DrChrono is our best pick for medical billing services for small practices because it marries a thorough and comprehensive billing service with effective healthcare IT software at an inexpensive price. In addition to its full revenue cycle management (RCM) plan, DrChrono offers a hybrid plan for new practices that are just ramping up and could use the added support at a fraction of the cost. Once new practices determine what their monthly volume will be, they can choose to fully outsource their billing to DrChrono or bring it in-house.
View all our recommendations for medical billing services on our best picks page.
DrChrono is adaptable to any specialty, both in terms of its billing team and software. The service is fully HIPAA compliant, ensuring your patients' healthcare data is secure and your practice is following federal law. The software suite, which includes an electronic health records (EHR) software and practice management solution, is included in the percentage of collections DrChrono takes for its RCM services.
DrChrono offers a complete, end-to-end billing process that completely takes revenue cycle management (RCM) off your practice's shoulders. It starts with claims creation and certified coders that ensure your claims are coded properly along ICD-10 standards.
It uses predictive analytics to anticipate rejections and make the necessary adjustments before the claim is submitted. If claims are still rejected, DrChrono works to resolve the issues and resubmit claims within 48 hours. It will also analyze why a claim was denied so that similar claims are not rejected in the future.
DrChrono boasts a 94 percent first-pass claims approval rate, meaning 94 percent of the claims the company submits are accepted by payers on first submission. In addition, the company promises that at least 96 percent of claims will be paid within 60 days. Both of those statistics are above average for the companies in our review.
The company also offers a hybrid model for new practices to outsource a portion of their billing operations while handling the remainder in-house. This plan is ideal for companies that aren't certain what their billing volume is going to be yet and want to test whether they need a full RCM service or not.
That platform includes a detailed denial and rejection analysis reporting tool that allows your practice to drill down into rejected claims and find out the source of the issue. If there is a pattern of rejections, your practice can make adjustments to how you capture charges at the point of care or communicate with DrChrono about repeated issues so the billing team can resolve it. The billing team will also post any explanations of benefits (EOB) or electronic remittance advice (ERA) posted by the payers to inform you of any guidance offered by the insurance companies.
Finally, DrChrono handles patient statements to capture any additional balance they might owe. If your patients have any outstanding balances, DrChrono will follow up with them and remind them about their balance due.
Pricing ranges from inexpensive to average, starting around 4 percent of net monthly collections and rising as high as 9 percent. Typically, DrChrono will bill a practice around 6 percent, though the final cost depends on your practice's size, claims volume, number of providers and patient encounters. There are no additional costs for access to the EHR and practice management software.
DrChrono does not charge any setup or clearinghouse fees on top of the monthly percentage. Everything is included in the monthly rate you agree to pay, so you won't have to worry about hidden fees increasing the final cost.
DrChrono's EHR solution is simple and effective. It includes a user-friendly interface, scheduling tool, clinical encounter module and comprehensive list of patients and their insurance providers. You get full-featured access to the platform, including the patient portal and real-time insurance eligibility verification to determine which payers a patient uses before they arrive for an appointment.
This service effectively carries out all the core functions very well. While it lacks some helpful features that other services offer, it functions well and should fully serve the needs of a small practice. For more information on DrChrono's EHR software, see our review.
Its RCM services include access to the company's integrated practice management module, through which the billing team creates and processes your claims. The practice management platform also allows you to review practice financials and generate reports, which adds an element of transparency to your outsourced billing operations.
When you partner with DrChrono you are assigned a dedicated account manager who acts as your point of contact for any questions or problems. There is also a ticket system if you need tech support for software issues.
Our customer service experience with DrChrono was positive. On multiple calls and live chats, representatives were patient and informative without pushing us to purchase the program, even after we expressed we were only investigating potential partners and weren't yet ready to buy.
DrChrono offers a thorough medical billing service that ensures you collect as many dollars as possible for the services you've provided. Its collection rate is above average by industry standards and its full suite of healthcare IT software, such as the EHR and practice management solutions, offer additional value for the same costs as the medical billing service. Because of its simplicity and inexpensive price, DrChrono is our best pick for the medical billing service for small practices.
Editor's note: Looking for a medical billing solution? Click the Compare Quotes button below to be connected with vendors that can help.
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