A medical billing company does more than submit claims on your behalf. It makes sure that the submitted claims and its corresponding documentation are complete. Follows up with patients and insurances for any outstanding payment and ensures that your practice financials are updated so that you can focus on doing your job, i.e., taking care of your patients.
Considering how much is at stake, finding medical billing service provider that you can rely on is crucial. The good news is that you have options to choose from:
- You can either select your EHR vendor; most provide revenue cycle management services in addition to EMR software.
- You can outsource to a third-party medical billing company that is ideally a local one.
Both options have their pros and cons:
If you want to learn more about choosing between your EHR company and a local medical billing service provider, read our article on Choosing a Medical Billing Company for small practices.
However, if you have decided not to opt for a medical billing provider near you and instead invest in one of the big guns, continue reading. We've compiled a list of the best medical billing companies based on user rankings.
- AdvancedMD
- AthenaCollector
- Kareo
- CareCloud
- BillingDocs
AdvancedMD Medical Billing Software
AdvancedMD is one of the industry's top players that focus on small and large practices, making it affordable yet scalable. It offers a wide range of services, including an EHR/EMR module, Practice Management (PM) module, telemedicine software, and RCM.
With AdvancedMD Medical billing service, you get their top-ranked EMR and PM for free.
AdvancedMD
Here's are some of the pros and cons of AdvancedMD Medical Billing:
Pros:
- Has a 95% pass rate on the first claim
- Assists with denied claims
- Checks insurance claims for mistakes before sending them out
Cons:
- Mobile App is only available for iOS devices
- Doesn't code insurance claims on its own
- Charges extra for after-hours customer support
AdvancedMD offers an extensive suite of features and benefits to its users. Some of their top features include:
- Appointment scheduling software
- Patient portal
- Optimized mobile app for iOS devices
- Claims management
- Centralized billing
- ClearingHouse
AthenaCollector Medical Billing Software
Founded in 1997, AthenaCollector is one of the many healthcare IT modules offered by Athenahealth. Rather than developing a single software for each type of service, Athenahealth has created multiple modules that act effectively alone and as one.
The biggest convenience AthenaCollector provides by automating your billing service yet maintaining in-house control over it. AthenaCollector offers 93% first-pass insurance claims.
Here are some of AthenaCollector's pros and cons.
Pros:
- Very easy to use navigation and interface.
- Robust reporting & analytics features
- Offers claims management
Cons:
- A low first-pass insurance claim rate
- Charges a small fee for denied claims
- May become complicated for single practices
- Doesn't code your insurance claims
AthenaCollector does not code your insurance claims itself, but it does scrub for coding errors with a rules engine and human reviewers. After your codes have been verified and corrected (if needed), they are sent off to the insurance companies.
Some of AthenaCollector's top features include:
- Claims management using a rules engine
- Patient check-in process
- Automated performance reports
- Dashboard optimized for revenue cycle
- Appointment scheduling management
Kareo Medical Billing Software
Kareo medical billing enables practitioners to spend more time with their patients through their all-in-one solution. It includes medical billing, integrated healthcare IT systems, and managed services. Kareo's objective is to help practitioners treat their patients instead of routine administrative tasks. Referring to itself as the "Only complete technology platform," Kareo is designed for single practices.
While Kareo offered medical billing services itself in the past, it now has parter vendors that provide this service to Kareo Clients. Here are some pros and cons based on Kareo's reviews.
Pros:
- Offers a PM solution
- Assigns a Success Coach when you sign up
- Affordable pricing
Cons:
- Kareo EMR and PM also come as a packaged deal
- Doesn't provide claims follow-up in their basic pricing plan
- Managed billing needs to be purchased separately
With medical billing, EHR/EMR, and practice management combined into one software, you get a few advantages. These include:
- Appointment scheduling with automated reminders
- 70+ standard reports available
- Efficient claims processing
- Claim tracking
CareCloud Medical Billing Software
CareCloud medical billing is yet another solid choice for your practice. With CareCloud, you can choose how much of your operations you would like to outsource. You can choose to integrate their EHR and PM software with their medical billing software or use third-party ones.
CareCloud
In essence, you can hand-pick the services you want for your practice. CareCloud also has an astonishing first-pass insurance claim rate of 97%, one of the highest in the industry.
CareCloud's pros and cons are listed below.
Pros:
- Offers a user-friendly interface
- Completely customizable billing services
- Offers consulting services as a plus point
Cons:
- High cost of implementation
- Only available on iOS devices
Some of the top features of CareCloud include:
- Free access to MIPS training
- Reduces coding errors by using CollectiveIQ
- Real-time claim management
- Helps generate patient statements
- Centralized PM software
BillingDocs Medical Billing Software
If you are looking for good value for money yet comprehensive billing service for your practice, BillingDocs is a good option. As the company solely focuses on providing RCM services, they can provide excellent service and support to their clients. BillingDocs offers credentialing, accounts, receivables management, and medical billing services. As a practitioner, you have the option to choose which of the services you want to implement
BillingDocs is an all-in-one medical billing platform that focuses on boosting productivity, reduce denied claims, and help you manage your payments faster.
Check out their webinar about credentialing for new medical practices.
The pros and cons of BillingDocs are as follows.
Pros:
- Compliant with Medicaid and Medicare
- Reduces billing and coding errors
- Streamlines cash flow
Cons:
- Has no EMR or PM of its own
Some of the top features of BillingDocs includes:
- Reviewing and resolving denied claims
- Electronic Remittance
- Posting insurance claims and patient payments
- Detailed and in-depth insurance claim follow-up
- Free billing audit
- Patient insurance verification
- Assistance with coding
Also Read: Cost Comparison of Top Medical Billing Companies
Which One's the Right Choice?
At the end of the day, when you're deciding on a medical billing service, it's essential to keep your practice's needs at top priority. Once you have figured that out, you can begin your journey of reviewing some of the vendors out there.
If you need a little help or advice for finding the right billing service, fill out the form at the top of this page.
