How Much Does A Medical Billing Service Cost?

There are many reasons why practices opt for third party medical billing services. The most important one is that while being a health care institution, a practice is also a business which means that in order to maintain the standard of the services rendered, a positive cash flow is vital. Moreover, the practice can flourish faster with professional service to take care of contract negotiations with the insurance companies, timely reimbursements, and billing.

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Other benefits include:

· Easily comprehendible patient bills

· Customizable reports

· Claim inquiries

· Accurate claim submission with guaranteed approval

Every practice has a set of unique features and requirements for medical billing, and the charges are customized to accommodate them in the best way possible. So the service representatives tend to customize the pricing plan to ensure that the valued client only pays for the services they use. Potential customers can get a quote via a phone call, email or by making a query using the online chat support.

Medical Billing Service Cost

Comparison between different medical billing services

ADP AdvancedMD

· Overall rating ~ 9.88

· Setup Fees ~ None

· Pricing ~ Percentage

Kareo

· Overall rating ~ 10.00

· Setup Fees~None

· Pricing~Percentage

Precision

· Overall rating ~ 9.63

· Setup Fees ~ Varies

· Pricing~Percentage

CRT Medical Systems

· Overall rating ~ 9.63

· Setup Fees ~ Varies

· Pricing ~Percentage

MedicalBilling Star

· Overall rating ~ 9.38

· Setup Fees ~ $250

· Pricing ~Percentage

Avisena

· Overall rating ~ 9.63

· Setup Fees ~ Not Available

· Pricing ~Percentage

MTBC PracticePro

· Overall rating ~ 8.75

· Setup Fees ~ $1,000

· Pricing ~Percentage

athenaCollector

· Overall rating ~ 10.00

· Setup Fees ~ Varies

· Pricing ~Percentage

GroupOne

· Overall rating ~ 8.75

· Setup Fees ~ None

· Pricing ~Percentage

Advent Medical Billing Services

· Overall rating ~ 9.38

· Setup Fees ~ Varies

· Pricing ~Percentage

NueMD

· 10.00

· Setup Fees ~ None

· Pricing ~Percentage

ClaimCare

· 3.75

· Setup Fees ~ $99.5

· Pricing ~Percentage

Services included in Medical Billing

· Claims Scrubbing

· Claims Processing

· Claims Follow-up

· Patient Statements

· Patient Support

· Software Features

· HIPAA Compliant

· ICD-10 Support

· Free Updates

· Report Generation

· Software Hosting

· Cloud-based Services

· Appointment Scheduling

· Insurance Verification

· Credit Card Processing

· Patient Portal

· PM Software

· EHR Software

· Meaningful Use Support

· Mobile App

· Current Software Integration

· Help & Support

Determining the cost of Services

The pricing plan largely depends on:

· Specialty and nature of the practice – general physicians or specialties such as dermatology and

oncology

· Services rendered

· The amount of time it takes

· Competition

· Clearinghouse charges

· Patient's financial statements

Different Pricing plans

There are three different pricing plans that services use- per claim, by percentage or hourly. The clients and the medical billing service can reach a mutual agreement and make the plan that suits their best interests.

Percentage

Medical billing services that go for this type of billing plan tend to charge a fixed percentage if the monthly revenue that the client collects. The percentage may vary depending on the size of the organization, the location, the services being rendered and the nature of the practice. Also, the practice that renders services to a small number of patients gets a smaller percentage of charge.

Typical Percentage charges

Medical billing fee ranges from 6 to 10%, and variations are subject to the area.

If the client chooses service for filing claims only, the service charges range from $3.50 to $4.50 per claim. It is important to check with the state laws to ensure that percentage billing is legitimate.

Per Claim

Charges drawn on per claim basis are feasible if the claims are submitted without any extra services. Practices that want a third party services to file their claims for them also go for this kind of service.

Per Hour

Hourly charges are suitable when the charge per claim or percentage pricing plan is not feasible. It is a good choice for small practices or health practitioners that don't render services to a large number of patients and so charging by the hour is not suitable for them.

Practices have the option to switch their medical billing pricing plans whenever some special project comes up. For larger clients, the medical billing services are more affordable by the hourly rates.