A good medical billing company allows the healthcare providers to concentrate on medical treatment, since they are spared of the stressful billing and coding processes. With the availability of many medical billing companies, choosing the right service seems more confusing. There are some tips that will help you to know the best billing service that will best handle your Revenue Cycle Management (RCM). You will also see some best recommended medical billing service software tools.
- 1 Full Duties of a Medical Billing Company
- 2 Categories of Medical Billing Companies
- 3 Things to Consider When Choosing a Suiting Medical Billing Company
- 4 Best Recommended Medical Billing Companies Worldwide
- 5 Other Popular Medical Billing Companies
- 6 Conclusion
- 7 Recommended Entrepreneurship Books
- 8 Subscribe to Our Blog Newsletters (Enter your email address)
Full Duties of a Medical Billing Company
In general, medical billing ensure that healthcare providers, like doctor get fully paid for the services they rendered. The duty may sound simple, but there are some cumbersome and complicated aspect of their work. This is because both the patients and their health insurance companies are involved. The duty of a medical billing company may vary, depending mainly on their service fee and capability. In summary, here are the expected duties of a medical company:
- They enter patients, physicians, insurance and payment information. Also medical billing codes (ICD codes, CPT codes and their modifiers)
- Good medical billing companies serve as intermediary between all the parties involved. These include patients, physicians, insurance companies, government agencies, etc. Whenever their is a lapse in duty of any of the parties involved, they ensure it is corrected on time.
- They also resubmit and adjust any claim errors. These companies also appeal for denied claims and follow it up until it is resolved.
- Medical billing companies receive payments from insurance companies and patients on behalf of the healthcare provider. They also notify patients of any extra bill that may arise.
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Categories of Medical Billing Companies
There are mainly 3 categories of medical billing companies. Knowing these categories will help you spot the right company to chose.
- Small-Scale Medical Billing Companies: The services offered by this type of companies suit healthcare providers who have a very limited budget and very small volume of data. They charge mostly based on the nature of service they rendered. They provide home-based medical billing services pertaining to coding or billing task. Make sure the company are competent in the services they claim to render before employing them.
- Physician Practice Management or Professional Medical Billing Companies: This is where most medical companies fall. They suit healthcare providers who have bigger budgets and need a professional service. They offer more services, with a higher charge than those of small-scale category. This is because they have larger number of staff, with modern infrastructures. If permitted, they can take care of your administrative tasks.
Things to Consider When Choosing a Suiting Medical Billing Company
Pricing and Fees
Most companies charge a percentage of your monthly revenue, between 3 to 9%, which includes clearing house fee. Most times their charges might slightly differ depending on your data size and specialty. A good medical service provider does not charge any hidden fee. They include all their charges in the percentage. Some tricky companies claim to charge a smaller percentage which they make up with their hidden charges. So contact the sales manager of the company to confirm if they charge any hidden fee.
Services they Render
Make sure the medical billing you choose will be able to provide all the services your patients and practice need. Also make sure they provide all they services they claim. Most of the services they should provide include: An up to date ICD-10 coding service, provision of detailed financial reports which includes suggestions to improve performance. Some even provide access to an electronic health records system. Can the company also send direct statements of account to your patients or even provide portals where patients can access their data and pay off their bill?
Also make sure that they actually render all they services they promised to render prior to your sign up with them.
Check their Reputation
Most times reputation is gained based on the number of years existence and the quality of services the company provides. Make sure the company’s clients are satisfied with the services.
How Long Does it Take the Company to Respond?
This is most times directly proportional to the number of staff they employ. Make sure the billing service providers can respond quickly, especially in emergency situations. Also check how active their customer care service is.
Make Sure the Company is HIIPAA Compliant
The Health Insurance Portability and Accountability Act (HIPAA) ensures that billing companies don’t mismanage patient’s confidential data passed to them. Billing companies who are HIPAA compliant are more trustworthy.
Does the Medical Billing Company Honours Deadline?
Any company that honours deadline hardly disappoints. Make sure the company does not tolorate late payment from patients or insurance companies. Also make sure the have a friendly payment reminder.
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Best Recommended Medical Billing Companies Worldwide
After a proper research of popular medical billing space vendors and comparing our results with those of some popular medical billing services review articles, below are our best picks for healthcare practitioners who decided to outsource their RCM. This is based on the different categories of medical billing companies. We also considered the size of the medical practice, service cost and service flexibility.
- CareCloud – Best medical billing service for healthcare providers on low budget. They charge between 3% to 7% of your net monthly revenue.
- DrChrono – Best medical billing service for small scale healthcare providers (maximum of 15). They charge between 4% to 8% of your net monthly revenue.
- AdvancedMD – Best medical billing service for large Scale Healthcare Providers. They charge between 4% to 6% of net monthly revenue.
- Human Medical Billing (HMB) – Best flexible medical billing service. If you don’t enjoy their services, they will cancel the contract after 30 days of notification. They charge between 5% to 7% of your net monthly revenue.
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Other Popular Medical Billing Companies
- GroupOne Health Source
- InSync Healthcare Solutions
- Medical Billing Professionals
- Nationwide Medical Billing
- A & B Billing Associates
- Precision Practice Management
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Finding the best medical billing software or company is a very difficult task. But with the tips in this article, you can easily identify the company that provides exactly what your practice and patients need. Feel free to check out these recommended billing companies.
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Recommended Entrepreneurship Books
The Passionate Entrepreneur’s Strategies: An Entrepreneurship Guide that Reveals How to Grow Multiple Income Streams, Create Good Customer Relationship with Business Quotes & Advice for Beginners. Lucrative Business Ideas Series Book 1. By Buzzer Joseph. Read more about the book.