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 9 MEDICAL BILLING SERVICES FOR SMALL TO MID-SIZED MEDICAL PRACTICES
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.
COMPARE QUOTES FROM TOP MEDICAL BILLING SERVICES
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.
Affordability – AdvancedMD pricing. They say they are “the most affordable, flexible medical billing service on the market.”
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.
Allows for practices to catch errors and improve their collections
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, CareCloud provides an assortment of pricing plans to fit the different needs of any practice.
CareCloud has over a 97% composite resolution rate
Provide advanced analytics
Demonstrated experience with lowering costs and increasing profits
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.
They boast a 98% first-pass claim submission
eClinicalWorks has a demonstrated track record
An RCM dashboard to give complete visibility into finances
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.
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
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.
Focus on independent practices, providing you with the attention you need.
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.
One vendor for both technology and billing services
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.
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.
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.