Best Medical Billing Companies In 2022
Health

Best Medical Billing Companies In 2022

Medical billing companies play a key role for medical professionals and patients in the health industry. Medical billing companies assist healthcare providers by not only coding, scrubbing, and submitting claims, but also by following up with patients and insurance companies. Our best medical billing companies guide is designed to assist small businesses and startups in identifying suitable medical billing companies for their business. It will also cover what exactly is a medical billing company and their benefits. So, keep reading to know about it.

What Are Medical Billing Companies?

What Are Medical Billing Companies?

Medical billing companies assist health care providers with claims adjudication and it can also offer a variety of other services. Medical billing services are extremely beneficial to doctors and other health-care professionals. Claims-related work can include data entry, checking claim details, and filing claims both electronically and on paper. Numerous companies additionally offer RCM support, such as claim follow-up and appeals, patient billing and collections, and cash posting. Medical billing companies offer a wide range of services at different levels. 

Many companies may provide software and solutions to assist you in completing the task on your own. Others offer hybrid solutions that combine workflow enhancements with expert assistance for specific tasks or overflow. Full-service organizations are taking over your RCM procedures entirely, taking care of the day-to-day operations and reporting to you on a regular basis.

What Are The Benefits of Medical Billing Companies?

What Are The Benefits of Medical Billing Companies?

The main benefit of medical billing companies is that it lets health care providers concentrate on the medicines. Providers no longer need to hire full-time employees only to file insurance claims. Insurance companies have a complex claim process, so having someone who is familiar with it manage claims is advantageous. High turnover, training costs, high overhead, and a variety of other issues plague health care providers who handle this business in-house. It makes a lot of sense to pass it off to a firm with a streamlined approach.

If you are just a tiny medical office, you can engage professionals you wouldn’t be able to recruit full-time, such as compliance experts to guarantee your claims are clean. If you are a larger medical office, a billing service may be able to assist you with third-party auditors and other services.

Your practice may eventually grow to the point where internal staffing is unable to keep up with claims. When you partner with a medical billing provider, you can scale up to guarantee claims are filed on time and precisely in high-volume seasons without affecting your payroll bottom line.

List Of The Best Medical Billing Companies

AdvancedMD

advancedMD

AdvancedMD is a healthcare-focused business process outsourcing company. AdvancedMD has been a pioneer in the field of healthcare technology since its establishment in 1999. Because of its high first-pass acceptance rate, excellent customer service, and a wide range of features, AdvancedMD is the best overall selection. 

AdvancedMD provides a variety of services to assist you in managing your practice and serving your patients. Many providers and staff will find the system to be quite simple to use, and there isn’t a steep learning curve.

For medical practices, AdvancedMD provides cloud-based software. It enables telehealth and offers options for patient intake and scheduling online. The system incorporates charting and invoicing tools, allowing your entire staff to collaborate to ensure effective communication, appropriate patient treatment, and timely billing. A few of the advantages of this software is that it is compliant although  allowing several members of your team to operate remotely. 

AdvancedMD has one of the greatest first-pass rates in the industry, with a rate of 95%. Customer service and sales staff are praised in user reviews for going above and beyond in their assistance. 

Practice management to support your front office, electronic health records for quick access to patient information, a patient portal for self-service and patient engagement choices, and ePrescribing to enhance patient safety and compliance are just a few of the features. Non-voice BPO, voice call outsourcing, and medical and enterprise software integration are among its services.

Pros-

  • Comprehensive suite of solutions.
  • Telemedicine solutions.
  • It works for small, mid-sized, or large practices.
  • AdvancedMD has a remarkable 95 percent first-pass acceptance rate.
  • Managed billing solutions.

Cons-

  • It may charge an additional fee for add-ons.
  • Only iOS users have access to the mobile version.
  • It doesn’t code claims in any way.

athenaCollector

athenaCollector

AthenaHealth offers a variety of services and solutions, including athenaCollector. AthenaCollector, which was founded in 1997, now collects approximately $29 billion each year. Telehealth, EHR, and practice management tools are also available through the company.

The software is incredibly user-friendly and quick to pick up. You have complete control over the look and feel of your dashboard. AthenaCollector, like AdvancedMD, will not code your claims, thus you’ll need a programmer on staff. The billing system comprises claims management, which contains a rules engine that is updated on a regular basis to ensure that clean claims. 

AthenaCollector uses intuitive rule engine software to scrub your codes for errors, reducing denials and increasing your first-pass claim rate. You will receive EMR, PM, and patient engagement software additionally to billing software. From one centralized location, you may schedule appointments, verify patient insurance, run customized reports, and monitor real-time data on how your clinic is performing. You may monitor your claims and AR information from a singular revenue cycle dashboard for big-picture management of back office chores, and you can create targets and compare claims and revenue processes to industry benchmarks using performance reporting. 

The system also supports the front office with appointment scheduling and patient check-in, and you can choose an integrated billing solution to relieve your team of some of the revenue management responsibilities. Because AthenaHealth has 1,000 to 9,999 people, making it one of the largest companies on this list, the system is scalable for enterprise use.

Pros-

  • Increases clean claims percentages and decreases the number of  claims that are denied.
  • It provides excellent tech support.
  • It’s simple to use.
  • It has a contract length that is shorter.

Cons-

  • The fee-based model can be costly.
  • Doesn’t code claims in any way.
  • Its first-pass rate is lower than that of other firms.

CureMD

CureMD

Since 1997, CureMD has been the preferred billing firm for specialized practices. CureMD offers billing, EHR, and PM solutions for over 32 specialties. CureMD is a provider of computer software that focuses on helping medical offices manage their day-to-day operations and billing. Medical billing, electronic health records, practice management, and revenue cycle management software are all available.

CureMD is in charge of coding and claims overseas by submission, follow-up, and management of appeals and denials. CureMD’s patented scrubbing algorithm ensures a 96 percent first-pass rate for your submitted claims, which is one of the industry’s highest rates. During the first few months after signing up, the firm promises a 5 percent to 10% increase in collections. 

Fee schedule reviews, electronic and paper claims submission, old AR recovery, charge entry, cash posting, patient statement processes, appeals, and management reports are all offered by  CureMD’s knowledge base. A KPI dashboard that contains AR per payor, copays collected, denials, cash flow, and appointments allows you to keep track of what’s happening with your income. 

CureMD’s medical software platform is straightforward to use. CureMD is an outstanding solution for medical billing that is user-friendly, low-cost, and versatile. Medical Billing Software, EHR, Medical Practice Management, RCM are among its services.

Pros-

  • Its KPI dashboard allows for easy monitoring.
  • It’s intended for specialists.
  • Their first-pass claims rate is 96 percent.

Cons-

  • For more than five users, it’s not ideal.
  • It could be difficult to integrate.

Drchrono

Drchrono

DrChrono is a digital health technology firm that offers a software and billing service platform for doctors and patients via Web and cloud-based apps. DrChrono was established in 2009. This organization offers medical professionals a variety of services via the internet and cloud-based technologies. EHRs, telemedicine, practice management, patient portals, and mobile EHR apps are all included in this. Medical billing and revenue cycle management are also included. 

Because the EHR is integrated, rather than duplicating data entry, you may make claims straight from health records and treatment entries. This has the ability to speed up and improve the accuracy of claims billing. 

Extra features, such as automations, can assist in determining possible problem claims before they’re paid, resulting in higher clean claims rates. Real-time eligibility checks, patient statements, and coding are also available through the system. The system is something that every small or midsize practice could require in terms of scheduling, documentation, and billing, as well as some customization options.

Pros-

  • There are some customizing options available.
  • Full front and back office management is covered by this comprehensive system.
  • Medical billing is a low-cost service.

Cons-

  • It might not be the best option for offices that merely require billing services.

eClinicalWorks

eClinicalWorks

eClinicalWorks is a prominent EHR and practice management software that is utilized by a wide range of practices. It assists in the efficient management of appointments, schedules, billing, and the storage of demographic data. This firm focuses on software services to assist practitioners in coordinating care and managing front and back office operations. Telehealth, patient involvement through portals, population health management, including care coordination, and revenue cycle management are just a few of the solutions available. 

You can choose between an electronic health record simply, an EHR with practice management, or revenue cycle as a service, which provides assistance with producing, billing, and processing claims. eClinicalWorks is trusted by more than 130,000 doctors, nurse practitioners, and 850,000 medical professionals around the world to help them provide high-quality treatment and industry-leading Practice Management solutions. Electronic Health Records (EHR), Practice Management Software, Patient Engagement, ACOs & PCMH Tools, Care Coordination are among some of its service lines.

Pros-

  • Software and service choices are both versatile.
  • RCM as a service is quite affordable.

Cons-

  • Customer support is not just based in the United States.

eMentalist Outsourcing Services Pvt Ltd.

eMentalist Outsourcing Services Pvt Ltd.

eMentalist was established in 2016. Its service is distinct from the ones we’ve already discussed. It’s a BPO outsourcing consultant, not a medical billing firm. The company claims to have a 10-to 50-person in-house workforce, which may not seem like much of a help to anyone trying to scale medical billing procedures. However, the company does not carry out the work. It aids in the recruitment of employees and the development of outsourcing operations. 

Scaling up without spending as much for labor costs is one of the advantages of outsourcing medical billing services. Non-phone jobs might be outsourced worldwide, and if you outsource domestically, you won’t have to pay the full-time employee’s expenses. The fact that this is neither a medical or billing service. This isn’t even its area of expertise. It specializes in putting together outsourced teams to help with a wide range of business processes. On the other hand, if you don’t want software or knowledge and merely require extra people to manage workflow, this could be a good solution. ISO 9001:2015, iAS accreditation, and IAF accreditation are just a few of the relevant certifications this organization possesses for outsourcing.

Pros-

  • Its scale is unlimited.
  • It’s a terrific choice for enterprises.
  • It is well-versed in the specific requirements of BPO situations.

Cons-

  • It does not provide a software solution.

Helpware

Helpware

Helpware is another outsourcing and BPO company that was founded in 2015. Their 135-person staff specializes in voice services, non-voice BPO and back-office services, HR consulting and outsourcing, transcription, and other services. It also isn’t focused on medical billing. Rather, it provides a method for establishing customer or back-office support. Back-office support for a medical practice could include things like online insurance eligibility, claims data entry and checks, billing, EOB cash posting, and basic denial management. 

This organization has teams in the United States, Ukraine, Mexico, and the Philippines, for a total of eight offices, and offers possibilities for building up globally. Also, the cost of your service is determined by your business needs and the type you select. The team’s support a wide range of languages, such as English, Spanish, German, Japanese, Italian, French, and Arabic, that would make it just an excellent alternative for major medical organizations with a diverse patient base.

Pros-

  • It has offices around the globe.
  • expertise in business process outsourcing.

Cons-

  • There isn’t any medical billing software available.

Kareo

kareo

Kareo, a cloud-based medical technology platform, was formed in 2004. It was established with the goal of transforming the way private practices work. In 2019, Kareo had 150,000 active users and processed more than $25 billion in claims. Kareo has all of the standard features for medical billing, such as charge entry and coding, claim scrubbing, denied-claim management, and unpaid claim follow-up. At no additional expense, you’ll have full access to Kareo’s EMR. Kareo’s clearinghouse fees are also included in your charges, which some other billing providers charge extra for. 

Kareo is well-known for its ease of usage. The EMR and PMS dashboards most functionality can be accessed with just a few clicks. Kareo’s cloud-based billing software is simple to use, and if you sign a one-year contract, you won’t have to pay extra for training or support. Scheduling and charge capture are two features of the platform that enable you to capture copays at the point of care. The system features claim tracking, billing task management, and workflow, as well as a rules engine that supports clean claims.

Pros-

  • It is an all-in-one system.

Cons-

  • EHR integration options are limited.
  • Some features aren’t customizable.

P3 Healthcare Solutions

P3 Healthcare Solutions

P3 Healthcare Solutions was founded in 2015 and is a revenue cycle management company situated in Ontario, California. P3 Healthcare Solutions is a HIPAA-compliant medical billing and RCM company that focuses on collaborating with medical practices. Software-as-a-service, coding, and billing are examples of billing services. Pathology and clinical lab services, as well as credentialing, AR management, and auditing, are all included in RCM. 

Insurance verification, coding, charge entry, payment posting, rejected claims clearing, denial management, AR recovery, and patient statements are all services that P3 Healthcare Solutions may provide. The organization has also tried to become an expert in telehealth billing.

In the United States, P3 Healthcare Solutions simplifies and translates requirements into practical solutions for both value-based quality programmes like MIPS/AAPMs and medical billing services. They ensure a painless and seamless process, leaving physician offices to focus solely on their patients.

Pros-

  • Its workflow is well-organized and efficient.
  • It provides a complete range of services.

Cons-

  • It might not be appropriate for small practices.

CareCloud

CareCloud

Small practices, large medical groups, and enterprise organizations can all benefit from CareCloud’s solutions. It even has options tailored to specific specialties, such as dermatology, family practice, ophthalmology, podiatry, rheumatology, urology, and many others. You can utilize your existing EHR system or use CareCloud’s built-in one to get started with CareCloud. CareCloud’s RCM has a 97 percent claim resolution rate, and its billing software includes CollectiveIQ, a proprietary set of sophisticated billing rules that detect claim errors before they happen. 

The cloud-based software is compatible with all major browsers and computers, however the mobile app is presently only available on iOS. 

You can also opt for a cloud-based RCM solution. Expert advice, specialized billing processes, analytics, and local support are among its perks and features. 

CareCloud offers a variety of services from which you may choose the degree of service that best suits your budget and practice’s needs. The system is simple to operate and includes automations that will relieve your employees of some of their responsibilities.

Pros-

  • It has an easy-to-use platform.
  • Templates reduce the amount of time spent on the EHR while making appointments.

Cons-

  • For small practices, this system can be pricey.

The Contact Company

The Contact Company

The Contact Company is a Birkenhead, United Kingdom-based outsourcing organization. In 2006, the company was established. In the business services, financial services, retail, telecommunications, and e-commerce sectors, the team generally works with enterprise and midmarket clients. In the health-care industry, this could entail assisting patients with sign-up, health-related screenings, and collections. 

This isn’t, however, a medical billing firm. It can assist with customer contact, insight analysis, and compliance, although it may be able to assist with billing or collections workflows. However, you won’t find a complete replacement for claims chores or RCM here. You can get expert customer support and contact assistance to solve problems in a number of practice-related workflows.

Pros-

  • Customer support is available at all hours of the day and night.
  • Phone, social media, chat, and other methods of contact management are available.

Cons-

  • Its cost isn’t readily available.

ClaimCare

ClaimCare

ClaimCare Medical Billing offers a full range of medical billing services, as well as billing solutions for medical billing issues. It is headquartered in the United States, with offices in Austin TX, Dallas/Fort Worth TX, Houston TX, Orlando FL, San Jose Ca, and Pittsburgh Pa. ClaimCare provides a full-service medical billing option that relieves your team of some of their responsibilities. Practice management, scheduling, and electronic medical records are among the software solutions it offers.

The built-in dashboard views in ClaimCare allow you to see information about your claims, outstanding AR, as well as other revenue cycle management processes from just about anywhere. These dashboards are cloud-based, so you can access them from anywhere.

ClaimCare is known for its Instant Payment Program, which is one of its standout features. you can get revenue practically instantly for the patients you treat with this. Part of the cash linked with your revenue is transferred into your account the next business day, and the entire balance is received once the claims are processed and paid, which takes 30 to 40 days. For practices of any size, it can be a significant cash flow gain.

How Much Medical Billing Companies Costs?

How Much Medical Billing Companies Costs?

The cost of medical billing services and the manner in which costs are assessed might differ significantly. Based upon the number of providers, monthly pricing might range from as low as $100 to over $700 per month. Pricing can also vary depending on the size of the practice, the complexity of the billing, and the value of the claims. Some businesses charge extra for setup.

How Did We Pick the Best Medical Billing Companies?

How Did We Pick the Best Medical Billing Companies?

Medical billing companies come in a variety of sizes and types, ranging from self-service software to full-service outsourcing. It might be hard to narrow down the market and discover the ideal business partner for your company when there are several companies providing so many features and services. We looked at a lot of medical billing companies and reduced it down to 12 best selections for 2022 based on a few key criteria. That all our best ones were chosen for their reasonableness across a variety of services and features, as well as its reputations for accurate billing, industry and specialized reputations. 

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