Undoubtedly, medical billing is an intricate process that can either make or break a practice. Several steps require attention to detail for accurate billing and timely reimbursements. Even then, there are instances where practices struggle with high denial rates and unsteady cash flow.
Therefore, we will introduce you to the top 10 medical billing companies and help you find the right partner for all your billing needs. We will also discuss the key factors to consider while comparing the leading medical billing companies in the USA in 2024.
Top 10 Medical Billing Companies in 2024
Let’s get started with our list of the best medical billing companies. We have shortlisted these firms based on their expertise, service suite, existing client feedback, and certifications:
1. MediBill MD
MediBill MD secured its place in our top 10 medical billing companies list. The reason? Unlike other medical billing companies, targeting a certain section or limited specialties in the healthcare ecosystem, it claims to provide tailored solutions for practices of all sizes and hospitals across 46 specialties.
It also claims to increase revenue by 10-15%, reduce account receivables by 30%, maximize collection rate to 96%, and achieve the claim first-pass rate to 97% for its clients.
It provides claim creation, scrubbing, submission, denial management, claim follow-up, A/R management, and payment posting services to help healthcare practices become more profitable. Additionally, if you are searching for the most affordable option, MediBill MD has the lowest prices for outsourced medical billing services, offering a flat 1% rate for the first month of service.
2. Athenahealth
One name that made its way to our list of top 10 medical billing companies is Athenahealth. It offers services, including medical claim processing, patient billing, medical coding, RCM, insurance verification, patient collection, billing customization, and denial management.
Some of its notable clients are federally qualified health centers, medical groups, behavioral health providers, hospitals, healthcare practices, and ambulatory surgery centers.
Besides, it has a cloud-based platform to help you streamline your practice’s billing processes, enhancing the overall revenue cycle. Also, its patient engagement tools and practice management solutions enable providers to improve the patient journey and satisfaction.
If you are interested in partnering with Athenahealth, you may need to connect with its representative to schedule a demo.
3. DrChrono
DrChrono is one of the best medical billing companies in the USA. Its services include insurance verification, claim processing, patient billing, medical coding, EHR integration, and denial management. Its notable clients include telemedicine providers, large hospital systems, tech-enabled healthcare practices, small private practices, and primary care facilities.
Its comprehensive services empower healthcare practices to optimize billing processes, claims management, and compliance. Moreover, it offers advanced reporting and analytics tools, helping healthcare practitioners streamline their clinical aspects while maximizing revenue.
What’s more? Its billing software works well with the EHR system, enabling greater flexibility and accessibility. For pricing inquiries, click the ‘Get a Quote’ button on their website.
4. AdvancedMD
AdvancedMD is one of the best medical billing companies providing services such as unpaid claim management, claim submission, claim processing, payment posting, insurance verification, and revenue cycle analysis. It has been serving clients ranging from small to large medical centers and individual physicians to diagnostic imaging facilities and ambulatory surgery centers.
We included it in our listicle because they offer end-to-end RCM solutions, helping healthcare organizations streamline their revenue cycle. Besides, its intuitive medical billing software integrates well with practice management and EHR systems, leading to higher reimbursements for healthcare providers.
If you go on the pricing page on its website, you may not see the exact cost for bundles, but it lets you build a custom bundle as per your practice’s unique requirements, which is impressive.
5. CareCloud
CareCloud serves various clients, including large hospital systems, medium-sized practices, independent physician associations, and single physicians. Its services range from healthcare billing analytics to telehealth, patient billing to revenue cycle management, and practice management to patient experience management.
It made its way to our top 10 medical billing companies because it claims to cater to practices of all sizes and specialties. Besides, its cloud-based platform offers real-time analytics and reporting capabilities to help healthcare organizations make informed decisions related to the revenue cycle.
On its website, CareCloud claims to reduce A/R by 30%, increase collections to 90%, and ensure 100% HIPAA compliance. You may need to schedule a demo with its representative for pricing inquiries. You can also explore case studies on its website to see how healthcare facilities have benefited by partnering with CareCloud. However, for pricing details, you may need to schedule a demo.
6. ReveleMD
ReveleMD is another firm securing a place on our list of medical billing companies with its tailored services ranging from A/R to denial management, patient payment to claim management, clinical coding to billing, and healthcare analytics to reporting. It made its mark by facilitating solo practitioners, specialists, and global healthcare systems with its comprehensive medical billing solutions.
It takes pride in offering customized medical billing solutions to healthcare facilities according to their unique requirements, aiming to maximize revenue and reduce denial rates. Besides, on its website, it has highlighted its collaboration with eClinicalWorks for EHR capabilities.
7. NextGen Healthcare
Housing a team of more than 2,800 medical billing experts to help you streamline your healthcare organization’s billing requirements, NextGen Healthcare is another company securing a position on our best medical billing companies list. Its notable clients include virtual healthcare practitioners, ambulatory practices, online health platforms, telehealth providers, remote medical consultants, etc.
It claims to have helped practices achieve 2-10 times more reimbursements with A/R recovery services. Besides, it offers payment posting, credentialing, coding, eligibility verification, data analytics, patient statements, and consultative services.
You can also browse its website for case studies on how NextGen has helped various healthcare practices. However, pricing details are not mentioned on the website, and you may need to schedule a demo.
8. ChartLogic
The next on our list of medical billing companies is ChartLogic. It empowers orthopedic providers, clinicians, and surgical and non-surgical specialists with its comprehensive services, such as A/R management, denial management, medical coding, patient billing, payment posting, and claim submission.
ChartLogic’s RCM and medical billing solutions seamlessly integrate into the EHR system, streamlining the healthcare facility’s billing workflow and enhancing the overall financial performance. Besides, it provides compliance monitoring, payer contract management, and coding assistance services to ensure a steady cash flow.
On its website, you can check client success stories to better gauge whether its medical billing services are the right fit for your practice. However, for pricing inquiries, you may need to schedule a demo.
9. CureMD
CureMD offers services like account receivable management, payment posting, claim submission, and medical coding and billing. Its notable clients include billing providers, healthcare systems, small practices, hospitals, and private clinics.
We included it in our top 10 medical billing companies list because its integrated solution comes with patient engagement functionalities, practice management software, and an EHR system coupled with the medical billing solution.
It claims to increase the collection rate by 5-10% within a few months of partnering with healthcare organizations. Besides, the website features several achievements and awards. It also has a separate section for case studies to help you understand how its solutions are helping providers.
It claims to have over 123,000 users nationwide and a smart cloud that does not require end-user installation. Pricing details are not mentioned on the website, but you can inquire about it by filling out a form.
10. Kareo
Simplifying healthcare management for healthcare organizations with a comprehensive medical billing suite, Kareo is another firm to take a spot in our best medical billing companies list. It caters to surgery centers, large medical groups, urgent care centers, individual practices, small group practices, hospitals, and health systems.
It offers charge entry, medical coding, insurance claim processing, patient statements, payment posting, collection management, denial management, insurance verification, and reporting services. Practices can benefit from user-friendly automated billing workflows and real-time analytics to minimize administrative burden and optimize the revenue cycle.
It claims to have served 75,000 providers across 45 specialties in all 50 states. Besides, like other medical billing websites, you need to fill out a form for pricing inquiries.
How to Compare the Top Medical Billing Companies?
Are you still unsure how to compare these medical billing companies? Don’t worry! We will discuss the key metrics to evaluate the top 10 medical billing companies and select the most suitable option for your healthcare practice.
Look for Certifications
Before partnering with a medical billing company, checking their certifications (e.g. HIPAA compliant, ISO, and ASRM) is the first thing you should do. Thus, ensure they have credible medical billing and coding certifications supporting their claims to be the best. Also, ask them if their billing specialists and coders have the necessary certifications.
Check Out Their Experience
After certifications, the next thing to look for is the experience of the billing specialists and coders employed by the organization. Also, ask about their specific experience in your specialty since every specialty has unique coding and billing requirements. A biller and coder well-versed in the guidelines for one specialty may not perform equally well for another specialty.
Review Client Testimonials
Client testimonials and reviews are another way to avoid scammers. You can check client success stories on the company website or look for feedback on websites like GoodFirms, Trustpilot, and Owler.
Choose a Budget-Friendly Option
The budget varies for every healthcare facility depending upon its size and specialty. Thus, the next consideration should be your budget. Conduct a pricing comparative analysis for your shortlisted medical billing firms, and choose the one that can help you optimize your practice’s financial performance without breaking the bank. However, remember not to compromise on the quality of services to save a few bucks.
Bottom Line
The top 10 medical billing companies are riding the technological wave to offer comprehensive revenue cycle management services. From accurate claims submission to A/R follow-up and denial management, the best medical billing companies employ certified professional coders (CPCs) and RCM specialists to collect timely reimbursements and ensure a steady cash flow for their clients.
You can compare the top medical billing companies in the USA by considering factors like certifications, expertise, reviews, and pricing. We hope this guide will act as a roadmap to help you select the best medical billing company for your healthcare practice.
Frequently Asked Questions
