Healthcare facilities have one other goal besides the main motive of providing quality care and that is to secure maximum revenue. There is a huge cost associated with the expenses they spend on a wide range of things. Their spending involves paying the entire healthcare staff, buying supplies, preparing rooms, making sure every piece of equipment is ready and clean, and many other minor to major day-to-day expenditures. One thing from which they generate their revenue is collecting bills. And that’s why medical billing services for small practices are essential.
When hospitals, especially small practices, spend this much on their patients, they expect a good revenue in return. Here they conduct medical billing and receive insurance payments from patient coverages and bills from them directly. These are the main 2 sources for them to keep their healthcare business in running.
So having a billing service proves to be a helping hand. It reduces the cost of expensive staff training and system installation. Instead, RCM service providers have already created software, which they offer to healthcare facilities. All you have to do is sign a contract with them and set payment terms. After the agreement, you are free from any responsibilities and you will keep generating revenue without putting in much effort.
Without further ado, let’s explore top medical billing services for small practices and what are the expertises of each.
CareCloud
CareCloud leads among medical billing services for small practices. It offers a wide range of medical billing expertise for not only small but major healthcare facilities as well. It specializes in the successful claim ratio of the patients and holding skills to adapt according to your facility’s needs.
State: Cloud-based service, that can be accessed from anywhere
Cost: 3-7% of your total revenue
Specialties:
- CareCloud adapts to your existing billing strategy. It also integrates seamlessly with your current EHR systems.
- Submit claims electronically for a faster workflow and keep track of their statuses
- CareCloud identifies common issues causing denials and develops an innovative strategy to improve the collection
DrChrono
DrChrono is usually a cloud-based service that specializes in providing billing services to medical practices. They offer pitch-perfect billing for practice management specifically and for telehealth as well. DrChrono is known for its user-friendly interface and easy mobile app accessibility.
State: Since it is a cloud-based service, you can access it from anywhere in the world
Cost: $29 per provider per month (basic plan) and $100 per provider per month (additional features)
Specialties:
- Direct appointment scheduling and claim submission through EHR software
- Best for telehealth, with features like non-stop video meetings with remote patients
- Robust security measures to protect your facility’s and patients’ data, enabling you to comply with HIPAA
Don’t Know What These Services Are?
Tebra Medical Billing
Tebra is not a billing service provider like other medical billing services for small practices. Instead, they have a platform that connects you to a number of approved outsourced billing companies. In short, they act as a middleman or connection between you and a billing service.
State: It’s an internet-based software, that can be accessed around the world
Cost: Doesn’t have a pre-set cost, may charge 3-7% of the total revenue generated
Specialties:
- Though it doesn’t directly offer your billing services, you will get a number of quality service providers through its platform
- Allows you to choose from a wide range of billing partners according to your customized needs
- Reliable customer support to help you find the perfect match for your healthcare facility
ChartLogic
ChartLogic offers diverse solutions to small practices. They also offer their own Electronic Health Record (EHR) platform for perfect integration into your facility’s system. This provided platform then serves as a go-to resource for efficient medical billing and revenue cycle management.
State: It’s also a cloud-based service, so your hospital no matter is based on which state may access their wonderful features
Cost: They are known for their free implementation, which is best for small and low-budget practices. However, average cost ranges from $100 per month (basic) to $200 per month (advanced)
Specialties:
- ChartLogic allows instant note-taking so that you can perform quick documentation of patients
- Offer pre-built templates for customized charting. Choose one with your needs and save time in creating a chart from scratch
- They can adapt to all-sized practices, from a single healthcare provider to a large health practice
AdvancedMD Medical Billing
AdvancedMD offers both a cloud-based suite of billing services and a self-run EHR system. You can pick any of their offerings based on your facility’s requirements and budget. Their user-friendly platforms are easy to operate, which helps you in ideal revenue cycle management.
State: Can be accessed from anywhere
Cost: Expected costs are $300 per month per provider (basic) and $500 per provider per month (advanced)
Specialties:
- Submit claims effortlessly and track their real-time statuses within the platform
- Automate routine repetitive tasks like claim processing, eligibility verification, and payment posting to save time of your staff
- Generate accurate reports based on your performance to let you know your performance and weak points where you need to improve
Athenahealth
Athenahealth is another addition to the best medical billing services for small practices. They offer effective EHR, practice management, and in-depth billing features. Improving the cash flow of healthcare facilities and optimizing the revenue cycle of the practices is their main goal.
State: Cloud-based services
Cost: Custom quotes but their cost is comparatively higher than other options
Specialties:
- Detailed reporting capabilities to identify high-performance areas as well as attention-requiring tasks
- Leverage Athena’s advanced analytics to make informed decisions about patient finances, staff requirements, and other billing aspects
- Offer updated coding abilities to ensure error-free claim submission
CureMD
CureMD is one of the renowned medical billing services for small practices. They offer seamless RCM and practice management features of all sizes. If you run your facility at a very small scale, their services are suited for you as well. So it’s a go-to resource for any healthcare provider.
State: Can be accessed from anywhere having an internet connection
Cost: Outsourced billing services range from an average of 3-7% of the total revenue generated
Specialties:
- CureMD uses AI to automate repetitive tasks, saving efforts and time
- Provides a valuable KPI dashboard that enables you to track your practice performance. Benchmark your goals and meet them successfullyÂ
- Top security measures to protect your data in their cloud systems
MedicsPremier
MedicsPremier is our last pick of billing service for your facility. They offer a comprehensive suite of billing solutions for small practices, with an emphasis on growing facilities. Medics offerings include cloud-based software, efficient practice management, and medical billing features.
State: All around the world
Cost: MedicsPremier offers custom quotes
Specialties:
- Identify denied claims properly and find solutions to reapply
- Offers patients an easily accessible portal where they can communicate with your practice seamlessly
- Quickly Scan IDs, insurance cards, and other patient documents for instant data entryÂ
Seize The Opportunity
If you have just opened your healthcare facility or you are an existing service provider, knowing medical billing services for small practices is crucial. These offerings will help you provide updated services to your patients along with conducting internal error-free billing. This will not only strengthen your patient relationship but also build massive financial resources.
So what are you waiting for? Consult with any of the services you like and maximize your revenue collection.
