A medical billing process oversees the submission and follows up with claims made by the patient with health insurance companies. It basically helps translate a facility given by a healthcare provider into a billing claim, which is then reimbursed to the provider for the service. These services help process and optimize several thousand claims efficiently with professional software and dedicated account assistance when required.
In a nutshell, a professional billing service will optimize your medical office revenue cycle and provide you with comprehensive reports.
Pertinent points to consider for a medical billing service:
- Service pricing
Ensure the pricing model suits your medical practice. Consider all additional fees applicable to the base pricing.
Consider the minimum commitment for the contract, whether an early exit is possible, late fees, and penalties applicable for early termination of the contract.
Find out what type of claim services are available and how the process works. Also, check if certified medical coders handle denied or rejected claims for the practice.
- Special services
Medical billing services often provide expertise tailor-made for a particular type of business. Check with the vendor to ensure the services will work well with your current business model.
- Support and customer service
Customer support parameters include the response time for grievance redressal, the quality of advice and support provided, and the skill and experience of support executives to provide quality assistance. Confirm if the company provides dedicated account management services.
Popular medical billing services and software of 2019
Best service for flexible businesses
Human Medical Billing
This cloud-based service hosts all the data and software solutions offsite, helping your business save money that would otherwise be spent on the infrastructure necessary to run an online billing service.
- Human Medical Billing provides end-to-end services for generating claims vetted by certified coders, manual and automated claim scrutiny, and submission of bills to the respective payers.
- The service also includes multiple follow-ups for unpaid bills that have been denied or rejected by payers.
- Detailed analysis and financial reporting with electronic remittance benefits also form part of the premium medical billing service.
- The pricing options to avail the service is determined based on the scale of your medical practice, operations, and the size of your business.
- Human Medical Billing charges a fixed percentage of the net collections of your practice. The ceiling limit is set at 6% of all net collections.
- Note that a minimum mandatory charge of $500 is applicable.
Software and support
- Human Medical Billing software is quick and convenient to use with a mobile-friendly application that lets you keep track of all subscribed services.
- Dedicated support is available. An account manager will act as a liaison between your practice and the service.
- The company also has a live chat feature with phone and email support in case one needs additional consulting services for the monthly premium.
Best service for small businesses
DrChrono is one of the best all-inclusive healthcare IT solution for small businesses and practices.
- The billing process starts with claims creation by certified coders who follow the ICD-10 standards.
- The software also uses predictive analysis to adjust the claims and anticipate rejections.
- DrChrono has a 94% first pass-rate claims approval with submissions done in a span of 48 hours at the very least.
- A 96% claims approval and payment is possible within a span of 60 days.
- DrChrono charges a minimum 4% of your net monthly collections and the final cost can go up to 9%, depending on the scale of operations and the size of your medical practice.
- The claims volume, total number of providers, and the number of patient encounters are other factors that influence the cost of the service.
Software and customer support
- DrChrono’s medical billing software boasts a user-friendly interface with easy-to-navigate tabs that lets you keep track of all services in real time.
- The customer support network is great as the company assigns a dedicated account manager for your business to provide end-to-end solutions.
Best company for large businesses
Among popular healthcare IT solutions, AdvancedMD is well equipped to handle large businesses and provide a comprehensive medical billing service backed with great customer support.
- The billing process for AdvancedMD is slightly different from the other service providers as the company takes care of most of the billings.
- The company takes care of all first pass-rate claims and simultaneously submits secondary claims with appropriate follow-ups.
- The company does boast a 95% first pass-rate claims to process as many bills and claims in a stipulated period.
- The company will collect a monthly minimum fee, irrespective of your net collections.
- The percentage of the net collection will vary depending on the scale and operation of your practice.
- The number of patient encounters, specialty services, and the number of providers are the other points that will influence the cost of the service.