According to a Journal of Medical Practice Management study, practices using outsourcing services have a higher success rate of claims being paid on the first try, 80% versus 68% for those doing billing in-house.
Moreover, 88% of their claims are paid within 30 days compared to 72% for practices managing their own billing.
This shows the clear advantage of turning to professionals for medical billing needs. So, in this article, we’ll discuss top medical billing outsourcing companies in the USA.
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What is Medical Billing Outsourcing?
Medical billing outsourcing is hiring an external company to handle healthcare provider’s medical billing and coding processes.
Instead of the healthcare provider’s staff managing patient billing, insurance claims, and payment processing, a specialized company or a home care virtual assistant takes over these tasks.
This approach helps healthcare providers reduce errors, comply with complex billing regulations, and improve their financial performance.
Ultimately, providers can focus more on patient care while experts ensure that billing is handled efficiently and accurately.
Best Companies Outsourcing Medical Billing?
1. Stealth Agents
Stealth Agents is the best option for hiring a virtual assistant for a business. It offers high-quality outsourcing medical billing and payroll virtual assistant services.
They don’t directly deal with medical billing outsourcing but can help healthcare providers with their admin and operational work.
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This includes tasks related to billing. So, they can indirectly help medical practices by managing these admin activities.
They stand out by offering access to the top 1% of VA talent and emphasizing high quality and efficiency in service delivery.
Location
Their office is located at Towne Place at Garden State Park, 923 Haddonfield Road, Suite 300, Cherry Hill, New Jersey, 08002.
Pros
– Access top 1% VA talent
– Reduce administrative costs
– Improve operational efficiency
– Support for various tasks
– High customer satisfaction ratings
2. AdvancedMD
AdvancedMD is a medical billing company in the USA, loved by private clinics for its powerful, automated medical office tools.
They offer everything from managing the clinic’s operations and digital health records to improving patient involvement and handling billing smoothly.
AdvancedMD makes doctors’ work easier and more accurate by simplifying how they bill for their services.
They stand out for their all-in-one, cloud-based healthcare solutions that promise enhanced operational efficiency and patient engagement for practices of all sizes.
Location
South Jordan, Utah, USA
Pros
– Cloud-based, secure software
– Comprehensive RCM services
– Streamlines practice workflow
3. CareCloud
CareCloud helps medical offices run more smoothly by making the billing process easier and helping them get paid more for their services.
They offer software that’s easy to use and works well for both small and large medical groups.
CareCloud provides a range of services like managing money, electronic health records, managing a practice, and improving the patient’s experience.
These services work together to help improve how well a medical practice does financially and operationally, while also making less work for the staff.
Practices can also get updates and data in real-time to keep track of how they’re doing financially and operationally.
Location
They are based in Somerset, New Jersey, serving clients throughout the United States.
Pros
– Comprehensive analytics
– Real-time data updates
– Effective claim scrubbing
– Flexible service options
4. Kareo
Kareo is a leading name in the U.S. for medical billing services because it offers cloud-based, all-in-one solutions designed for small healthcare businesses.
Their system includes tools for managing clinical tasks, billing, engaging with patients, and understanding data.
Kareo is popular because it’s easy to use and has features that meet the needs of different medical fields.
They also provide a lot of help and training, making it easy for new users to get started and helping medical offices run more smoothly.
Location
Kareo is based in California, USA.
Pros
– Tailored for small and mid-sized practices
– Cloud-based, accessible anywhere
– Specialized for various medical specialties
5. Athenahealth
Athenahealth offers strong medical billing services to help healthcare practices improve their finances and work more efficiently.
Their tool deals with claim scrubbing and denial management, and works well with other systems to make workflows smooth.
This lets healthcare providers handle patient care and billing better and with less trouble.
They also provide tools for practices to track their financial performance, helping them become more profitable and efficient.
Their network connects over 140,000 clinicians and handles more than 170 million patient records, providing unmatched data insights.
However, this platform may be complex for new users, and some practices might need to retain a medical biller for certain tasks.
Location
Headquartered in the United States.
Pros
– High first-pass acceptance rates
– Integrated EMR and billing
– Extensive performance reporting
6. Revele
Revele stands out for offering customized medical billing services for those using eClinicalWorks EHR.
They provide a complete RCM solution that combines modern technology with personal service.
Their customer service is unique, with a dedicated team of experts for each client to improve billing processes and increase revenue.
They offer services like denial management, analytics, and coding and focus on keeping practices updated with eClinicalWorks EHR.
Their key strength is their expertise in eClinicalWorks EHR, providing specific support and optimization to enhance this software’s functionality and efficiency.
Location
Revele is based in Indianapolis, Indiana.
Pros
– Specializes in eClinicalWorks EHR
– Focus on technology and innovation
– Strong compliance and error reduction
7. DrChrono
DrChrono provides comprehensive revenue cycle management (RCM) services, covering everything from charge entry and claims coding to final payment.
They have an impressive first-pass acceptance rate of 96%, showing they’re good at submitting claims correctly the first time.
The services are automated, offering real-time updates on claims and easy access to financial data.
DrChrono stands out by combining electronic health records (EHR), practice management, and billing in one platform, specially designed for Apple devices.
This approach provides a unique and preferred experience for users in the medical field who like using Apple products.
Location
Based in Sunnyvale, California.
Pros
– High first-pass claim acceptance rate.
– Integrates EHR with billing seamlessly.
– No extra fees for clearinghouse use.
8. 4D Global Medical Billing Services
4D Global uses smart technology, such as AI and bots, to make operations more efficient and boost their clients’ finances.
The company is known for handling accounts well, and ensuring quick and accurate billing.
Clients value the tailored service and the skills 4D Global uses to solve complex billing issues.
They make billing smoother, cut down on mistakes, and help healthcare providers make more money.
Location
Based in Scottsdale, Arizona, with additional offices in Boca Raton, Florida, and Chennai, India.
Pros
– Specializes in multiple medical fields
– Reduces operational costs
– Enhances financial reporting
9. ACP Billing service
ACP Billing Service stands out among medical billing outsourcing companies in the USA.
They offer comprehensive services tailored to medical practices aiming for efficient billing and better revenue management.
They adjust their services to fit the specific requirements of each client, providing custom solutions for medical practices in need.
Pros
– Comprehensive revenue management
– Streamlined billing processes
– Expert coding services
10. eClinicalWorks
eClinicalWorks stands out for offering a wide range of cloud-based services tailored to healthcare.
They provide electronic health records (EHR) and revenue cycle management (RCM), serving over 850,000 healthcare professionals worldwide.
Their system, known for high success rates in billing claims, improves financial outcomes for healthcare practices.
eClinicalWorks also features an AI-powered EHR system, enhancing efficiency and accuracy in medical billing.
Location
Based in Massachusetts, USA.
Pros
– High first-pass acceptance rate
– Comprehensive cloud-based solutions
– Global customer base
11. Corporate Billing, LLC
Corporate Billing, LLC specializes in helping businesses efficiently handle their billing and accounts receivable.
They focus on sectors such as automotive, truck dealerships, repair shops, and oil & gas, offering fast access to capital with their billing options.
Customers appreciate their quick customer service and tools that make managing finances easier, improving cash flow and billing for companies.
A key benefit is Corporate Billing’s ability to provide funds to businesses within 24 hours, supporting those in urgent need of cash.
Location
Corporate Billing is based in the United States.
Pros
– Quick payment processing
– No long-term contracts
– Transparent fee structure
What are the Benefits of Hiring Medical Billing Companies?
One of the main benefits is that it helps save time. In-house teams can be very time-consuming, and healthcare professionals can instead use this time to focus on patient care.
Another significant advantage is these companies specialize in the complex world of healthcare billing, which increases the accuracy of billing.
This expertise also leads to faster payments from insurance companies and patients because claims are processed correctly the first time.
Moreover, it saves money in the long run by eliminating the need for dedicated staff and software for billing tasks, thus reducing overhead costs.
Lastly, these companies offer detailed reports to healthcare providers, offering insights into financial performance.
How to Outsource the Right Medical Billing Company?
1. Experience
Firstly, you should look for a team that has a solid background in handling billing for your specific healthcare sector.
Whether you’re a family clinic, dental practice, or a specialized surgical center, the right company should have proven expertise.
Their years in the business often reflect their ability to adapt to industry changes, and manage billing efficiently.
2. Knowledge
You want a company that’s good with numbers and has a deep understanding of the medical billing industry’s ins and outs.
This means they’re up-to-date with the latest billing software, regulations, and codes that could affect your practice.
They should also have experience dealing with virtual assistant insurance services for companies so they can handle claims smoothly and efficiently.
3. Certifications
Certifications are more than just fancy badges; they’re a testament to a company’s expertise, reliability, and adherence to industry standards.
You’ve to look for certifications such as HIPAA compliance, which ensures that the company follows strict privacy laws.
A certification from a body like the AMBA shows a company’s commitment to current billing practices and regulations.
4. Reviews
On the other hand, you should look for feedback from previous or current clients to get a clear picture of the company’s strengths.
A pattern of positive reviews often indicates a company’s competence in handling billing processes efficiently and its ability to maintain clients.
However, you should also consider how the company responds to any negative feedback.
Their approach to resolving issues can tell you a lot about their commitment to customer satisfaction and service quality.
5. Cost
Pricing can vary greatly between companies, so it’s important to get a clear breakdown of what you’ll be paying for.
Some companies may charge a flat fee, while others could take a percentage of the collections.
Ask for detailed information on their pricing model, any additional fees you might encounter, and how they handle billing errors or disputes.
This transparency will help you budget accordingly and ensure there are no surprises down the line.
6. Services
Lastly, they should also provide regular reports that give you insights into your billing processes and financial health.
Ensure the company is adept at dealing with patient inquiries, as this can greatly improve your practice’s customer service experience.
A good medical billing company acts as an extension of your team, ensuring that your billing operations are smooth and efficient.
