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Best medical billing services in 2020: for revenue cycle management (RCM)

Best medical billing services
(Image credit: Pixabay)

A medical billing solution is an essential part of any software you use. Whether you're using various different platforms together or a single practice management (PM) software suite, it's important to be able to keep on top of patient billing and insurance invoices.

This is especially to ensure that the correct payments are counted alongside the correct payments, which if done manually can be a serious headache. Luckily billing software often comes integrated with a PM platform or even with standalone Electronic Health Records (EHR) software or Electronic Medical Records (EMR) software, according to the size and distribution of your practice.

While there are on-premises solutions, there's an advantage to using cloud-based billing solutions as all the necessary security and compliance can already be built in, saving you from having to set it up yourself.

And as above, it's common for billing to come with existing platforms that specialize in medical software solutions, so don't be surprised if rather than a billing-only solution you find it's already provided along with other services or else is easily integrated into them

Therefore here we'll feature the best in medical billing software solutions, and also recommend some strong runners-up to also consider.

  • Want your company or services to be considered for this buyer’s guide? Please email your request to desire.athow@futurenet.com with the URL of the buying guide in the subject line.  

AdvancedMD Medical Billing

(Image credit: AdvancedMD )

1. AdvancedMD Medical Billing

The outsourced billing solution for large practices

Fully managed
Flexible management options
Learning curve

AdvancedMD offers an outsourced medical billing solution that runs in the cloud. There are no long-term contract terms, and it offers flexibility in how it's managed. This is not least in that you can delegate the management of the services between your own in-house team or AdvancedMD's own. If you go for the latter, AdvancedMD may provide suggestions on improving financial performance. The software is also scaleable so it can grow with your practice.

As expected, AdvancedMD's billing services fully integrate with their EHR and practice management solutions, which offers benefits for general efficiency and cost-savings across the board. The full suite is comprehensive to the point where it does require significant training to become properly competent with the system, though.

This is also AdvancedMD's strength, though, as it's set up to work for large practices with a diverse range of specialist needs. For pricing you would need to speak to sales, who may be able to offer different tiers according to whether you pay a monthly fee for the billing serivces, or a percentage cost based on each transaction subject to a minimum volume of encounters.

DrChrono medical billing

(Image credit: DrChrono medical billing)

2. DrChrono Medical Billing

An easy all-round medical billing service

Flexible approach
Simplified automation
No training fees

DrChrono also offers an integrated medical billing solution as part of its EHR and practice management suite of services. Like AdvancedMD, DrChrono allows practices to outsource all billing or keep it in-house, but also caters for hybrid approaches according to patient volume, which could especially favor smaller practices who aren't yet sure if they require a full revenue cycle management (RCM) service.

A particularly good feature is the ability to ensure that the same billing codes are consistently used for the same procedures, and it's easy to set up profiles for ICD-10, CPT, HCPCS and NDC. There's also automation built into form filling, so that once you'd made your clinical notes and set up billing in DrChrono, your HCFA 1500 forms will be generated automatically.

Pricing varies according to need and volume, but expect a monthly charge of somewhere between 5-10% and especially toward the lower end of the range. Unlike AdvancedMD, there are no initial training fees.

Overall, DrChrono is a well supported and easy to use platform, and whether you use its billing serivces as a standalone or integrated service, you're unlikely to encounter much in the way of problems with it.

Human Medical Billing

(Image credit: Human Medical)

3. Human Medical Billing

A full service RCM billing solution

Full RCM
Good costing
Flexible solution

Human Medical Billing offers a cloud-based platform that is not just a billing service but a full revenue cycle management (RCM) solution, which can integrate with their EHR software. The company offers to cover both billing and coding to ICD-10 standards so that you can spend less time in admin work.

Human Medical use a combination of software and human supervision to work through your billing process, to make sure billing errors are spotted and corrected before entry. They will also chase down claims with insurance companies, not least denied and miss-adjudicated claims, which can especially removed an element of stress and frustration that could otherwise be time-consuming for practice employees.

Costs are very reasonable, with no charge for training and no monthly fees, and instead fees taken as a percentage. Like above this can be anywhere between 5-10%, though expect it to be at the lower end of the scale, though there is a minimum $500 per month spend.

Overall, Human Medical offer a pretty flexible billing solution that can allow for smoother running of your practice. The only potential negative is that they do not currently offer a Practice Management (PM) platform, though this might work out fine if you already have a good platform for that in place.

athenaCollector Medical Billing

(Image credit: athenaCollector)

4. athenaCollector Medical Billing

The really simple medical billing solution

Easy deployment
Easy to use
Automated billing rules

athenaCollector offers a very easy to use billing platform that relies heavily on automation to ensure payments are made, processed, and paid. This makes it closer to being a revenue cycle management (RCM) service, covering not just billing but also coding, scrubbing, and following up unpaid claims. 

Their rules engine provides an automated way to detect errors or potential processing problems, not least by checking against its own database of insurance rules and eligibility criteria, which it does before a patient is even booked in. 

The system itself is simple to navigate, with information presented in an accessible way that makes it easy to understand how to operate it. Training requirements are kept minimal, though modules are provided to provide this to users as required. Support is strong, and athenaCollector have a 90-day minimum contract term which is short compared to market norms.

Simplicity really is the key here: athenaCollector is fast to deploy, simple to use, and stops any part of the billing process from becoming complicated or a headache for your staff. 

CareCloud Concierge

(Image credit: CareCloud )

5. CareCloud Concierge

Full revenue cycle management platform

Simple and easy to use
User-friendly
Full RCM

CareCloud Concierge is a fully managed revenue cycle management (RCM) suite to cover all your medical billing service needs. It mixes a combination of intelligence, analytics, and a back-office team to ensure smooth and successful payment processes and less stress for you and your employees. They can take claim submissions either electronically or via paper to get claims to payers, and cover the printing and mailing of patient statements directly.

CareCloud are another provider that seems to have got a lot right in their approach to EHR and PM, and their billing solution is no different - they keep things simple and easily manageable with a very user-friendly interface. Of course, it also integrates with their EHR software and patient portal software. Even better is that pricing is very competitive and you pay only for the service that you use.

Overall, CareCloud is a popular provider that manages to deliver full service solutions to a wide range and variety of practices, and manages to do so without any of the fuss, expense, and demands that big name providers can feel entitled to. If you want to keep your billing simple to manage, CloudCare is likely to be one of the best choices for you to look at.

Other medical billing software services to consider

Many medical billing solutions work as part of an integrated medical software suite from many providers. While these are sometimes provided as a standalone, at other times they may be available as part of an all-in-one solution. 

Here therefore we'll look more widely at other companies that offer medical billing services, as a single platform or as an integrated whole, and feature the best:

Ultra Billing by American Medical Software also provides a solution as part of its range of medical software platforms. Intended to provide seamless billing and revenue management, AMS Ultra Billing can work as a standalone or else in conjunction with other software from AMS, not least for schedules, charts, and patient portal.

InSync is another major medical software provider worth looking out for, not least its Consumer Directed Billing Services which aim to provide accurate and on-time reimbursement. This is not least by working with Medicaid and other programs that facillitate and bill for consumer directed care. InSync also provide a cloud-based EMR and pratice management software.

Kareo is aimed at the smaller medical practice that won't need a full and complex suite of tools that the biggest companies need, but still provide a wide range of medical software, not least medical billing services. Other possible options include EMR/EHR software, practice management, telemedicine, and built-in analytics.

WebPT also offers a suite of medical software services specifically for physical therapists, covering EMR, scheduling, and of course billing. There's built-in reporting and analytics for improving efficiency and workflows, as well as a range of other features for local care, after care, and continuing education.