When most people think of medicine, they probably don't think of billing beyond their own co-payments and deductibles – unless, of course, they are members of the healthcare industry. Staff at medical practices and hospitals know how critical (and convoluted) medical billing is. Revenue cycle management is central to the successful operation of any healthcare organization, yet it is a timely and costly endeavor. However, it cannot be ignored, as ineffectual management of medical billing leads to delays in payment, underpayment and even erroneous denials or rejections.
Medical billing services remove the burden of revenue cycle management. With integrations into an organization's electronic medical records (EMR) systems and practice management software, claims can be generated by third-party staff or even automated systems. Outsourcing revenue cycle management also puts a dedicated team in charge of chasing denials and underpayments, reducing the workload of monitoring submitted claims in-house. Best of all, most services operate directly within a medical practice's existing practice management software, allowing staff to monitor progress on submitted claims.
While medical billing services offer a significant benefit to medical practices, it's important to choose the right one. Selecting the wrong partner can tie up the practice's money and possibly cause payments to fall through the cracks.
This guide covers the ins and outs of revenue cycle management as well as reviews of some of the top medical billing services. Business.com has also selected the best services that stand out from the crowd.