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Medical Billing Companies
Find the top medical billing companies available
Written by Steve Thompson
A medical billing company is hired by a physician, clinic, or hospital to handle all aspects of billing patients – from processing claims to collecting payment. This can be a huge relief for small and large practices alike, as it eliminates the need to hire in-house billing experts who may not be qualified to process invoices.
Benefits of a medical billing company
Unfortunately, physicians who handle medical billing in-house often lose significant income due to mistakes in processed claims. This is especially true when processing paper claims which can mean conducting all calculations manually. Since most of these companies use electronic billing practices, mistakes are significantly reduced.
Additionally, while you have to pay such a medical billing company for its services, you don't have to pay benefits. This can offer significant financial relief for physicians and clinics, especially if they would need more than one full-time administrative professional to take care of billing.
General price ranges
The costs to hire a medical billing company will vary somewhat, so it’s important to compare several different service providers before making a choice. Prices can be set according to the percentage of claims processed, the percentage of collections, or by a flat fee per claim.
In general, prices will range from 3% to 6% of the total claims processed by the company. A provider may charge more if its services include things such as incomplete claim notification or remote access capabilities. It’s important to not shop on price alone but rather to consider the features offered by different programs.
Typical features
These days, a medical billing company will do much more than simply process your claims. It might convert existing data to its own software, provide training to your office staff, generate detailed financial reports, compile patient demographics, submit regular audit reports, follow up on unpaid claims, and offer fee comparisons to help you manage your fee structure.
Small practices may want to hire a company that only requires payment when they receive payment. This is a growing trend in the industry. Although you might pay a higher fee per claim for this type of structure, it is often worth it to avoid paying for money you never receive.
Comparing medical billing companies
Before you hire a medical billing company, research all candidates thoroughly. Find out if each medical billing business has received any customer complaints (and what the nature of those complaints were) via the Better Business Bureau, or if there’s any pending litigation. You may also want to ask for references from other physicians in your area.
It’s also a good idea to hire a company with experience handling a business of your size. Large practices, for example, will not do well with companies that handle mostly small practices, just as hospitals and clinics should hire companies that have experience with multi-physician organizations.
Are you ready to purchase medical billing companies? Submit a free request for price quotes and get matched to multiple dealers who will try to get you the best deal for your business.