Company description
Medical billing services are third-party companies that handle a medical practice’s revenue cycle management.
The cost of medical billing services ranges from 3% to 10% of a practice’s monthly collections.
Based on our research, DrChrono is the best medical billing service for new practices, AdvancedMD is best for large practices, and CareCloud is the most flexible.
This article is for medical practice administrators considering outsourcing their revenue cycle management (RCM) to a medical billing service.
Medical practices contend with a convoluted billing process involving payers, clearinghouses, rejections and denials. This system can often mean practices have to wait weeks or months to see payment for services rendered to patients. It’s also a highly bureaucratic process, requiring dedicated medical billers and coders creating and tracking claims until payment is received. All these factors could add up to immense costs and serious cash flow challenges.
