Medical billing services remove the arduous task of revenue cycle management (RCM) from busy medical practices and place it in the hands of experienced professionals. However, with so many different medical billing services out there, how can you know which one meets your standards? After all, it is the financial health of your business you are entrusting to a third-party. With something so intricate and consequential as medical billing, you need to be sure the service you partner with will deliver quality results.
To help you choose the best partner for your RCM, Business News Daily reviewed the best medical billing services for medical practices. Here is a roundup of our best picks for 2018 and an explanation of how we chose them.
Best for Large Practices: AdvancedMD
AdvancedMD is a slightly more expensive solution than others, but it includes a comprehensive service that incorporates fees into one simple percentage of net collections. Pricing varies depending on monthly encounters, number of providers, and a pre-specified minimum depending on a practice’s level of need.
Its medical billing services are covered by annual contracts that guarantee a first-pass claims approval rate of 95 percent, which is exceptionally high. AdvancedMD achieves this rate by utilizing the same software the clearinghouse uses to scrub claims, essentially catching any errors that would be flagged before submitting the claims for payment.
The service includes an implementation and onboarding team as well as a U.S.-based support team that is available from 8:00 am to 8:00 p.m. EST on business days. To learn more about AdvancedMD’s medical billing service, see Business News Daily’s full review here.