Medical Billing Services
Doctors require the medical billing function in their hospitals and clinics. This service plays a pivotal role in smooth functioning without any payment hassles. Medical billing involves preparing the billing claims and submitting them to the insurance companies. Doing this helps the hospital or the clinic receive the correct amount of the service they provided to their respective patients. A hospital or a medical clinic may have their in-house medical billing facilities taking care of all the insurance requirements or can outsource it. Outsourcing this facility helps the staff to focus more on their patients than managing the medical billing process.
‘Medical billing services‘ can be obtained in-house as well as outsourced. An outsourced medical billing service needs to be carefully chosen to look at all the additional benefits it can offer. An easy to manage interface strong EMR system, a good pass success rate on claims.
In the writeup, we have got you five top ‘Medical Billing Companies‘ that would go a long way in helping with the effective medical function while keeping the revenue on the spin!
Top 5 Medical Billing Companied & their Services.
#1 – AdvancedMD
AdvancedMD completely understands that the amount received in an organization plays a big role in keeping it running for a long time but requires a regular check. It does exactly that. AdvancedMD performs a rigorous follow-up of the incoming cash. It ensures that all the services performed by the institution are completely paid for, regularly. Have a look at both its pros and cons:
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Pros:
- Complete revenue cycle that helps to reduce the cost of the collection while improving efficiency and increasing cash flow.
- Company 1 provides smart assistance by providing customized billing solutions as per the requirements of the particular medical company.
- Works well with all sizes and types of practices.
- Medical coding specialist.
- Low service costing.
Cons:
- Requires some extra fee.
- Does not performs the initial coding so the user company requires to put in some effort for some initial coding.
#2 – AthenaCollector
With AthenaCollector you will be helped with increasing profits and collections and save a lot of time spent on the administrative tasks. It is competitive enough to provide expert guidance to large healthcare systems and hospital networks. Let’s look at its pros and cons.
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Pros:
- Assurance of 100 percent increase in cash flow ensuring revenue improvement.
- An impressive extremely high success rate.
- Will search your claims for coding errors.
Cons:
- No inbuilt EMR service but have to purchase one.
- The startup fee is slightly high for new clients.
#3 – CareCloud
CareCloud provides technology-driven solutions that go a long way in transforming patients’ experience and the overall financial performance of healthcare provides. Let’s quickly look at their pros and cons.
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Pros:
- Performance data and analytics platform for clarity across the user’s entire system.
- Comprehensive playbook to increase the overall revenue cycle efficiency.
- A purpose-built technology platform spanning care settings.
- Very low denial rate.
Cons:
- A quite high startup fee for new clients.
- Customer service has experienced some hit-and-miss results.
#4 – Cerner
Cerner has offices in 4 locations in the US with a capacity of 600 staff including the offshore resources striving to make your business simpler and effective. Let’s have a glance at both its pros and cons.
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Pros
- Value-based care initiatives.
- An inbuilt EMR system.
- Satisfactory service quality.
- Revenue cycle analyticsFull-spectrum revenue cycle management services.
- Automatic patient eligibility verification
Cons
- Higher than average pricing
- The training process is long and a bit tedious to follow.
5#- CureMD
CureMD is dedicated to providing value-added healthcare cycle management solutions to its clients for effective performance and boosting profitability. It provides end-to-end revenue cycle management solutions to various provider groups across varied specialties. Before you opt for one, let’s have a quick look at its pros as well as cons.
Website – Click Here
Pros:
- Customized hospital billing services.
- Reasonably low service costing.
- Optimize revenue cycles and accelerate reimbursements with their home health and hospice coding and billing services.
- Effective accounts receivable management.
- Cost reduction
Cons:
- Contains add-on fees depending on the level of services required.
- It may not work for few large practices.
Wrap-up :
The ‘Medical billing services’ would require the user medical company to sign a contract which will usually be for at least one year. In case the user company is not satisfied with the medical billing service it may cancel the contract if the contract allows so without playing any penalties.
Hope the write-up was useful to make up your mind regarding the best medical billing services that you can opt from to ramp up your profits and serve your patients more responsibly.
