Best Medical Billing Service Companies of 2024 – Compare Features and Prices
When outsourcing your medical billing services you’ll have a number of top providers to choose from. We reviewed over 100 top-rated medical billing service companies and listed the best ones in the table below.
Compare their software features and billing services in this side-by-side chart packed with answers to your questions. When you’re ready for pricing information from top suppliers, simply click the compare button and get matched up with up to six medical billing service providers. Then compare how they meet your healthcare practice needs, examine prices, and decide.
1. AthenaHealth
AthenaHealth is committed to assisting healthcare organizations in achieving and surpassing their financial and clinical objectives. This is achieved by forging partnerships with medical practices of various sizes. AthenaHealth offers these practices their expertise, advanced technology, and valuable insights through their cloud-based platform.
The company provides easy-to-use modern solutions that help with:
- Electronic Health Records (EHR)
- Revenue Cycle Management (RCM)
- Patient Engagement
- Care Coordination
- Telehealth
- Population Health
These will allow you to perform services such as:
- Running customized reports
- Scheduling appointments
- Verifying patient insurance
- Viewing data on practice performance all from one centralized location
AthenaHealth’s offerings, while comprehensive, do not encompass claims coding. This task must be managed internally or through external outsourcing. This aspect often makes AthenaHealth’s solutions more appealing to larger practices or hospitals, which typically have medical coders in their staff.
Their systems are designed to meticulously check your claims for coding errors, significantly reducing the likelihood of denials. AthenaHealth boasts an impressive first-pass acceptance rate of 93%.
Rather than offering standardized plans, AthenaHealth provides tailored quotes. The cost for their services is determined as a percentage of your practice’s net collections. This percentage varies depending on factors such as the complexity of your billing, the size and specialty of your practice, and the volume of your claims.
Onboarding AthenaHealth’s system into your practice is supported by their technical assistance team. Additionally, their solutions include advisory services aimed at enhancing your practice’s return on investment (ROI), streamlining workflows, and boosting overall performance.
2. CureMD
CureMD assists medical organizations of all sizes. Their solutions can transform your clinical and administrative operations through advanced technology. CureMD’s health information solutions save you time and effort.
It simplifies and streamlines operations and decision-making. It also ensures you’re compliant with industry best practices and standards. They offer an all-in-one solution that includes software, services, and support. Some of their software solutions are:
- Emergency Health Records (EHR)
- EHR for iPad/iPhone
- Specialty EHR
- Practice Management
- Medical Billing
- Public Health
- Patient Portal
They’ve developed their medical billing software and service to work within 32 specialties including general practice. Their first-pass claims rate is 96%. This is due to efficient claims cleaning and denial management that helps you to get paid faster.
CureMD’s all-inclusive solutions allow you to keep an eye on your Key Performance Indicators (KPI) to improve revenue while you track administrative tasks including:
- Patient statements
- Management reports
- Fee schedule reviews
- Cash posting
- Charge entry
As well as other services that assist with office management and medical billing. They offer both in-house and outsourced solutions. Once you select a plan, you receive free maintenance, hosting, and support. This includes a dedicated CureMD technician.
Medical billing services start at 4% of collections but will vary based on practice size, specialty, and claim values. Their plans start at $29 per month.
3. Avisena
Medusind acquired Avisena in 2015. However, since 2002 they have been providing RCM and dental RCM solutions. These solutions have positively impacted the financial health of many of their clients.
Their solutions work for practices of all sizes with varied specialties. Their RCM Medical Solutions include:
- Business Analytics
- Practice Management
- Quality Reporting
- Medical Coding Services
- Provider Enrollment and Credentialing
- Accounts Payable Outsourcing
Practices that use their solutions experience revenue increases of 10% to 30%. Use of their RCM Medical Solutions also results in:
- Increased reimbursements
- Reduced administrative burdens such as insurance eligibility checks
- Decreased payment times
They can also boast of a 95% average clean claim rate.
Their dental RCM solutions help to:
- Reduce costs
- Improve revenue
- Facilitates better cash flow
The services available for dental practices include:
- Accounts Receivable follow-up and clean-up
- Credentialing
- Fee scheduling maintenance
- Payment posting, adjustments, and denials management
- Accounts Payable Outsourcing
You can schedule a demo via their website and request pricing as well.
4. ChartLogic
ChartLogic has been providing healthcare technology solutions since 1994. They help medical practices improve patient care, administrative efficiency, and profitability.
Their solutions include:
- EHR
- Practice Management
- Patient Portal
- Revenue Cycle Management
These include features such as:
- ePrescribe
- Appointment Scheduler
- Claims Center
- Collections Center
- Reporting
- Pay Bills Online
- Prescription Refill Requests
Their fees are some of the lowest in the industry, ranging from 3% to 6% of collections per month. This charge includes implementation and training. Both of these factors make ChartLogic’s solutions one of the more cost-effective offerings compared to other medical billing services.
They require RCM clients use their comprehensive healthcare IT platform. However, although user-friendly, it can pose an issue for practices that already have practice management software along with legacy systems.
The company provides 24/7 live chat service and email support. Their call center is also available on weekdays for 12 hours per day.
5. AdvancedMD
AdvancedMD, a leading global payments firm, has been at the forefront of healthcare technology solutions since 1999. Their innovative software is responsible for processing an impressive 6.5 million insurance claims each year, serving over 13,000 medical practices worldwide.
The company’s growing client base is a testament to its exceptional customer service, versatile features, and impressive claim acceptance rates. AdvancedMD stands out with a 95% first-pass acceptance rate, one of the highest in the industry, thanks to their effective scrubbing tool that identifies errors likely to be flagged by clearinghouses.
Customer satisfaction with AdvancedMD is evident from the positive reviews they receive, highlighting their exceptional customer service and prompt resolution of client issues.
AdvancedMD’s offerings include Revenue Cycle Management (RCM) software that encompasses both practice management and Electronic Medical Record/Electronic Health Record (EMR/EHR) software. Practices have the flexibility to choose from pre-configured software bundles or tailor a package specifically suited to their needs.
AdvancedMD software features include:
- Medical billing
- Patient intake and online scheduling
- Charting and billing tools
- Self-service patient portal
- ePrescribing
You can enjoy additional cost savings of up to 30% if you include more features in your bundle. They charge 3% to 8% of your net monthly collections based on practice specialty, size, and the complexity of your billing process. You can request detailed pricing, based on your practice’s unique needs.
AdvancedMD usually requires a one-year contract. You can visit their site to learn more and build your own bundle.
Practices of any size can use AdvancedMD’s software. They do not provide coding, so you will need to complete it in-house or have it outsourced. Smaller practices without this in-house expertise will need to factor this into their costs.
6. SimplePractice
SimplePractice is a leading medical billing software tailored for health and wellness professionals, offering an efficient and user-friendly way to manage billing, insurance claims, and payments. Here’s a detailed look at its features and benefits:
Key Features
- Automated Billing & Claims Processing
SimplePractice streamlines the billing process by automating key tasks such as invoice generation, payment tracking, and insurance claims submission. This reduces administrative work and minimizes errors. - Integrated Insurance Management
The software checks insurance eligibility, submits claims electronically, and tracks their status in real time. This feature helps practitioners save time and ensures they receive accurate reimbursements without the usual hassles of dealing with insurance companies. - All-in-One Platform
SimplePractice combines billing, scheduling, telehealth, and client management in one platform, eliminating the need for multiple software solutions. This integration enhances efficiency and reduces the complexity of managing a practice. - Payment Tracking & Financial Insights
The billing dashboard offers a clear view of outstanding payments, claim statuses, and overall revenue. It also provides automated payment reminders, which help reduce late payments and improve cash flow.
Pros
- User-Friendly Interface: The intuitive design makes it easy for practitioners to navigate and manage billing tasks.
- Time-Saving Automation: Automates repetitive billing and administrative tasks, allowing providers to focus more on patient care.
- Comprehensive Reports: Offers detailed reports that help practitioners track financial performance and identify trends.
Cons
- Learning Curve: New users may experience a learning curve during the initial setup and when getting accustomed to the software’s full capabilities.
- Cost Considerations: Pricing may be a concern for smaller practices or those with limited budgets, as the subscription fees can add up.
SimplePractice is a powerful and comprehensive billing solution that simplifies the financial side of healthcare practice. With its integrated approach and robust features, it’s a top choice for private practitioners looking to streamline their billing and insurance processes while enhancing their practice management.
7. dr chrono
dr chrono uses its technology to help medical practices provide personalized care to their patients. Since 2009, they’ve been helping healthcare organizations eliminate administrative hurdles. Today, they have tens of thousands of clients that serve over 17 million patients.
Their solutions include:
- Specialty EHR
- Mobile EHR apps
- Practice management
- Patient portals
- Revenue cycle management
- Medical billing
- Telemedicine
dr chrono’s integrated EHR allows claims creation directly from treatment entries and health records. This eliminates duplication and increases the accuracy and speed of the claims billing process.
Their reporting tools allow practices to manage their revenue through direct access to claims that are in process, in the queue for billing and claim denials. The system allows the flagging of potential problem claims through their automation features facilitating better first-pass rates.
The system has some customization capability and offers real-time eligibility checks and coding. However, it doesn’t always integrate smoothly which might mean spending a lot of time with customer service representatives to get the assistance required.
You can request an EHR pricing quote on their website.
8. DuxWare
DuxWare provides full-service medical practice solutions that provide all your office needs in one place. Founded in 1991, they first offered a software application to help computerize medical practices. Since then they have developed solutions that offer efficiency and increased profits for their clients.
Their products include:
- Practice Management Software
- Revenue Cycle Management
- Integrations
- Patient Payment Portal
- Clearinghouse Integration
- Inventory Management
- Appointment Reminders
These work alongside their services which include managed billing, credentialing, and billing features.
Information about pricing and packages isn’t readily available on their site, but you can request a demo to see how their platform works before deciding to purchase.
9. Encoda
Encoda BackOffice™ is a patented revenue cycle management platform created by Encoda. The company has been developing and implementing practice management software for over 30 years.
They are well-known for their revenue assistance program. It facilitates the collection of outstanding payments for their clients. Along with their RCM platform, they provide analytics that:
- Helps to reduce operating expenses
- Facilitates higher collection rates
- Shorter payment cycles
Some might say they have perfected healthcare reimbursement automation.
The features of their revenue assistance program include:
- Scrubbing and submission of claims
- Access to their patented software
- Claims rejection and denial follow-up
- Oversight of central billing office
- Insurance payment posting
- Patient payment posting
- Patient billing and statement inquiry
- Patient credit reconciliation
Their current clients give them great reviews based on the customizations they provide. This allows you to get a solution to suit your practice’s needs. You can see these reviews as well as get information on pricing and packages on their website.
10. Kareo
In 2004, Kareo entered the healthcare software industry to revolutionize the way independent practices managed their business. They now help over 150,000 users provide their patients with better care.
The Kareo Platform includes software:
- That provides integrated and certified, cloud-based EHR
- To help with in-house billing and patient management
- That facilitates engagement with patients and helps grow your practice
- That provides greater and faster collections through an independent billing company
The platform’s collection features include appointment setting and charge capture. This facilitates the recording of copays at the point of care. They offer managed billing and billing software separately. The platform features include:
- Telehealth
- Partner apps and services
- Patient self-pay
- Apps to improve productivity
- Patient statements
- Analytics
Kareo’s platform supports the cleaning and tracking of claims, workflow, and billing task management. All these features allow Kareo to provide a full-service option for practices.
This all-in-one solution is ideal for small and medium-sized practices. Larger practices that may want to integrate legacy solutions, may encounter difficulties. Kareo’s platform also does not always integrate with all systems.
The platform is easy-to-use however Kareo provides free training and support with a one-year contract. You can request pricing directly from their site or contact a sales representative for a customized quote.
Their billing services package usually ranges between 4% to 9% of collections based on specialty and volume. This, along with their other packages include a 90-day success coach to assist with setup and training.
List of Top Medical Billing Service Companies
Things to Compare and Review Before Hiring a Medical Billing Service
Compare Medical Billing Service Fees
Setup Fees: Varies from none to $250 on average.
Pricing: Medical billing services are generally based on a percentage of collections per claim.
Contract Terms: Terms range from month to month, 90 days, and annual contracts.
Review Medical Billing Services and Features
Medical Claim scrubbing: Prevent errors to avoid insurance denial
Electronic Medical Claims processing: Electronic submissions
Claims follow-up procedures: Follow-up and re-submission of unpaid medical claims to ensure payment.
Mail or email patient statements: A small fee may apply.
Collection Agency Transfer: Submit unpaid medical balances to a collection agency after a specific period of time.
Look For Software Capabilities
HIPAA Compliant Medical Software: Make sure the medical billing service provider meets the guidelines of the Health Insurance Portability and Accountability Act
Software updating: Software updates should be free of charge, and generally cloud-based.
ICD-10 Support: Look for ICD-10 transactions in your medical billing company.
Financial Reporting: A detailed spreadsheet and report of data explaining your medical practice’s financial performance
Cloud-Based Hosting: Best for data protection and updates, but difficult when an internet connection is not present.
Compare Top Medical Billing Feature and Software Add-ons
Appointment Scheduling: Software will allow you to easily set, reschedule, and cancel patient appointments.
Verification of medical insurance: Confirm a patient’s insurance eligibility, benefits, and copay.
Credit Card Processing: Software lets you easily processing all major credit cards over the phone or in-house.
Patient log-in portal: Allows patients to access health records and billing information online 24/7.
EHR software: A nice add-on to billing services. May cost extra, and at least half of medical billing service providers do not offer.
Mobile App: Good for accessing the information on the go.
Medical Practice Software Integration: Make sure the medical practice software works well and integrates with your current in-house software.
Compare Top Medical Billing Companies
Physicians set ambitious targets, starting with completing medical school and progressing to the aspiration of owning their own practice.
For those who have achieved the milestone of running their own practice, being in charge and pursuing their passion, it becomes clear that successful practice management requires more than medical expertise; it also demands business acumen.
Small practices, which may not have the resources for in-house billing specialists, have the option to outsource their billing needs. This approach can lead to significant financial savings.
A revealing 2017 study indicated that an average 350-bed hospital lost out on capturing $22 million in revenue. While small practices don’t deal with revenue on the same scale as hospitals, they are still susceptible to losing a proportion of their potential revenue due to coding or billing mistakes. Let’s explore how billing companies can be beneficial and highlight four options worth considering.
What to Look for In Billing Companies
Not all billing companies are made alike. The best billing companies have their own preferences and requirements, so as you consider different companies, you must keep basic principles in mind.
Basic Costs
The cost of medical billing has a three-part configuration. You need to look at basic set up fees, administrative fees, and billing fees. Most companies will bundle these three together, but the cost will vary from company to company.
Set up fees usually run around $300 per physician. If you have a larger office, companies will charge you around $1,000 per office rather than allocating per physician.
Administrative fees will cost between $3,000 and $6,000 these days. This amount covers the cost of software set up and maintenance. The range depends largely on the size of your business and the number of patients you see.
Billing companies figure billing fees in one of two ways: percentages or flat fees. Larger clinics and facilities should expect to pay five to ten percent of their collections to their billing company. Smaller companies will have to pay $4 to $6 per patient.
If you have a small practice, some billing companies will bill out by the hour rather than allocating per patient or based on a percentage of the claims. You’ll end up paying the company much like you would an in-house billing specialist, but you won’t have to cover benefits like you would for an in-house employee.
Hidden Fees
Watch out for hidden fees that some billing companies add. You should have to pay just administrative, billing, and set up fees. If the company mentions a clearinghouse fee, walk away and start shopping for another company.
Make sure to ask about a minimum amount as well. If you have a small practice, your revenue may not meet the minimum amount required for the company, and you’ll end up paying extra.
If you know what fees to avoid, you’ll be able to select the best company out there.
Bundled Codes
Ask if the company bundles. This refers to the codes and not their services. You will already have a bundled service with basic set up, administrative, and billing fees in one.
Bundling refers to an efficient way of coding where multiple services for one patient can be processed under one code.
A bundled service certainly has advantages and disadvantages worth exploring, so ask the company you’re looking at if this is an option.
Do Your Homework, Increase Revenue
Billing companies will cost you money initially with their set-up and administrative fees. However, in the end, they will save you money, time, and stress with knowledge of current billing practices and efficient turnaround.
When you hire a billing company, you free yourself up to practice medicine and focus on your patients. The companies that offer consulting give you the added bonus of ideas that will help your practice run more efficiently and serve your patients even better.
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