2021’s Top Medical Billing Companies in America that Help with RCM

Medical Billing FAQs

What is a Medical Billing Company?

It refers to a third-party company that offers HIPAA-compliant billing services to clinicians, physicians, and hospitals of all specialties and caters to their billing needs. They usually have billing software, commonly known as Practice Management System or RCM (Revenue Cycle Management).

Such agencies not only compile claims to send to the commercial and government payers like Medicare and Medicaid Services, but they also offer additional services that make a complete billing system, such as follow-up, denial management, account receivable management, and billing audit.

The Billing and Coding Procedure

Every company works with different features, but with a difference of one or two components, they all start from patient scheduling to claim to process, clearinghouse claim submission, until the end of the process i.e. receiving reimbursement and payment posting.

However, one thing that is important here is that no matter to what extent, the company provides services, they must comply with the HIPAA rules and regulations.

How Does a Medical Billing Outsourcing Company Works?

When any clinician outsources medical billing and coding services to a third party, they are responsible for your claim processing and reimbursements and accounts receivable.

In simple terms, a professional billing company provides automated solutions either via EHRs or patient portals. They have an experienced team of medical billers and coders who once receive data are trained enough to manage the hectic burden.

Here are some of the responsibilities that most medical billing companies do to help you understand how they work.

  • Getting and arranging patient payment information and billing accounts
  • Obtaining references and pre-authorizations as the procedures allow
  • Verifying patient’s insurance eligibility and healthcare benefits for medications, diagnostic procedures, and treatments
  • Follow up services after claim submission to insurance companies
  • Payment collection and managing accounts receivable reports
  • Checking medical bills for data completeness and other errors
  • Preparation, analysis of data, and claim submission via automated billing tools
  • Following up on outstanding claims to know their status
  • Checking for data completeness and other reporting requirements
  • Follow up with insurance companies in case of any payment issue
  • Appeal for denied claims
  • Answering all inquiries related to medical billing and coding

How to Choose the Best Medical Billing Company for Your Medical Practice?

  • First, list down your requirements that why you want to outsource the billing service.
  • Look through all the companies that offer your related services and analyze their pros and cons.
  • Verify their previous record and discuss your objectives with them.
  • Explore through their monthly packages, the workflow, and the contract requirement.
  • After you have all the information on the table, choose the most suitable company that seems to work for you.

You can learn more about the top medical billing companies by reading their reviews and industry reputation. The better the research, the better outsourcing billing services you can find for your practice.

How Much It Cost to Hire a Professional Medical Billing Company?

Each medical billing and coding agency has its billing package, depending upon the practice specialty.

You can get an overview of what you might expect when you outsource the billing to a third-party company.

  • Monthly subscription plans/healthcare provider
  • Pay-per-encounter packages/ billing claim
  • Custom service rate/monthly claims collections

Some companies might also charge additional over the package for denial management and other services. However, the best practice is to seek out every detail before signing the contract.

Why are Medical Billing Companies Important for Physicians?

It’s simple! Doctors should be spending their most time on their primary responsibilities, that is, patients, rather than catering to the administrative load.

It does not matter if you work in a large medical practice or a small one, or if you are an individual clinician or work in a hospital, outsourcing billing and coding will release your stress and save you time.

  • You would not have to check patients’ eligibility on your own.
  • You would not have to manage data or see claim submission and denial management.
  • Your revenue cycle management will be automated, and a professional team will be there to audit your process.

Medical billing companies are important as time is money, and, by outsourcing, you can easily access quality resources. Moreover, your quality of care services also improves.

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