The kind of medical services that are ideal for your medical facilities depends on your needs. Even though the focus of every health facility is to cater to their patients and while that’s most important, it is also essential to select an appropriate billing service. If your practice is not profitable, you will not be able to continue running your business for a very long time. Maintaining your billing processes is the key to growing your profits.
Since in-house billing is very time-consuming, they prefer to outsource it to revenue cycle management (RCM) services.
Features of medical billing services providers
Medical billing services providers help practices in various ways. The various small billing solutions together make one whole and helps medical practices achieve their revenue targets.
Patient Registration: The medical billing starts from the patient registration. Entering accurate information of the patients at the front desk is the first requisite that brings accuracy to the billing process. This is why if a billing company provides front desk management and patient eligibility check then it has the potential to become the most suitable partner for a small practice.
Automation of processes: Medical billing companies now use tools that can help to automate billing management at various ends. Billing companies can automate claim scrubbing, tracking, collections, and reporting of the payments collected.
Accounts management: A medical billing partner that you are looking for must provide accounting and financial management as well. Only then it would help a small practice to well manage the billing process.
Payment facilitation: If the billing service provider is giving all-inclusive service to small practice then it must also facilitate a practice to collect payments online or over the counter. A growing number of healthcare consumers are looking for online payment systems, using which they can conveniently pay the practice. The billing company must facilitate receiving payment through the online gateways, through banking channels, or via patient portals. The billing system must accurately report the payments collected, outstanding co-pays, and accounts receivables.
Security and privacy: Security of the healthcare data is the single most important thing that is troubling small practices. When medical practices share their data with a third party and if it is not encrypted then there are chances that this data can be breached and end up in the hands of the hackers. This is why medical billing series providers must be capable of providing data encryption and security. The billing company must facilitate small practices to share their data using encrypted protocols and must comply with the HIPAA security rules.
These are just a few basics and provided which a small practice can work conveniently with a medical billing solutions partner. There are a growing number of medical billing services providers and you must check the viability of the solutions provided and how it suits to your practice. Here are few top names in the medical billing services sector and you can pick one which best suits your needs.
The Best Medical Billing Services
Sybrid MD promises to deliver the highest percentage of success at 95% on initial claim submission. The solutions designed are simple and affordable and allows you to easily manage your billing and claim submission process. The service also has a front desk management system which increases billing accuracy. The benefits of this service include a high success rate, it will monitor your claims and any kind of coding errors, manages denied claims, and is compatible with every size and type of practice.
AthenaCollector will identify any errors that your in-house team has made while billing. It’s very easy and simple to use. The service also has a minimum contract which can help you try out the service before committing to it. The pros of the service are that it’s easy to assists and the price is affordable. The cons include a low first-pass success rate as compared to other services, and it is not designed to be a complete third-party billing service.
The unique aspect of CareCloud is that its pricing tiers can be customized for each service. Their billing is altered according to the frequency and complexity. Even though you will receive a lesser percentage cost, the startup fees are higher than usual. CareCloud also offers an EMR system. The pros of the service include competitive pricing that also offers multiple tiers, an EMR system, contract, commendable coding results. The cons include high startup fees for clients and a guarantee is required.
This service is ideal for managing complex billing. It can manage the entire billing process, including account collections and resubmissions. However, because of the advanced features, there are some obstacles in training and implementation.
The benefits include a variety of advanced features, every aspect of billing is managed, and collections are also managed by the service. The cons include higher pricing than average, a long and time-consuming training process, and customer service is not up to the mark always.
This service provides success rates for claims, at 98%. The entire process is managed which also includes code generation. It helps to produce helpful reports. The pros of the service include the, designed to cater to specialty practices. The cons include fees according to service required and specialty areas are higher.
This system is ideal for smaller practices. It includes practice management tools and also integrates with EMR. With up to 97% success this service can be used for any practice, no matter what the size, and also generates codes.
There are a great number of medical billing solutions and services providers available in the market. The best among the list can be found according to the practice requirements.