The article lists the top 10 medical billing outsourcing companies.
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Medical billing is a complex process. As such, many healthcare facilities turn to business process outsourcing (BPO) companies to handle their medical billing processes to help them save time and money. This includes streamlining the process of collecting and managing patient payments.
It is an emerging area that many BPO companies are getting into, with plenty choosing to specialize in medical billing.
These companies can provide much help to hospitals, clinics, and individual medical practitioners alike by facilitating transactions between them and insurance providers. Accuracy and timeliness are key to ensuring smooth cash flow into their businesses, and medical billing companies have the right experts, processes, and software to handle such cases.
By outsourcing these tedious tasks to medical billing companies, healthcare facilities are able to free up time for themselves and their staff to handle other important aspects of running their practice.
These top medical billers have established themselves as industry leaders, trusted by large and small hospitals across the country.
1. Ambsi Inc.
One of America’s leading medical billing and revenue cycle management (RCM) service providers, Ambsi Inc. provides healthcare institutions of all sizes with innovative medical information systems and services.
They offer coverage for a wide range of medical procedures and areas such as internal medicine, psychiatry, general medicine, dermatology, and plenty more. They’re known for improving efficiency in the financial management of many medical facilities and have garnered rave reviews from review sites for it.
BillingParadise began as a single small company but now has grown to have several offices around the nation, thanks to its commitment to delivering RCM solutions that save its clients’ money and improve upon their existing financial collection systems. They also provide practice revenue analysis, which shows the financial strengths and weaknesses of a particular client’s practice.
BillingParadise is known for having fast turnaround times, thoroughness, and accuracy in its service deliveries, which helps its clients save on costs and comply with industry regulations.
This year, the firm became a proud member of the Healthcare Business Management Association.
3. Alpine Medical Billing
While other medical billing companies work for different practices and medical specialties, Alpine Medical Billing focuses on providing support to mental health care providers. These include therapists, social workers, and counselors. They customize their services for each client, ensuring their specific needs are met.
Their offerings include medical billing processing, verification of patient benefits, insurance processing, patient collections, and monthly client reports.
4. 5 Star Billing Services, Inc.
5 Star Billing Services, Inc. promises its clients all-around service offerings which can be customized to their needs. They provide expert end-to-end medical billing management while catering to a wide range of medical practitioners from various disciplines and practices. At the same time, their services also include consultative services on matters such as insurance contracts, superbills, and credentialing.
The company emphasizes accuracy and thoroughness in its services, ensuring that any payment, claims, and information is correct and complies with regulations.
While Medwave bills—pun intended—itself as a premiere medical billing services company for behavioral health providers, they actually offer their services to a diverse set of clientele, some of which other medical billing services companies may have overlooked. These include COVID-19 testing laboratories, sleep study laboratories, genetic testing labs, and occupational therapy practices. You might say that they are the firm to reach out to if you are a customer practitioner with a more niche medical practice.
Founded in 2000 in Pennsylvania, their staff comprises experts with years of experience in medical billing, credentialing, ICD-10 coding, and electronic medical records/electronic health records (EMR/EHR).
This Chicago-based healthcare information technology company offers, not just medical billing services, but also insurance credentialing services, and claims denial management. The firm also offers website design services for healthcare practitioners, which is a unique offering that makes them stand out from the rest of their competition.
They’ve been recently named the Best Medical Billing Services Provider of 2022 by Clutch. And with plenty of excellent reviews from their clients, it’s no surprise that they received such recognition. The company is lauded for its speedy service, reliability, and for going above and beyond its clients’ goals.
athenahealth envisions a world where top-notch healthcare is affordable for everyone who needs it. To achieve this, the company offers a wide and diverse suite of services, including revenue cycle management (RCM) solutions, patient engagement programs, patient care coordination, advisory services, and telehealth (virtual consultations).
They take on a hands-on approach to client servicing, with regular updates on financial performance and custom report delivery.
Also part of their service delivery is the company’s network of medical practitioners, patient registries, pharmacies, laboratories, payers, and other healthcare entities. This ensures a seamless exchange of information between its users, leading to more efficient operations for its clientele.
8. 20/20 MD Billing
20/20 MD Billing, a New Jersey-based medical billing company, promises to improve its clients’ billing processes, ensuring that they receive maximum reimbursement for the services rendered. They are able to do this by partnering with Microwize Technology, Inc., their sister company that provides medical billing and EMR software to handle their clients’ requests.
Their RCM services include coding claims, payment collection, and patient screening. This helps reduce denied claims and a smoother payment process which can be done online.
A long-time player in the business (starting in 1999), CareCloud offers its clients something that many medical billing companies don’t offer their clients: flexibility. Unlike other firms that offer the same services, CareCloud doesn’t require its clients to use its own practice management software (PMS). As such, medical practices both large and small can customize the services they avail from the company, though CareCloud will have its own recommendations of the best and most applicable for each client case. This is a great way for clients to maximize their budget and only avail those they need.
The good news is that the company does not scrimp on the services it provides. From RCM services to electronic health records maintenance, to their latest digital health suite offerings (remote patient monitoring and chronic care management), the company brings to its clients the latest technology to ensure its users earn well and are able to run their practices as smoothly as possible.
The “Revele” name may be new, but they are considered a long-time industry leader. This medical billing company was formerly known as GroupOne Health Source and is a long-time player in their field, dating all the way back to 1991. They have offices in both the US and India.
They offer solutions that will help their clients improve their RCM, as well as clinic management, which includes patient intake management and patient data collection and screening.
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What are the benefits of outsourcing your practice’s medical billing management to outsourcing companies?
1. Reduce operating costs
If you’re a medical provider, you want to focus on what you do best. By hiring a medical billing company to handle your billing operations, you can reduce the operating costs associated with this aspect of your business and free up more time for patient care.
As this article has shown so far, medical billing companies provide services that range from setting up an in-house collection center to outsourcing all or part of the process to an external company. These businesses offer many advantages over manually processing payments by hand, namely, they have the experts and the software needed to make these processes faster and cheaper for practices everywhere.
They are able to automate processes so that they can be completed quickly and accurately. This is especially beneficial when dealing with high volumes of claims or large numbers of transactions each day. This also means that any staff members of a hospital or clinic working on such tasks will have less chance for errors since they won’t have as much manual labor involved in their jobs; thus, reducing both labor costs as well as potential risks associated with human error.
2. Increase cash flow
Cash flow is the lifeblood of a business. Any business owner knows that if you don’t have cash, your business will quickly falter. Medical billing companies can help you increase your cash flow by:
● Increasing revenues
● Reducing bad debt
● Improving payment collection
The main advantage of outsourcing your medical billing services is that it will help you increase revenues. This can be done in several ways. The first way to increase revenue is by increasing collections, which means more money in your pocket. The second way is by reducing bad debt, which means fewer debts on the books and therefore more profits for the business. A third way to increase revenues is by improving the collection ratio, or the amount of income collected from patients compared with how much was spent on them (treatment costs and additional services).
As a healthcare provider, you know that bad debt can have a significant impact on your business. You might have the best-trained staff and top-notch facilities, but if patients don’t pay their bills in full or on time, it’s difficult to stay profitable.
Bad debt is also expensive—it’s estimated that as much as 6% of revenue goes toward collecting medical bills every year. And an unpaid bill impacts not only your bottom line but also your ability to provide top-quality care for other patients who need it most.
Medical billing companies such as the ones in this list specialize in helping providers reduce bad debt by improving their overall reimbursement rate and increasing cash flow by reducing the number of days between service and payment processing.
3. Achieve utmost accuracy in billing and coding
When you use a medical billing service, they will ensure that all applicable codes are used on each claim. The right coding is essential to ensure that the right services are paid for and that you don’t pay for services that were not actually provided. This can be difficult to do on your own, especially if you are new to medical billing or if your practice has multiple specialties and procedures.
The best medical billing companies have experts who understand how to code every type of service with the correct level of specificity.
4. Improve patient satisfaction
Patient satisfaction is one of the key measures of your practice. Your patients will be pleasantly surprised to know that you take such an interest in their well-being and are eager to help them in any way possible. Your office staff can focus on patient care, while these medical billing companies take care of all the financial aspects of your practice.
How to pick the right medical billing services provider for your practice?
1. Consider the experience of the medical billing services company.
First of all, you should consider the experience of the medical billing services company. The more experience they have, the better they will handle your practice’s needs. Ask them about their previous clients and how long they have been in business. Look at reviews and ratings of their services on third-party websites like Yelp or Clutch, as well as industry publications.
You can also search for medical billing companies that offer free consultations with one of their representatives over the phone or via video chat if you want to get a sense of who they are before hiring them.
2. Find transparency in the billing process.
Next, look for transparency in the billing process. The best medical billing companies will be able to explain their process and show you how they do it. They should also be able to show you how they get paid so that you know what costs are covered by your insurance company and what costs are covered by patients.
Finally, make sure that the company has been around for several years before signing a contract with them—and don’t sign any contracts without reading them carefully first!
3. Ensure that your billing company is able to adapt to changes.
The healthcare industry changes quickly, and so do the billing service providers. You want to work with a company that can adapt accordingly and provides solutions for every practice.
You can research reviews online or ask other medical practitioners for their recommendations. Check out how other practices are doing with the same provider before signing up with them.
4. Look for proven experience with payors and claims denials.
When it comes to picking the right medical billing service provider, look for one with proven experience with payors, claims denials, and coding and billing.
The best companies have vast experience in the field. They will know what kinds of challenges you might face as a practice owner or manager in dealing with third-party payers (like insurance companies) or determining which codes are most appropriate for your procedures/services.
If you’re not sure about anything related to these issues, then you may want to choose a company whose staff is experienced enough to assist you in making sound decisions that will benefit both your practice’s bottom line and its patients’ health benefits coverage.
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“Top 20 Medical Billing Companies in the US | Outsource Accelerator.” Outsource Accelerator, https://www.outsourceaccelerator.com/guide/top-medical-billing-companies-in-the-us/.