How can you compete with large medical practices while struggling with high denial rates? As one of the most populated American states, New Jersey has a flourishing healthcare industry driven by its residents’ needs. According to the ‘New Jersey’s Health Sector: A Detailed Analysis of Labor Market Information’ report, the industry employed 483,000 people in 2022 and contributed around $49.4 billion to the state’s GDP.
Did you know that private systems run all the public healthcare programs in this state? Interestingly, these practices partner with the best medical billing companies in New Jersey to improve their services.
If you looking for a perfect partner to improve your revenue, read on to discover the top 10 companies for outsourcing billing services in this state.
Top 10 Medical Billing Companies in New Jersey
With a competitive private healthcare system, it can be quite challenging to manage a medical practice in New Jersey. You have to maintain a high-quality billing department to tackle changing payer requirements and regulations while fighting claim denials. Unfortunately, in-house billing teams are often too expensive for small to mid-sized practices.
That’s why we have compiled a list of the top 10 medical billing companies in New Jersey. Why spend so much on hiring and training billers and coders when you can partner with a billing company to resolve your issues?
1. MediBill MD
Surprisingly, MediBill MD has quickly become a reliable name in New Jersey despite being a young company. The reason? It covers more than 45 medical specialties, from the most stressful fields like emergency medicine and OB/GYN to the least stressful specialties like pathology and neurology.
Hence, you don’t have to look elsewhere for your practice, as MediBill MD can meet your unique needs. The company offers all-inclusive medical billing services tailored to your requirements. You can also opt for standalone solutions like medical coding, credentialing, and clearinghouse enrollment. With a team of certified billers and coders, MediBill MD can improve your revenue by 10-15%. Some of its notable achievements include:
- 98% clean claim rate
- 97% first-pass ratio
- 96% collection rate
- A/R recovery in less than 30 days
- 30% A/R reduction
MediBill MD has achieved these impressive results in less than a year. So, if you want continuous growth, contact MediBill MD for its end-to-end solutions and enjoy a flat 1% rate on the first month of service and a free billing audit.
2. CareCloud
CareCloud is another top option in New Jersey for reviving your practice. It is a top healthcare technology and medical billing company in New Jersey with a complete suite of cloud-based billing solutions tailored across more than 70 specialties. Yes, you have read that right! It covers over 70 specialties and provides services to more than 40,000 healthcare providers in 50 states.
CareCloud’s medical services are backed by AI, making it unique from other billing companies in this state. It has introduced CirrusAI, a user-friendly digital healthcare assistant, to streamline billing processes.
The company customizes its generative AI billing solutions, like CirrusAI Guide (for automating clinical data input), CirrusAI Notes (for documentation), and CirrusAI Appeals (for generating customized appeals) according to its clients’ needs, allowing them to achieve better patient outcomes. With CareCloud, you can:
- Increase your collections by 7%
- Optimize your practice’s performance
- Reduce operational expenses
- Improve healthcare access
CareCloud is perfect for all types of healthcare organizations. With over 4,000 employees, the company makes sure that your billing remains right on track, helping you achieve significant growth.
3. DrChrono by EverHealth
Established in 2009, this company is another suitable option for outsourcing medical billing. DrChrono’s interactive and customizable approach makes it unique among other medical billing companies in New Jersey. The company was founded by Michael Nusimow and Daniel Kivatinos when they found the healthcare system inefficient.
The primary goal of DrChrono by EverHealth is to reduce the administrative burdens of most practices so healthcare providers can invest all their time and energy into their patients. The company offers a platform to thousands of physicians and more than 17 million patients. Besides medical billing software, DrChrono offers telehealth, practice management, and revenue cycle management (RCM) services. In short, it is more than an EHR solution and can be ideal for your practice for the following reasons:
- Exceptional clean claim rate (over 96%)
- Fast denial turnaround (48 hours)
- Facilitates quick reimbursements (over 96% of claims paid within 60 days)
- Proven track record (more than $3 billion processed in claims)
- Improves collection rate (by 25%)
DrChrono can stabilize your income. Their dedicated team of billing experts, certified coders, and compliance officers manage the complete lifecycle of your claims.
4. Cole Medical Inc.
Looking for an experienced medical billing company in New Jersey? Cole Medical Inc., or CMI for short, has over 35 years of experience handling the billing complexities of anesthesia. But, it does not mean that the company only covers this specialty. CMI has a qualified and experienced team that can manage the billing process for behavioral health, cardiology, general surgery, internal medicine, ophthalmology, sports medicine, and other specialties as well.
The company is famous for providing comprehensive medical billing and practice management solutions to all types of practices in the tri-state area, from sole healthcare providers to large group-based practices. CMI focuses on every aspect of your revenue cycle (from every angle) with the help of leading technology to minimize claim denials, reduce accounts receivable, and maximize your revenue. Their technological solutions also help them smoothly integrate with all clinical systems and EHRs. In short, CMI can help you:
- Achieve a 98% clean claim rate.
- Access real-time analytics
- Receive full revenue support
- Obtain complete payments via a 100% transparent process
To sum up, CMI specializes in anesthesia and pain management billing services. However, it also serves other specialties, so you can contact this medical billing company in New Jersey without any hesitation to reclaim your revenue.
5. Millennium Medical Billing
Are you searching for a local medical billing company in New Jersey? Millennium Medical Billing (MMB), based in New Jersey, is a top name on our ‘10 best medical billing companies in New Jersey’ listicle. Founded in 1997, MMB has become a premier provider of billing services in the country. The company has almost three decades of billing experience, and hence, you can partner with their experts to receive maximum revenue and reduce your staff’s administrative burden and burnout.
MMB has a large team of medical billers and coders with diverse backgrounds and experience. As a result, they serve countless practices across 21 specialties, including pain management, neurosurgery, ENT, gastroenterology, and OB-GYN. Besides billing and coding, the company also offers medical credentialing services to improve your practice’s efficiency, revenue, and customer satisfaction. So, save your time and money and invest in MMB for the following reasons.
- Reduced overhead costs
- Customer satisfaction
- 36% increase in profit within the first year
To summarize, MMB has the knowledge and resources to support your practice’s growth. The best part is they provide free consultation so you can choose the best service according to your needs.
6. Providence Management
The next name on our ‘best medical billing companies in New Jersey’ list is Providence Management, Inc. – a women-owned local medical billing company in New Jersey. Established in 1996, Providence Management provides end-to-end billing solutions, from insurance claim submissions to appeals and patient billing. The company also offers medical credentialing services but at an additional cost.
Although Providence Management is based in New Jersey, it has a broad network and helps many practices in Pennsylvania, New York, Delaware, and California. The company currently serves 7 specialties – podiatry, allergy & immunology, physical therapy, psychology, dermatology, chiropractic, DME supply, and cardiology. So, don’t forget to go through their website before selecting them as your partner.
Another notable aspect of Providence Management is its comprehensive claim resolution process. This billing company prevents claim denials by taking proactive steps, such as verifying patients’ eligibility and using correct modifiers. In short, with Providence Management, you can:
- Access tailored billing solutions
- Support diversity and inclusion
- Maintain billing accuracy
- Resolve billing issues
Since Providence Management is a local company, you won’t have to worry about compliance issues. The company files compliant claims because it has in-depth knowledge of state-specific payer regulations and healthcare trends.
7. 2020 MD Billing
Are you searching for a top-rated medical billing company in New Jersey that focuses on your success just as much as you do? Then, partner with 2020 MD Billing! This billing company is also a leading name in the state due to its vision and full-scale revenue cycle management. It empowers both small and large medical practices to maintain their financial health by minimizing their billing mistakes.
With an advanced and free-of-cost cloud-based EHR system, 2020 MD Billing improves communication and productivity and streamlines workflow. Its platform also offers financial insights into your operations, allowing you to track your billing activities in real-time. The best part about 2020 MD Billing is that it excels in meeting complex regulatory requirements, helping you avoid penalties. In short, this medical billing company in New Jersey is committed to your success. It guarantees:
- Measurable financial improvements
- Improved collections and cash flow
- Low processing costs
Hence, 2020 MD Billing is a trusted partner for many practices in New Jersey. Its hands-on approach makes sure that each practice receives the highest level of customer satisfaction.
8. Athenahealth
Affordability is a common concern. Hence, Athenahealth is also a top medical billing company in New Jersey due to zero hidden charges. Formed through the merger of Athenahealth, Inc. and Virence Health, this company extended its footprint in 2019 to serve all types of practices throughout the country, from small startups to enterprises and health systems.
Athenahealth simplifies the billing process with a cloud-based electronic health record (EHR) and practice management platform, athenaOne. This platform allows healthcare providers to achieve their desired clinical and financial outcomes by addressing important issues like staffing shortages. Its specialty-specific workflows are customized to fit diverse needs and reduce administrative burden.
With special billing tools, athenaOne also improves patient engagement, supports virtual care, and maximizes revenue potential. It automates routine AR tasks and tracks your revenue cycle to improve your performance. In short, it provides specialized billing support that enhances:
- Claim submissions
- Medical coding
- Denial management process
- Collection rates by 2 to 6%
You can choose Athenahealth to optimize your operational and financial performance. The company covers more than 27 medical specialties.
9. CureMD
CureMD is another affordable medical billing company in New Jersey. This company’s mission is to save lives with technological advancements. As a result, it provides innovative health information and billing solutions to transform the financial and clinical operations of practices of all sizes. Its services not only help you make significant decisions, but they also maximize your revenue by complying with industry standards.
CureMD tailors its medical billing services to your needs. It offers scalable and AI-powered RCM solutions to speed up your reimbursements. The best part about this company is that you can achieve your desired results within a reasonable amount. In short, CureMD handles all your billing complexities, freeing you from hiring medical billers and training your staff. With CureMD, you get:
- Easy-to-use platform
- Smart and fast payments
- 96% first-pass claim submission rates
- 5 to 10% increase in collections within the first few months
To summarize, CureMD makes billing easier for many medical practices in New Jersey. This company is generally known for its accuracy, efficiency, and effectiveness. It offers incredible RCM management features like a KPI dashboard, e-super bill, and advanced reporting.
10. Revele
Revele, formerly known as GroupOne Health Source, is a medical billing company based in Indianapolis, Indiana. However, with over 200 employees and a wide network, it serves physician groups and healthcare systems across the country. The company claims that it is a global community with a simple mission – to simplify medical billing.
Established in 1999, Revele has over 25 years of experience in the healthcare reimbursement and technology industry. Hence, it is well-equipped to adapt to various changes, including regulatory and coding requirements. Revele’s integrated RCM and billing solutions facilitate a richer revenue cycle by allowing you to make data-driven decisions and handle claims more efficiently. The company stands out due to the following promises:
- Over 95% net collection rate
- AR reduction in less than 37 days
- Quick turnaround (24 hours)
- More than 10% increase in cash flow
In short, Revele is an ideal medical billing company in New Jersey. Its stack of billing services can save time and increase your profits. It can help you gain control over your revenue cycle by taking on your mundane administrative tasks.
Comparing the Best Medical Billing Companies in New Jersey
Medical billing is a growing industry in the USA due to the rising demand for cost-effective revenue cycle management solutions. According to MarketsandMarkets, the size of this market, estimated to be around $16.8 billion this year, is expected to cross $27.7 billion by 2029.
Healthcare practices are increasingly opting for outsourcing to reduce their overhead costs. Hence, we can see new billing companies around every corner, each claiming to be the best. The same is the case in New Jersey. So, how can you select the right partner for your practice? We have simplified your task to an extent by listing the top 10 billing companies in New Jersey. To find the best fit, consider the following factors.
Market Reputation
Start by comparing the New Jersey medical billing companies’ market reputation. Go through various online forums and see what their customers have to say about their services.
Experience
Compare their track record and years of experience. For example, well-established medical billing companies in New Jersey like CMI, Revele, Athenahealth, and 2020 MD Billing have decades of experience and proven results.
Covered Specialties
Every medical billing company in New Jersey does not cover every specialty. Some, like CMI, specialize in limited specialties and only offer billing solutions for them. Hence, compare their specialty expertise and select the company that has in-depth knowledge of your practice’s field.
Value
Cost is the most important factor. Compare the pricing structures of all the top 10 medical billing companies in New Jersey mentioned in our list and choose the one that offers the most value. By value, we mean a fair balance between price and service quality.
Compliance
A top medical billing company in New Jersey should also be familiar with healthcare regulations so you don’t have to face any legal or financial consequences. Make sure your chosen name complies with all the state-specific and payer requirements.
There you have it! You can choose the best medical billing company in New Jersey for your practice by evaluating it based on these factors.
