After conducting research and analysis of medical billing services, we recommend AdvancedMD as the best medical billing service for large practices.
We chose AdvancedMD from a pool of dozens of medical billing services. To learn more about our full methodology and for a more comprehensive list of medical billing companies, see Business News Daily’s best picks.
AdvancedMD’s medical billing service is capable of handling all the revenue cycle management for large and small practices alike. The company excels in managing billing for practices in the 100-provider space, making it our best pick for medical billing service for large practices.
AdvancedMD’s outsourced revenue cycle management comes with access to its electronic medical record (EMR) software and practice management platform for a monthly percentage of clients’ net collections. Currently, AdvancedMD boasts an organization-wide first-pass claims rate of 98.4%, which is one of the highest of the services we reviewed. The company will also contractually guarantee a minimum first-pass claims rate of 95% for all clients, and it is the only company we reviewed that provides such a guarantee.
AdvancedMD begins the billing process after the charge entry and coding phase has already been completed. AdvancedMD does not perform charge entry or coding services at all, so that responsibility falls on the practice to complete in-house or outsource to a third party. Once claims are generated, practices can submit them to AdvancedMD for claims scrubbing to capture any errors prior to submission. Currently, the organization-wide first-pass claims rate for AdvancedMD is 98.4%, which is one of the highest rates we found in our review. That means only 2.6% of claims submitted by AdvancedMD are denied by payers.
Once claims are scrubbed, AdvancedMD submits them to the proper payer through its clearinghouse partners. The company primarily works with Change Healthcare clearinghouse. Any clearinghouse fees incurred during this process are built into the company’s pricing models and are not charged to the practice on top of the percentage price quoted by AdvancedMD.
If a claim is denied, AdvancedMD’s medical billing team will inform the practice as to why the claim was rejected and then work to revise and resubmit the claim until it is paid. The company also follows up with patients and payers with an outstanding balance.
AdvancedMD is our best pick for medical billing service for large practices, but it also works with smaller practices and across all specialties. The average client has roughly 3,000 patient encounters per month, although some of its larger clients submit claims for more than 30,000 encounters per month. AdvancedMD can adapt its medical billing services to your practice’s specific needs, though the volume of claims you submit could ultimately influence the price you pay.