Top 5 Medical Billing Companies for Outsourcing & Consulting

As any medical practice will acknowledge, the most powerful tool any practice has in accelerating cash flow, reducing overall expense and increasing profits is a good patient billing system.

Solid medical billing focuses on three core back-office processes. These are medical billing and coding, account receivables management, and patient accounting. A good system should also encompass the entire collections and claims processing cycle and be scalable. However, this is all easier said then done.

medical billing consulting

In this regard, here are the top five medical billing companies that offer outsourcing solutions and consulting programs for many health centers and medical practices alike.

Practice Management

Practice Management does combine does combine state of art technology with very aggressive revenue cycle management which does result in improved revenues. For decades, the company has been providing physicians with solutions to help their practices not only effectively but efficiently so as to improve the bottom line of the practice.

The company does offer a wide variety of medical billing services such as FQHC billing services, cardiology, health center, surgery, pediatric, and OB/GYN billing services. It is worth mentioning that through Practice Management’s FQHC billing services are quite popular with many clients. Apart from ensuring high revenues, increasing your cash flow, enhancing the speed of payments and improved patient satisfaction, the company does also provide consultation services to its clients. For more information, visit their site www.maximizedrevenue.com

5 Star Billing Services, Inc.

5 Star Billing Services exist to help medical providers and clinics significantly improve their financial performance by providing them with insights and tools to achieve their business objectives. It offers a comprehensive revenue cycle management solution so as to help the practice improve its financial health and allow the business to focus on clinical care.medical health center

The billing systems of 5 Star Billing Services provides efficient accurate and complete data exchange, electronic and paper claims processing, aggressive AR follow up, payment postings, insurance collections and EOB analysis.

Other billing services provided by 5 Star Billing Services include full or partial billing services, account receivable audits and collections and detailed monthly reports. The company does offer a wide range of billing services such as cardiology, chiropractic, dermatology, family practice as well as internal medical billing services. Visit their site www.drbillingservice.com for more information

AdvanceMD

AdvanceMD not only provides the practice with a team of experienced professionals dedicated to keeping the organization financially fit. Further to this, the company does also provide the practice with very powerful EHR software tools which make it easy to streamline checkouts and check-ins, optimize schedules as well as managing patient care.

The billing systems of AdvanceMD can process secondaries, post payments, work unpaid claims, request backups as well as submission of claims. Visit their site www.advancedmd.com for more information on the same.

Kareo

Kareo thrives on helping small practices succeed in today’s very challenging market. It does this by significantly simplifying operations and making it much easier to connect with patients; the billing systems provide services and software which make it easy to run a practice. With the medical billing system from Kareo, your practice can easily check on patients anytime because the system provides real time data, it does take care of all the complex billing issues, ensuring that you get paid much faster.

Kareo also prides itself in having an expert support team which comes in handy when you are implementing the system. Some of the billing services on offer include but are not limited to Kareo EHR, Kareo Doctorbase, Kareo Practice and Kareo Medical Billing. Their site www.kareo.com offers more information on these services.

CureMD

CureMD’s solutions are specialty specific and also offer enough customization for any practice to personalize the system according to its workflow and size. They provide several support options such as telephone, ticket and chat to cater for all their clients.

The medical billing services behind CureMD handle patient statements, provide financial reports, and have a key performance dashboard with real time figures on the respective A/R periods, common rejection reasons and revenue collection. Visit their site www.curemd.com for more information on their service offering.

5 Tools to Improve Billing Processes of Health & Medical Organizations

Similar to any business model, health and medical organizations are faced with a number of operational challenges. One of the most common involves improving the internal billing processes to ensure a sufficient revenue stream to keep the organization financially healthy.Medical billing

Since sending-out patient billings in a timely manner is directly tied to the amount of income received, improving this area of the medical practice is not a luxury that must be addressed, but rather a necessity.

For this reason, it is important for these organizations to identify and implement initiatives and programs that will help to resolve any medical billing problems that exist. Many of which may include utilizing the following strategies, tools, and resources.

Benchmarking

As technology progresses, its not uncommon for both small and large health and medical organizations to review their billing systems for inefficiencies. Specifically, those that cause the bills to their patients and clients to be sent out on an untimely basis. When this occurs, the organization can begin to lose money in a wide variety of ways including in the interest that may be loss be depositing the funds late instead of late.

Because each day can make a major difference in many large medical practices, it is important to have the best billing services at all times. With this being the case, one of the best ways to solve some of these issues is to benchmark with similar organizations to see how they are handling the same. The health and medical organizations selected should be those who are known for having stellar technology and billing practices.

Investing in Training

Investing in training is also essential to the success of a medical billing organization as well. For instance, once a new system has been selected, the organization should make sure that they have set aside time and money for their staff to be trained properly. This type of training is designed to help the entire organization to be up and running efficiently when new systems are being implemented.

Attending Medical Billing Conferences & Seminars

Many times businesses pay for their employees to attend medical billing conferences and seminars that apply to their job responsibilities. These conferences and seminars are usually very beneficial in numerous ways, especially since they are designed for motivating people to be better at their craft. These medical billing seminars and conferences are also ideal for teaching employees when legislations that apply to their jobs change, and when they must be acted upon to remain in compliance. Some seminars also vital for those who will be selecting new billing systems that the organization uses in future times.

Investing in Medical Billing Software

Sometimes a medical organization may be hesitant about investing in new medical billing software. Specifically, when the cost of buying it makes a significant dent in the practice’s budget. However, it is important for the medical admin staff to do their homework before turning these new systems down.

One of the most important reasons is, some of the newer systems can easily pay for themselves in effectiveness and efficiency within a short period of time. Thereby, saving the organization time and money in the long run instead of reducing the budget. Check out some of the top medical billing software platforms by clicking here.

Hiring a Medical Billing Consultant

Its not uncommon for any organization to hire a third party medical billing agency to assist them with improving their billing systems. In fact, an outside party is normally skilled in their craft and they can identify inefficiencies in medical billing systems quickly without having to spend a lot of time. For instance, some agencies specialize in certain aspects of medical billing, such as chiropractic billing, cardiology billing, and even Federally Qualified Health Center (FQHC) billing services

Also, by hiring a medical billing consultant, they can share the information that they have already learned about industry standards and the best ways to improve an organization’s with minor to major recommendations.