of-pocket expenses adds another layer of complexity to the billing process.
