Best Medical Billing Service Companies of 2023 – 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’s goal is to help healthcare organizations meet and exceed their financial and clinical goals. They do this by developing partnerships with practices of all sizes. They provide them with expertise, technology, and insights via 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
However, their services do not include claims coding. You will need to do this in-house or have it outsourced. It’s one of the reasons their solutions may be better suited to larger practices or hospitals. Larger medical institutions usually have medical coders on staff.
Their solutions will scrub your claims for code errors which help reduce denials. The company has a 93% first-pass acceptance rate.
AthenaHealth does not provide packaged plans but you can request a customized quote. The cost of their services will be a percentage of your net collections. It’s based on the complexity of your billing, the size of your practice, your claims volume, and your practice’s specialty.
Implementation of their system to your practice includes assistance from the company’s tech support team. Their solutions include advisory services. This helps to improve your return on investment (ROI), workflows, and 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 is a global payments company that has been a frontrunner in healthcare technology solutions since 1999. Their software facilitates the processing of approximately 6.5 million insurance claims annually. Not surprising, considering they have 13,000+ medical practice clients.
The company’s clientele continues to grow every year because of its excellent customer service, flexible features, and high first-pass acceptance rate. AdvancedMD’s 95% first-pass acceptance rate is one of the highest in the industry. Their scrubbing tool allows them to discover the errors that are most likely to get flagged by the clearinghouse.
The company continues to exceed customer expectations based on the great customer reviews they receive. These refer to the exceptional customer service that ensures they resolve client issues in a timely manner.
AdvancedMD offers Revenue Cycle Management (RCM) software that includes practice management as well as Electronic Medical Record/Electronic Health Record (EMR/EHR) software. You can choose one of their pre-configured bundles or customize your own to suit your practice.
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. CRT Medical System
CRT Medical System is a Coronis Health Company based in Southeastern Michigan. They have been providing their billing expertise to medical practices for more than 30 years. These include end-to-end revenue cycle management solutions with the following features:
- Claim appeals
- Analysis and review of finances
- EMR integration and interfacing
- Denial follow-up
- Patient collections
- Data entry of demographics, insurance, and claims
- Coding and compliance support
- Patient and insurance payments posting
They charge between 3% to 8% of your collections and will require you to sign a one-year contract. You will be able to choose an all-in-one billing model or a hybrid, depending on which works better for you. There may be integration problems if you need to transfer legacy data.
The company assigns a dedicated staff member to look after your account. Your assigned representative will walk you through any issues you may encounter.
Their excellent customer service also extends to after-sales support that includes a call center, IT support as well training in incentive programs including MACRA and MIPS. You can access great resources on their website including free revenue cycle check-ups, webinars, podcasts, and case studies.
They have well-known technology partners that you can also find on this list. You can view them on their site as well as request additional information about their pricing and packages.
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 have lofty goals. First comes finishing medical school. Once they reach that dream, they look ahead to owning their own practice.
If you’ve reached this goal and you currently have your own practice, being your own boss, and doing what you love, then you also know that you need more than a medical degree to run your practice. You also need business experience.
Small practices that cannot afford their own in-house billing specialists can outsource their work to billing companies. This can, in turn, save you some serious money.
A 2017 report shows that the average 350-bed hospital was missing $22 million dollars in captured revenue.
While small practices do not capture the same amount of revenue as hospitals, they do have the potential to lose a percentage of captured revenue due to coding or billing errors. Here’s the scoop on how billing companies can help and four you might want to consider.
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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