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On average, each medical provider in the U.S. leaves around $5 billion/year on the table due to errors in medical billing and coding. This means healthcare practitioners aren’t getting paid for a portion of the services they provide.
This is mostly because medical billing is time-consuming, and healthcare staff, who are already stretched thin, often have to choose between billing and patient care.
The solution to this is medical billing outsourcing, where external specialists come in and handle the coding and claims process. This reduces errors and claim denials, improving your revenue. Let’s explore the 7 best medical billing outsourcing companies that you can use.
1. Pearl Talent
Pricing: Starts at $3,000/month/hire
Pearl Talent is a premium talent acquisition partner that helps you hire the top 1% of healthcare virtual assistants. This includes medical billers, coders, and health insurance specialists, among others.
While medical billing companies typically charge a percentage of your net monthly collections (which can go into the ten-thousands), at Pearl Talent, we have a fixed monthly fee. So, you’ll know exactly how much you’ll have to pay. No surprises.
For the monthly fee, you get paired with highly experienced medical billing staff. We handle the training, onboarding, payroll, compliance, and management.
See how Verse Therapy freed up 20+ hours/week and saved $29K in overhead costs/year by hiring a claims specialist from Pearl Talent.
Key features:
- Experienced healthcare revenue management staff with proven expertise
- Up to 60% savings on payroll without compromising on quality
- Staff trained in compliance, data security, and industry best practices
- Onboard medical billers in as little as 2 weeks
- Staff who integrate seamlessly within your workflows and speed up your revenue cycle process
- Medical assistants are well-versed in denial management
Hire the top 1% of medical billing assistants. [Browse available hires]
2. MediBillMD
Pricing: Between 1% and 5% of monthly collections
MediBillMD works with specialized medical practices and offers comprehensive Revenue Cycle Management (RCM) services. This means you get specialists who take care of the whole billing process, right from coding accurately to following up on insurance claims.
The company boasts a 10-15% increase in revenue for your practice. In addition to medical billing services, you can also get an audit to identify gaps in your billing process and understand why most of your claims get denied.
Key features:
- Highly trained specialists who stay on top of the ever-changing regulations
- Strong insurance denial strategy in place
- Medical billing audit that identifies and recovers past unpaid claims
- Claims processed and filed within 24-72 hours
- More affordable when compared to other medical billing outsourcing companies
- 24/7 customer support
3. AcerHealth
Pricing: Customized quotes according to needs
AcerHealth erHealth is a medical billing outsourcing company that works with both solo healthcare providers and multi-specialty groups. The platform manages your full billing workflow, which starts from verifying your patients’ insurance eligibility to recording your incoming payments.
The medical billing outsourcing company integrates well with the Electronics Health Records (EHR) software you use, and makes your job easier by getting prior approval from insurance agencies for the services that you provide.
Key features:
- Claims submission within 24 hours
- Frequent post-claims analysis to reduce the rate of denials in the future
- Bi-weekly follow-ups on unpaid claims
- Prompt correction and resubmission of denied claims
- Patient portal to send reminders to patients about outstanding payments and collect cash digitally
- Advanced medical billing analytics to help you identify problem areas and improve cash flow
4. ChartLogic
Pricing: ≈2.9% of collections
ChartLogic uses a combination of human medical billing/ coding assistants and software to make sure that you get paid what you’re owed, quickly. The medical billing outsourcing company promises an increase in payments while cutting down your administrative costs by half.
With ChartLogic, you get a 360° billing management service. Their team of medical billers has AHIMA (American Health Information Management Association) credentials, which is the gold standard in this space.
Key features:
- Comprehensive analysis of each patient’s insurance eligibility
- Efficient payment collection from patients with periodic follow-ups
- Rapport with insurance companies that speeds up the vetting process for any new provider(s)
- Tracking of claim status
- Billing analytics tailored to your practice’s specialization
5. BellMedEx
Pricing: Starts at 2.99% of collections
BellMedEx is an end-to-end medical billing outsourcing company that expedites claims, maximizes your collections, and blocks revenue leakages. You get end-to-end service, right from patient registration and insurance eligibility verification. BellMedEx’s RCM intelligence feature lets you track your claims status anytime.
This medical billing company’s stand-out feature, however, is its medical billing software that automates your billing workflow and minimizes errors.
Key features:
- Access to EHR and clearinghouse software
- Medical billing audits to make sure your claims and coding are compliant
- Audits, corrections, and resubmission of old unpaid or denied claims
- Detailed billing reports
- RCM solutions tailored to your specialty and practice size
6. BillingParadise
Pricing: Customized according to practice size and volume
BillingParadise steps in to manage your full billing cycle while integrating seamlessly within your existing workflow, including the EHRs you use. The medical billing outsourcing company provides round-the-clock service to make sure you get paid on time without any delays.
The platform starts with an in-depth financial audit to identify revenue leakage areas, after which, a medical billing restructuring takes place to reduce unpaid/denied claims and write-offs. Regardless of your specialty, BillingParadise has experienced medical billing staff that you can hire.
Key features:
- Flexibility in the type of staff you hire, i.e., selective and temporary medical billing staff available
- Patient’s insurance eligibility is verified the night before their appointments to speed up the claims process
- Effective denial management strategy
- RCM automation software available
7. 3Gen Consulting
Pricing: Customized according to needs
3Gen Consulting works with certified medical billers and coders across 30+ specialties. Their RCM solutions are tailored to your practice and can scale with you as you grow. The medical billing outsourcing company claims a 52% overall cost savings with their end-to-end services.
While the medical coders themselves are highly experienced, 3Gen Consulting also has a separate team to audit their work. This ensures a reduction in billing errors and claim denials.
Key features:
- Free trial and audit report to get a sample of what they can do for your medical practice
- Claims processed within 24 hours
- A strong denial management process with real-time analytics and frequent follow-ups
- Analysis and fixing of denial reasons
- Weekly review calls to keep you in the loop
Medical Billing Outsourcing vs. Doing It In-House
Should you outsource your medical billing? Short answer: yes. A study conducted by Black Book Research found that medical practices that outsourced their medical billing saw an average increase of 6.8% on collections.
Here’s an overview of the benefits of medical billing outsourcing.
Bottom line: Investing in medical billing outsourcing is the smarter choice for your business.
How to Pick the Best Medical Billing Outsourcing Company for Your Practice
Here are a few things to consider before choosing a medical billing outsourcing company:
- Specialization: The company should have a team of RCM specialists who have a strong grasp of medical billing. Additionally, they should also understand the nuances of working in their medical specialty.
- Compliance: The last thing you want to do is pay hefty fines due to non-compliance, so make sure the company you work with stays on top of regulations.
- Testimonials: Do they have positive reviews from past clients?
- Technology: What software do they use? How secure is it, and does it integrate well with your workflow?
Work With Pearl Talent for Your Medical Billing Outsourcing Needs
At Pearl Talent, we help you reduce your billing operational costs and prevent costly billing and coding errors by matching you with the top 1% of medical billing assistants. Unlike other medical billing outsourcing companies that work on a commission basis, Pearl works on a fixed monthly fee. You’ll save up to 60% on costs.
If you want a fully managed medical billing and coding team with onboarding, payroll, compliance, and training handled, Pearl Talent is the right choice. Browse available hires.
Frequently Asked Questions
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Originally Published
November 4, 2024
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