Best Medical Billing Companies of 2023 – Overview
Most healthcare workers and physicians agree that settling medical claims takes an enormous amount of time and effort.
Apart from coding and submitting payments to different insurance companies healthcare workers also have to regularly take care of appealing denied claims and following up on successful claims.
On the other hand, medical practitioners who use billing software save a significant amount of time and can track claims very easily. In addition, private healthcare providers and practices can also use managed billing services to ease their administrative burden.
To help you find the best medical billing company, we evaluated numerous services and determined those that offer innovative software, complete support and assistance with claims appeals.
Best Medical Billing Companies of 2023
To make this list, we reviewed individual companies’ key stats, percentage of claims approved on first submission, requirements of revenue and structural plans.
Best Medical Billing Companies of 2023
Here’s our list of the best medical billing companies of 2023:
1 – AdvancedMD
AdvancedMD offers updated solutions that are ideal for small and large practices, thus making healthcare services scalable and more cost-effective.
For over 20 years, AdvancedMD has been reliably providing medical billing services. The company works effectively with small and large healthcare services and delivers comprehensive support and customized solutions for all medical businesses.
It has numerous options that support the growth of the healthcare provider, thus making it the top-ranking medical billing company on our list.
AdvancedMD works as an all-in-one solution that combines several different aspects of healthcare practice and offers a smooth-sailing experience. AdvancedMD assures a 95% or more first-pass rate for claims, thus reducing the number of denied claims.
This software works with cloud technology and is compatible for use with popular web browsers, including Safari, Chrome and Edge as well as iOS and Android devices.
Why choose AdvancedMD for Medical Billing?
AdvancedMD offers incredible features, such as:
- Checking claims for coding errors
- Working with small and large-sized medical practices
- Assuring more than 95% first-pass rate for claims
- Additional help with denied claims
- Unlimited users
- iOS mobile app
- automatic updates
- scheduling software included
- patient portal
- claims management
- automatic data back-up
2 – ChartLogic
ChartLogic offers certified coder support for the billing needs of small-sized medical practices and offers a one-stop solution for medical billing.
This is one of the oldest RCM (Revenue Cycle Management) software solutions. It offers numerous innovative features, such as auditing past billing and collection procedures, which helps you to make better plans for software implementation.
The software contains certified coders, end-to-end billing monitoring and includes PM and EMR features which makes it an excellent all-in-one solution for smaller medical practices.
You can collaborate with ChartLogic and let the company handle your complete billing process with a 95% success rate.
The software system offers scheduling, claims and collection and patient registration in a single pack. The software is compatible with major operating systems, such as Windows, iOS and Android-powered devices as well as compatible for use with popular web browsers, such as Edge, Safari, Firefox and Chrome.
The company also offers on-board and training to new users at no extra charge.
Why choose ChartLogic for Medical Billing?
ChartLogic is an excellent solution for medical billing because of its amazing features, which include:
- Platform agnostic
- End-to-end solutions
- Certified coders
- Review, edit and code claims automatically
- Send claims through the claims scrubber for review
- Monitor claims and follow-up process
- Get claim status details
- Customizable reports
3 – Kareo
Kareo is an excellent medical billing software system that comes with managed services and an integrated healthcare IT system to form a one-stop solution.
Kareo is designed for use by independent physicians with small to medium private practices. It is touted as the “only complete technology platform” for such medical practices as the solution puts physicians first.
It comes equipped with practice management and medical billing services combined in one and takes care of all your basic practice requirements.
This software offers physicians a complete set of independent physician tools, including engagement platforms, managed billing and clinical billing.
Although you have to pay extra for the EHR feature this software system is compatible to work with multiple operating systems, including Windows and iOS along with popular web browsers, such as Chrome and Firefox.
Why choose Kareo for Medical Billing?
Kareo comes with efficiency-enhancing features, such as:
- No contracts
- Success coach
- Practice management software
- Over 70 standard report templates
- Claims processing and tracking tools
- Scheduling system with reminders
4 – Waystar
Waystar is an all-in-one healthcare payment solution. It combines two extremely relevant platforms, ZirMed and Navicure for an industrial-standard RCM solution. The software is designed to provide end-to-end billing solutions, and high-level reporting and also combines many practice management software features too.
It has a plethora of high-end features which makes it an incredible solution for medical billing.
Waystar boasts a 98.5% first-pass rate for claims and offers the highest percentage of successful claims. It is designed to combine all payments, including from Medicare.
This cloud-based solution combines with leading practice management software and health information system (HIS), thus allowing you to use existing EHR software and in-house medical coders. The software is compatible to work with major operating systems, including Windows and iOS.
Why choose Waystar for Medical Billing?
Waystar offers incredibly effective features, such as:
- Automatic claim scrubbing and editing
- Real-time claim tracking
- Health insurance eligibility verification
- Auto split remits function
- Enterprise-grade analytics and reporting
- Integrated payment processing
- More than 900 payer appeal templates
- Patient finance clearance
- Claim management
- Patient financial experience
- Patient insights
- Revenue integrity
- Denial management
- Agency management
Conclusion
These are the top four choices of medical billing companies of 2023. These companies offer all-in-one billing solutions that use innovative and efficiency-enhancing features that make billing and claims easier to handle.
It is highly advised to visit the official website of these companies to learn the specifics of payment plans, eligibility and other details.
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Reference links:
http://www.outsourcemanagementgroup.com/help-center/colleagues
https://www.medbillingexperts.com/medical-billing-companies.php
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