Any business operation requires streamlined finances to manage its day-to-day operations efficiently. The same is true for healthcare. Although, that’s where the similarities stop. In hospitals and other medical establishments, patients have varying levels of diagnosis, which can take anything from weeks up to months for reimbursement. A solid and seamless revenue management system ensures that all healthcare practitioners, from doctors to nurses, are duly reimbursed, and all rent, equipment, and utilities are paid on time. That’s where medical billing and coding services come into the picture. Before we give you our top three recommendations, let us get a few frequently asked questions out of the way.
What are medical billing and medical coding?
Medical billing means submitting claims to health insurance companies for services delivered to the patients, ensuring that the medical institution is reimbursed adequately. Medical bills are based on alphanumeric medical codes that can come from a range of sources such as transcriptions, medical notes, electronic records, lab results including blood work, urinalysis and pathology, and radiologic assessments. There’s a unique code associated with each diagnosis and medical procedure.
How can medical billing and coding help me?
According to InstaMed, 77 percent of healthcare providers say that collecting medical claims takes more than a month. That’s just too long if you want to run an efficient system. Practitioners want to spend more time taking care of their patients rather than wasting their energy on complex administrative tasks. Outsourcing some or all of your medical billing process will save you a lot of time. It can help you from the time a patient registers themselves in your system to the moment you get paid for the services rendered.
How does medical billing work?
After you sign up with a medical billing provider, you can access the billing software via a proprietary or cloud-based system. Almost all providers provide a dashboard where you can check the status of your claims and run various reports to gain a better understanding of your revenue cycle and performance. They also take the work out of your hands by employing highly knowledgeable staff who can extract a higher amount of payment in a shorter duration of time.
Now that we have decided to employ a medical billing company, we need to make a calculated decision before going with one. In our review, we took user experience, percentage of claims approved on the first pass, specifications required for operating the service, reporting options, and customer support into account. We came up with a list of three medical billing services that we believe are the best in 2021.
AdvancedMD
AdvancedMD is a very comprehensive medical billing solution as it works with all types of practices from small to large, making the service affordable and scalable. AdvancedMD is a very strong option if you are looking for the highest possible success with your insurance claims. Their first-pass success rate of 95% is one of the highest in the industry.
Source — AdvancedMD’s website
Their User Interface is simple and provides everything you need to make billing and invoicing simple and painless.
Pros:
- Has an incredibly high first pass success rate
- Scans your claims for coding errors
- Works with all types and sizes of medical practices
- Supports with denied claims
Cons:
- Can’t code for you, you will need an in-house coder
- Unoptimised Android mobile app
Pricing:
- Practice management: $429 a month per provider or $1.42 per encounter
- EMR/EHR software: $729 per month per provider, or $2.18 per encounter
Find them here — Medical office software that unifies every role of the practice | AdvancedMD
CareCloud
CareCloud shines through with their custom pricing option that is adaptable to your use case. You can choose your level of involvement and get billed accordingly. They are interoperable like no other medical billing service. You can use any EMR or PM software with CareCloud. Although they have a lower than average percentage cost, their initial set-up cost is substantial.
Source — CareCloud’s website
You can mix and match these options or choose to get an all-in-one package with a slightly lesser amount.
Pros:
- User-friendly interface
- Multiple pricing options
- Offers a minimum contract length of one year
Cons:
- Initial set-up cost is high
- No Android app option
Pricing:
- Central: $349 per provider per month
- Charts: $279 per provider per month
- Breeze: $199 per provider per month
Find them here — CareCloud: Modern Healthcare Solutions
CureMD
CureMD remains one of the favourite medical billing companies of practitioners. Their first-pass success rate of 98% for claims is one of the highest in the industry. They guarantee a 5% to 10% increase in your collections when using their medical billing services. CureMD’s medical billing and coding services also manage patient statements at their end, freeing up your employees to focus on more important tasks.
Source — CureMD’s website
CureMD excels at generating helpful reports too. Performance indicators such as copays collected, AR per payors, denials, and cash flow are available in real-time on their dashboard.
Pros:
- Initial set-up cost is low
- Impressively high first-pass success rate
- Suitable for small practices
- Free onboarding
Cons:
- Extra charges for more than 5 users
- Does not support uncommon specialities
- No Android app
Pricing:
- All-in-one: $395 per provider per month
- EHR: $295 per provider per month
- PM: $195 per provider per month
- Speciality EHR: $295 per provider per month
Find them here — #1 Medical Billing Services - Save Time & Increase Revenue
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