Every medical establishment needs proper billing tools. It is an integral part of healthcare that improves the revenue of a hospital. Sometimes, the hospital would charge the patients for the treatment, and other times, they would make an insurance claim for their services.

The problem is that not every hospital has the time and resources necessary to spend on billing and accounting. Most small hospitals are comprised entirely of doctors – and when your patients are suffering, the last thing you have time for is calculating billing and revenue.

This is why hiring and outsourcing to hospital billing companies may seem like the better choice. These companies can either handle the work remotely or send staff to your location– all based on your preferences. If you are not exactly certain who to hire, here are some suggestions.

1. Fortis Medical Billing

If you have a problem with coding errors as you submit a claim, or you do not have the resources and technology, then Fortis Medical Billing may be exactly what you are looking for. Based in the United States, the company has helped numerous hospitals, big and small, to increase their revenue and prevent potential losses.

Fortis has a 95% claims rate as well as a 97% retention rate, with the audits done by expert auditors. The company brought numerous knowledgeable people to the team, including former FBI, OIG, and IRS and IRS agents. Certified coders will also see where your coding problems are so that losses in revenue are prevented.

The billing company offers custom billing plans to fit the needs of every hospital in particular. This way, the integration will be seamless and will benefit the hospital in the long run. Many other similar companies will not do this, as it takes time and effort, but Fortis does – which sets them apart from their competition.

Other billing and coding companies concentrate more on the billing part, but Fortis seems to put a lot of their focus on the patients as well. This improves patient satisfaction and increases retention, giving your reputation a boost. This can be highly convenient if your hospital is still quite small.

Unlike other hospital billing services, Fortis allows room for growth. Aside from hospital billing, you get ASC billing, ambulance billing, home care billing and even HVV audits. If you have plans to expand the practice, then you will not have to start looking for other bigger billing services – you can simply keep using Fortis.

2. Advanced MD

If you have problems with your insurance claims, then Advanced MD is also a billing company worth your attention. With a 95% success rate on first pass claims, this firm aims to manage your revenue cycle without any further delays.

The platform for hiring is straightforward to use, and the staff will remotely handle your accounts. This is a good option if your hospital is relatively small, and you need every other room to handle your patients.

The medical billing company makes use of an EMR system , which improves the accuracy of your billing. It will also search for potential coding errors within the claim, removing them so that they no longer pose a problem. If you have an issue with denied claims, Advanced MD will help you with that as well.

The issue is that while it does help with fixing the coding errors, it does not handle the initial coding itself. As a result, you need a certified coder on your staff. This makes it problematic for those who wanted to fix their coding issue and shortages in the first place.

The service may also come with some extra fees, which can add up quite a bit in the long run. Payments are based on how much revenue you get, so you might not know precisely the sum you will have to pay by the end of the month. If you have a small hospital with a low income, this might be rather troublesome for you.

3. Cerner

If your billing needs are more complex, then Cerner is one of the hospital billing companies that you can keep in mind. While it can be used for small practices, it is more suitable for medium to large-scale hospitals.

This billing company offers qualified professionals for handling the revenue cycle management, but it also provides training for those that you already have on staff. This way, you will be able to maintain error-free revenue management even in the long term.

Cerner gives you full visibility in every aspect of your revenue cycle. You can see breakdowns, bottlenecks, as well as how to improve the patient experience. This way, if there are any recurring errors, you will know how to stop them before they become a problem. It comes with a learning curve, but once you know how to use it, the billing system provided by the company can be quite extensive and impressive.

There is a steep price that you will have to pay to use the service, which is why it is not that recommended for small hospitals with a low budget. The training process is also fairly extensive, and the ones taking part in it need to be fully involved. A doctor that is only joining part-time may not be able to keep up.

4. CareCloud

If you are looking for hospital billing services that charge a flexible fee, then you might want to go for CareCloud. This service adjusts your billings based on their complexity, as well as how frequent your claims are. It also offers you a strong EMR system that you may easily match with the biller, reducing potential errors.

CareCloud offers a below-the-average percentage price, which is based on the hospital’s monthly billing amount. In the long term, this may prove highly convenient and can help you save money. On the other hand, the startup fees can be hefty, which means that you will have to prepare some money for the initial investment.

There is one feature that can be considered both an advantage and a disadvantage: the 1-year minimum contract. On the good side, if you want a reliable service for a longer time, then this service is just right for you. On the other hand, if you only need to outsource your hospital billing for a month or two, then this may not be a good match for you.

The prices are competitive, but the billing company needs a minimum monthly guarantee. This means that even in the long term, the fees can add up and cause financial losses.

5. DrChrono

Those looking for full-service systems might like using DrChrono. This one brings a variety of features to the table such as practice management, EMR, and billing services. If you are a small practice and have yet to find staff for this department, then DrChrono can still be helpful. Plus, not only will it be efficient in general practices, but also for specialty providers.

DrChrono has a 97% first-pass success rate on its claims, which is pretty convenient. It will take care of the entire submission process, going from the beginning to the end. If you do not have a highly knowledgeable team to handle this matter, then this billing company will take care of everything for you.

The drawback is that if you wish to use the medical billing services provided by DrChrono, then you also have to obtain its ERM software package – which is a completely separate purchase. This might add some extra costs, especially as there are payments to be done every month.

DrChrono is still a relatively small medical billing company, which means that it does not have as many people on staff compared to other similar companies. As a result, if your hospital holds larger accounts, this service may not be able to keep up. With that in mind, if you are only starting, it can help with a variety of services – including the generation of the first code.

The Bottom Line

Hospital billing can take a lot of time and effort, which is why you need to find someone to outsource this task to. Bear in mind that not every medical billing company is the same, so you must make sure that what they offer is in line with your needs. It might take some research, but the results will be worth it.