Overview
If you run a medical practice, you know how important it is to have an efficient medical billing process. The last thing you want is losing revenue or dealing with rejected claims and unpaid invoices. Outsourcing medical billing to a professional service can save you time and money. But with so many companies out there, how do you choose? We’ve researched for you and compiled a list of the top medical billing companies in US for 2023. These services have a proven track record of maximizing revenue for practices of all sizes while providing excellent customer service. They stay on top of the latest billing codes, insurance plans, and regulations so you can focus on what you do best – caring for patients.
In this blog post, we’ll share details on each company, their services, pricing, and what real customers say about them. Finding the right medical billing company is a big decision, so take your time evaluating which one is the best fit for your needs. Your practice and bottom line will thank you.
What to Look for in a Top Medical Billing Company?
When choosing a top medical billing service, consider a few key factors.
Experience and Expertise
Look for a company with at least 5-10 years of experience in medical billing. They should have expertise in billing for your specific specialty. Experienced companies will have a proven track record of getting claims paid quickly and maximizing revenue.
Certified Coders and Billers
The company should have certified medical coders and billers on staff. Certification indicates they have proper training and education. Certified staff will code claims accurately to get them paid quickly.
Use of Technology and Automation
Look for a company utilizing billing software, electronic claims submission, and automation. This speeds up the billing process and reduces errors. They should provide online access to reports and account information.
Reporting and Analytics
Top companies will provide detailed monthly reports on claims, payments, denials, aging accounts receivable, and more. Look for a service that tracks key performance indicators and metrics to ensure maximum productivity and revenue.
Customer Service
Look for a company that provides high-quality customer service and communication. They should have a dedicated account manager for your practice, be available when you have questions, and address any issues promptly. Good communication is essential.
Competitive Pricing
While price should not be the only factor, look for a company with competitive and transparent pricing. Typical fees range from 5-10% of total collections. Make sure you understand all potential costs before signing a contract.
With the right medical billing partner handling your revenue cycle management, you can focus on patient care while optimizing your income and cash flow. Do your research to find a service with experience, certified staff, incredible technology, reporting, customer service, and fair pricing.
Our Top 5 Picks for Best Medical Billing Companies in USA
When it comes to medical billing, you want a service you can trust to handle this crucial part of your practice’s financial health. We’ve evaluated some of the top medical billing companies in the US to find the best.
1. AthenaHealth
AthenaHealth is one of the largest medical billing services, helping over 160,000 providers get paid. They offer billing and practice management software to simplify your workflow. AthenaHealth keeps up with changing regulations and payer requirements so you can focus on patients. They charge a percentage of your collections.
2. AdvancedMD
AdvancedMD has been providing medical billing and practice management software for over 20 years. They serve more than 51,000 physicians across the US. AdvancedMD offers only billing services or software options and charges a monthly subscription or percentage of collections. They promise to increase your revenue and reduce claim denials using their cloud-based tools.
3. Transcure
Transcure focuses on providing doctors with the best electronic health record and medical billing experience. They offer billing services, an EHR platform, and practice management tools at a minimum monthly fee. Transcure aims to maximize reimbursements, reduce errors, and streamline your workflow using its innovative web and mobile applications. Over 100,000 doctors use Transcure.
4. Kareo
Kareo is a popular all-in-one independent physicians platform with over 50,000 users. They provide medical billing, EHR, and practice management software and services. Kareo charges either a monthly subscription or a percentage of collections for their billing services. They’re known for outstanding customer support, affordable and easy-to-use products, and helping small practices thrive.
5. CareCloud
CareCloud is an innovative medical software and services company dedicated to helping practices achieve their full potential. They serve over 36,000 providers with EHR, medical billing, patient engagement, and practice management solutions. CareCloud offers billing services for a percentage of your collections or a monthly fee, depending on your needs. They aim to increase revenue, expand service offerings, improve patient care, and make your life easier.
Key Services Offered by Medical Billing Companies
Medical billing companies handle the crucial task of submitting and following up on claims with insurance companies to ensure your practice gets paid for the services you provide. The top medical billing companies offer a range of key services to make the medical billing process as efficient as possible.
- Claims Submission and Follow-Up
- Eligibility Verification
- Coding Services
- Denial Management
- Reporting and Analytics
- Patient Billing
- Consulting Services
The range of services offered can vary between companies, so evaluate them based on your practice’s unique needs and priorities. Selecting a medical billing company that provides high-quality service in the areas most important to your practice will significantly impact your revenue cycle optimization and financial performance.
Conclusion
So there you have it, the 5 top medical billing companies in US, according to our research. These companies would be an excellent choice to handle your medical billing and ensure you get paid quickly and accurately. When it comes to something as important as healthcare revenue, you want a trusted partner that stays on top of the latest regulations and has a proven track record of success. These companies fit the bill and then some. At the end of the day, you have a business to run, patients to serve, and a bottom line to meet. Outsourcing medical billing to a reputable company lets you focus on what matters. Give one of these top-rated medical billing services a call today so you can start the new year off right and spend more time doing what you do best.
FAQ’s: Answering Common Questions about Medical Billing Services in USA
Many people have questions about using a medical billing service. Here are some of the most common FAQs:
How Much do Medical Billing Services Cost?
The cost of outsourcing your medical billing varies depending on the size of your practice and how comprehensive of a service you need. You can pay an average of 5-10% of your practice’s monthly revenue. The company handles the more billing and coding services, the higher the percentage. Some charge a flat monthly fee, while others charge a percentage of the claims collected.
How can a Medical Billing Service Help my Practice?
A reputable medical billing company can help in many ways. They have the expertise and experience to handle all aspects of the medical billing process accurately and efficiently. This allows you and your staff to focus on patient care. They also use advanced billing software and regularly monitor code changes, rules, and regulations to keep your claims compliant. Outsourcing billing has increased collections by up to 20% or more.
Will a Medical Billing Service Save my Money?
Outsourcing medical billing to professionals can save money in the long run. Handling billing and claims in-house requires expensive software, ongoing training, and additional staff. A medical billing company already has the necessary resources and expertise, allowing you to avoid significant upfront costs. They can also resolve claim issues and maximize reimbursements, increasing your revenue. The savings in time and money, combined with higher claims collected, more than offset the fees charged by reputable billing companies.
Can I Trust a Third-Party Company with Sensitive Patient Information?
Reputable medical billing companies are HIPAA compliant and take privacy and security very seriously. They will have strict controls in place to keep patient data protected. However, it is still essential to do your due diligence. Before working with them, ask potential companies about their security protocols, staff training, and past data breaches. You should also have a HIPAA compliant Business Associate Agreement outlining their responsibility for maintaining privacy and security.
