Handling insurance billing can get hectic for a healthcare service provider. A business’s top priority is ensuring that your claims are fulfilled and you get full reimbursement from the insurance provider. A medical biller, be it an individual or an organization, is responsible for calculating the total medical bills and sending them as a claim to the insurance provider. They track these bills to ensure that healthcare companies are paid the claimed amount. In this article, we will discuss the top Medical Billing Services in 2023.
Settling medical bills is not a one-day task. It requires several steps, involving the clearinghouse, the payer, rejections, and denials before the amount is credited to the service provider’s account. This can make the process time-consuming and costly for the healthcare company.
The biggest concern is that even a minor error in the billing cycle can lead to payment rejection, hence the loss of revenue for the company. That’s why most healthcare providers outsource medical billing services to third-party companies or use software applications to streamline the process. Below we’ve compiled a list of the top medical billing services in 2023.
Top medical billing services in 2023
One of the leading and highly efficient medical billing software applications, DrChrono is a cloud-based medical service that streamlines administrative processes and medical tasks for a healthcare company. People choose DrChrono because of its high claim-success rate, which is up to 96% (the best in this business). If you check out their case studies, you will see that the users of DrChrono reported a 40% improvement in their cash flow. Here’s what the software offers:
- 48 hours turnaround on rejected and denied payments
- Clean claims submission with a 96% success rate
- A strong back-end support
- Transparent billing with all processes handled in one place
- Get real-time updates on your medical claims
- Talk to an expert medical biller anytime you want
- Get a personal manager (an in-house biller) who’s available to answer your questions.
The back end reviews your clinical documents and creates claims. They also track these claims to ensure that the company is reimbursed as quickly as possible. Their main responsibility is to send accurate and timely claims so that your payment requests are not rejected because of non-compliance or errors in the billing process.
If their claims get rejected due to errors in codes, they will re-work your documentation and submit them within 48 hours. You can also use the software to get updates on your medical billing performance and useful advice on how to improve the billing cycle.
- Multiple pricing tiers
- Excellent integration with claim scrubbing
- In-house customer support team that’s always available at your disposal
- Automated billing process reduces the risk of errors
- Verifies patients’ data and claims before submitting
- Keeping track of denials and rejected claims
To eliminate inefficiencies in your billing cycle and ensure accurate RCM, CareCloud is your best bet. The software is popular for its customized pricing plans, which are designed for healthcare companies of different sizes.
You are charged based on the complexity of your claims, the number of claims you raise, practice size, etc. You can get access to all records and the entire billing information on a single portal, making management super smooth for healthcare providers. There’s no need to switch between different portals to collect different parts of your billing records for generating claims.
Everything is compiled neatly on a single centralized system, reducing the risk of errors in billing. Users love the graphs and useful metrics that help them improve their medical practices. It offers advanced features, like combining batches of patients’ payments so that claims can be processed faster and your cash flow is maintained.
The only thing that CareCloud can improve is its upfront cost. The setup price and 3-7 percent of the commission charged on the business’ total revenues are a bit costly for small companies. It’s, however, the best solution for high-revenue healthcare service providers.
- 95% approval rate (at the first attempt)
- A clean and intuitive interface gives you a clear view of the entire claim submission process
- Organizes all claims on a single platform
- A team of certified and professional medical coders ensures all CPT codes are correct, thus minimizing the risk of denials.
- Follow-up with the patients or insurance providers that have not settled their bills within the due date.
For startups and non-tech-savvy healthcare companies, AdvancedMD is our best pick. The platform is easy to navigate and uses a color-coded system to allow people to run the application seamlessly. They have a fast and professional back-end team that collects and organizes all your claims. They process it after reviewing the claims. All operations are transparent, meaning you can track the entire coding and claiming process. They also show you the list of unbilled records.
AdvancedMD handles all back-end operations for your medical practices, ensuring smooth cash flow and an increased claim acceptance rate. This takes the unnecessary burden of calculating and scrutinizing claims and organizing patients’ records off your team. You can focus on providing great medical care while the software handles all technical aspects for you. The biggest downside to AdvancedMD, however, is that they don’t offer medical coding. You will be responsible for translating patients’ data (their diagnosis, treatment, hospital fee, equipment, professional fee, and other charges) into medical codes. The rest is perfect.
- Regular updates about your claim’s status
- Excellent denied-claim management
- Print paper claims
- Get your patient’s data and their billing in a single view
- Get access to a knowledge base of coding rules
- Checks coding against the payer’s reimbursement regulations and industry standards to avoid claim rejection
- Convenient and highly accurate services
Kareo is highly recommended for healthcare service providers that need to keep track of their claims submissions, outstanding bills, processed payments, claims sent to the clearing house, and other information. Since you will be accessing its PMS, you can stay up-to-date with the current progress of your medical claims. Knowing what’s going on in the back end gives you peace of mind.
The software is packed with a vast array of features, including automatic scanning of your medical documents, collecting outstanding bills, printing reports, checking and handling denials, sending claims, and so on.
Its seamless integration capabilities are another plus point, enabling healthcare providers to get a consolidated view of the patient’s data and their billing on a single system. Healthcare providers use KareoClinical to send their medical reports and the medical billers at the back end collect and process them instantly.
- Real-time alerts for changes in billing data or patients’ records
- A single view of a patient’s medical history, bills, diagnosis, and other information
- Guaranteed reimbursement within 3 days
- Guaranteed refund on failure to get your rejected or denied claims reimbursed within 10 days
- A smart reporting tool
- 93% first-pass acceptance rate
AthenaCollector is another easy-to-use and robust medical billing software that we’d highly recommend for new and small setups. It’s not just for coding and claim scrubbing, but AthenaCollection is your all-in-one solution to all patient-related and billing procedures. From recent appointments to patients’ medical records, all information can be accessed seamlessly on a single portal.
They have an extensive library of medical coding, consisting of over 50 million rules. This streamlines coding and ensures fewer errors in billing. You can also collect live updates about your total collections, accounts receivable, and the reasons your claim requests are rejected. AthenaCollector tracks all your unpaid claims and processes them quickly to ensure that you get all money owed.
A common difference between AthenaCollector and the medical billing services mentioned above lies in claim collection and processing. AdvancedMD and DrChrono have an in-house team that manages medical coding. AthenaCollector hires third-party service providers for medical billing and coding practices. They scrutinize these reports to ensure maximum accuracy.
- Capable of managing the revenue cycle of healthcare providers specializing in different areas of medical practice.
- 96% acceptance rate
- Competitive pricing plans
- KPI-based dashboard for efficient management
- Adjusting coding and scrubbing practices based on the payer’s rules
- A consolidated view of your patient’s billing and data.
CureMD is another one of the topmost and most effective medical billing services used by several healthcare companies worldwide. Their specialty is the KPI dashboard which shows key performance metrics of your healthcare practice. The software is known for its extensive database of ICD-10 codes and insurance providers’ claim regulations.
Its pricing policy is highly competitive, with up to 5% commission on the company’s monthly income. That’s much better and cheaper than the above software applications that come with a hefty price tag. They also offer a training program for your team to get familiar with its interface and features quickly, although some users have complained about its lengthy implementation and complex setup.
Now that you know the top medical billing services in 2023, choosing one among these can seem pretty overwhelming. To make an informed decision, compare their prices, check their features, and go over their claim acceptance rate as well as denial management. You can use their demo to compare their dashboards and navigation. Pick a solution that offers training and quick claim processing and management.