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Karen Timofeev
Karen Timofeev

MEDICAL BILLING COMPANIES


The outsourcing practice does not just apply to one industry alone. The business process outsourcing (BPO) sector caters to all sizes and types of businesses. Besides being able to save on costs, hiring a medical billing company allows organizations to fill in skill gaps in their office services.




MEDICAL BILLING COMPANIES


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Among the most common outsourced services, especially in the US healthcare is medical billing or coding. For US healthcare establishments seeking to outsource this type of role, you have come to the right place.


In this article, we have broken down 20 of the top medical billing companies in the US and how this service benefits healthcare establishments. We have also included the other types of services that are usually outsourced in the medical sector.


It is safe to say that technology is set to have a major transformation in healthcare, especially in the US. Along with these transformations, the US government and private insurance companies have been decreasing the reimbursement of such clinical and non-clinical services.


As a result, a lot of healthcare establishments are having difficulties in supplementing their profit margins for such medical services. By outsourcing, you will be able to alleviate this challenge. Further, outsourcing services in the medical field is not only limited to one process alone.


Outsourcing this function enables healthcare providers like you to ensure that all patient claims are processed accurately. This mitigates the risk of billing errors and halting the cash flow of hundreds of claims that need to be processed daily.


Medical transcription refers to the manual transcribing of recorded medical reports dictated by healthcare practitioners. These medical reports can be taken during medical lectures, clinical summaries, surgery notes, and the like.


As a medical practitioner, it is quite understandable that you have a very busy and demanding schedule. Apart from being able to save on costs, outsourcing also lets you save more of your precious time.


Outsourcing the medical billing process allows your in-house staff to focus on other important matters. On top of that, having extra sets of hands helps you and your team to improve your services and add more to your existing ones.


Billing Paradise has four physical offices spread across Texas and California. It specializes in revenue cycle management (RCM) solutions specifically for hospitals, in-house billing teams, medical group practices, and individual practices.


AdvancedMD is a healthcare technology company that was founded in 1999. It is headquartered in South Jordan and Utah. This outsourcing provider specializes in cloud medical software for ambulatory medical practices.


Examples of its other medical services are credit card processing, managed billing services, clearinghouse, telemedicine, and patient messaging. Its medical billing processing rate starts at $25 per hour.


Established in 2004, Kareo offers cloud-based and complete medical technology platforms for different healthcare establishments. It has two physical offices that are based in California and Costa Rica.


Its medical billing service starts at $25 per hour. This medical billing company also specializes in other medical roles such as patient collections, insurance reimbursements, care delivery, patient experience, and more.


Examples of its wide range of medical solutions include RCM, practice management, patient experience management, telehealth, and healthcare analytics. CloudCare is currently serving 40,000 healthcare providers in over 50 states.


Its specialized solutions in RCM and medical billing involve remote staffing, patient pay, denial management, clinical coding, and healthcare analytics. It also specializes in EHR software systems and MIPS.


Infinite-O is a multinational BPO company that has its global offices in the Philippines, UK, Australia, and the US. It has a wide pool of professional RCM and billing specialists who are skilled and trained in utilizing EHR or EMR systems.


Medwave provides medical billing, A/R recovery, and credentialing in various healthcare sectors. It serves healthcare practitioners in behavioral therapy, chiropractic, physical therapy toxicology labs, and more. This medical services provider is situated in Pennsylvania.


20/20 MD Billing is considered as one of the pioneers in the medical billing services in America. It has two headquarters located in New York and New Jersey. Through its 20 years of experience, the company has perfected its featured services.


24/7 Medical Billing Services is famous for its medical billing, coding, A/R follow up and credentialing services. As its name implies, the company offers round-the-clock services to medical establishments across all the states in the US.


5 Star Billing Services, Inc. provides medical billing services to various healthcare practitioners. Among these medical providers are ambulatory surgery centers, cardiology, chiropractic, and other establishments.


ABCS RCM offers medical billing solutions, behavioral and mental health billing, and credentialing services. It also specializes in Ohio waiver provider billing, eWebSchedule: software for agencies, web design, SEO, and PPC services.


Founded in the year 2004, Absolute Solutions offers billing and consulting services, as well as project management to healthcare providers. Part of its goal is to provide simple and efficient services that will maximize each dollar spent by its clients.


ACP Billing Services claims to be among the leaders in the medical billing market. Founded in 2008, this Orlando-based medical services provider offers 24/7 support to different medical establishments.


Alpine Medical Billing has been working with mental health counselors, therapists, LCSW, and MFT since 2012. This medical billing provider offers insurance billing, patient billing, benefits verification process, claims research, monthly report, collections, and customer service.


Alta Medical Management has been helping medical providers to simplify their revenue cycles for over 15 years now. Its services include eligibility verification, charge posting, billing, clearinghouse denials, claim submission, and more.


AMBSI Inc. specializes in providing end-to-end medical billing services to medical providers and healthcare companies. This medical firm aims to help clients increase profits and become financially stable through its services.


On-site support is the most prominent benefit of hiring a local medical billing company. It is actually comforting to know that in case things do not work out as planned, you can actually walk up to their office and get things fixed. This is precisely one of the leading reasons why majority of the physicians have signed contracts with their local vendors. However, how do you find out if things are not going well for your practice? With local vendors, many practices are unable to monitor the performance of their medical billing companies as there is no reporting mechanism in place through which practices can look at the aging of their claims. Issues such as lack of real time financial aging summaries and the inability to review pending patient responsibilities are amongst the many concerns of physicians. Apart from these, the practices must still resort to seeking insurances to verify insurance eligibility instead of relying on their billing software for the task. Thus, not only do you have a very basic billing functionality but you are literally dependent on these vendors without any way of analyzing how they are performing. The result is, a face without quality. Moreover, this option is generally more expensive than the other two.


You must make all plausible efforts to not to fall prey to predatory business practices. That is, do not select medical billing companies solely on the basis of low rates, without weighing the pros and cons and without considering the associated risks.


Many companies advertise low rates to attract uneducated buyers and build a market share. These companies generally do not provide you with full suite revenue cycle management services or have an elevator clause associated with the low rate. Always read the fine print in any billing service contract.


Many medical billing companies advertise low rates to attract uneducated buyers and build a market share. These companies generally do not provide you with full suite revenue cycle management services or have an elevator clause associated with the low rate. Once again, reading the fine print in any billing service contract is the key to make the best decision. There are two important points that merit attention hereby:


Kareo has grown immensely over the past years and one of the main reasons for their growth has been their billing support staff. They invest time to ensure that their clients get paid by regularly conducting sessions with the practice owners regarding ways of improving their billing and by keeping up to date with payer payment changes.


The company also assists a practice in handling patient statements. It posts patient statements via email or regular mail if needed. It also handles any customer support regarding billing; relieving your front desk from answering complicated billing related queries. Thus three thumbs up to Kareo for their billing service.


However, as robust as their billing service is -their EHR is a letdown. It is a small system built with very basic functionality. Honestly, expecting more from a system that is free would be asking too much.


This should give you a general idea of their billing service as well. You might think that you are saving money with a 2.9% contract. However, eClinical customers have reported incidences where their claims were sent to the wrong payers or denials were not resolved as the billing staff was not up to date on payer payment rules.


Athena remains one of the oldest billing companies out of the lot. I have already reviewed their product in one of my vendor pricing analysis but will present it here for people who have not read it. 041b061a72


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