Medical billing services remove the burden of revenue cycle management. With integrations for 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.
To ensure that revenue continues to flow smoothly, medical billing departments need to quickly and efficiently capture charges to create claims, properly code those claims, and submit them through the right channels to the proper payers. Even as new charges are coming in, billers must keep tabs on previously submitted claims, ensuring they are not rejected or denied by payers. If they are, billers must revise those claims and resubmit them, as new charges continue to pile up. Clearly, there's a lot that can go wrong.
The challenges associated with medical revenue cycle management (RCM) require billing departments to be nimble and adaptable. Billing departments are also responsible for staying abreast of the latest updates, whether that's changing regulations or shifts in payers' policies. No matter which way you slice it, medical billing demands a lot of time, energy and money to run in-house. That's why many medical practices choose to outsource their revenue cycle management to third-party medical billing services, sometimes called RCM services. Unfortunately, it's a crowded space with many disreputable companies; finding a good one can be tough but is important, because the right service can take the burden of billing off your practice, ideally reducing your expenses while also boosting revenue.
Business.com researched some of the leading medical billing services to help you cut through the clutter. We've reviewed several quality services we encountered in our research and selected some as best picks, such as the best medical billing service for small practices, the best medical billing service for large practices and the most flexible medical billing service.