Billing in house can be a significant undertaking for some practices. Stop agonizing over it and consider outsourcing your medical billing, or revenue cycle management (RCM) to one of these top medical billing services.
COMPARE QUOTES FROM TOP MEDICAL BILLING SERVICES
AdvancedMD Medical Billing
For practices looking for a mix of affordability, flexibility and efficacy in a medical billing services, AdvancedMD should be a high contender.
Do you need a billing service that is both successful and gives you full visibility into your financials? AdvancedMD thinks they can fit the bill. They pride themselves in transparency to their customers and making it as easy as possible to understand a plethora of reports and analytics that are available.
Their medical billing services goes beyond just processing claims. They do all the leg work involved in appealing denials, managing rejections, and many other of the tedious tasks involved in billing.
Affordable – They claim they are “the most affordable, flexible medical billing service on the market.”
CareCloud offers a full service Revenue Cycle Management service called CareCloud Concierge. They promote their analytics and specialized back office team that helps practices spend less time on collections, and more time on caring for patients.
Also, CollectiveIQ is CareCloud’s library of 180m+ automated billing rules that helps provide excellent resolution rates.
They provide an assortment of pricing plans to fit the needs of any practice.
Over 97% composite resolution rate
Proven experience of lowering costs and increasing profitability
As far as eClinicalWorks Revenue Cycle Management goes, they heavily market actual metrics to prove their service is superior.
They offer billing services at 2.9% of monthly collected revenue. This is significantly lower compared to some other external billing services that may charge from 5% to even as high as 12%. This meaningfully can help your bottom line.
98% first-pass claim submission
Proven track record
RCM Dashboard to give you complete visibility into the finances
Ideal for small to mid-sized practices, Greenway Health offers medical billing services. They also heavily promote Greenway Revenue Services and Greenway Clearinghouse that can help collect every dollar possible.
Greenway claims, “We have a solution for every challenge”. They are very focused on meeting the needs of their customers.
In addition, 2020 Frost & Sullivan names Greenway Health winner of the North American Ambulatory RCM Customer Value Leadership Award
Improve collections, cash flow, and profitability
Award winning RCM
Seamless and efficient
Can help your practice transition to value-based care
Kareo is specifically designed for independent practices. They have a robust billing software, but they do farm out the managed billing services to one of their vetted partners. They will help set you up with a billing company partner that fits the needs of your practice, including specialty specific.
Simplifying the billing processes is one of their key claims. Simplification should lead to faster reimbursements
You can use Kareo’s robust billing analytics to analyze and identify ways to optimize the revenue of your practice.
Lastly, their pricing is very competitive. Although note that there is an implementation fee.
Geared towards independent practices, giving you the attention you need.
Ranked as a leader amongst Medical Billing Software by FrontRunners.
There are three levels of Practice Management solutions, NextGen offers Financial Suite, Financial Suite Plus and Financial Suite Pro which is the complete medical billing and collections support service.
The NextGen Financial Suite Pro solution can help your practice achieve financial success through its state-of-the-art technology and top-rated professional services.
If you are looking to spend more time with your patients and less time with all of the hassle that billing can bring, NextGen should be a top consideration.
Expertise in compliance and regulations, allowing them (and you) to stay on top of the changing landscape.
Strong analytics and reporting
Revenue cycle expertise to help guide in your decision making.
A focus on patient experience to help ensure overall satisfaction.
In Conclusion: Considerations for a Medical Billing Service
There is a lot to consider when shopping for a medical billing service.
Give some consideration to the needs of your practice and the areas you need the most help in. If cash flow is a major concern, it could also be worth looking at medical factoring, which is a financing alternative.
With an abundance of different features and a variety of pricing options, it is worth comparing quotes from several vendors that offer medical billing services.