When outsourcing your medical billing services you’ll have a number to top providers to choose from. We reviewed over 100 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.
Medical Billing Service Review – Top Providers
|CRT Medical Systems||Varies|
|1st Choice Medical Billing||Varies|
|Medical Billing Star||$250|
Advanced Data Systems Corp
|Precision Medical Billing||Varies|
|Advent Medical Billing||Varies|
|Medical Billing Professionals||Varies|
|Fusion Anesthesia Solutions||None|
|Healthcare Administrative Partners||Varies|
|The Valletta Group||Varies|
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 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 and 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 patients insurance eligibility, benefits, and copay’s.
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 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.
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.
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.
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.