Compare Medical Billing Service Prices - BUYERS GUIDE 2017
What are Medical Billing Services and How Much Does it Cost?
Before and after a patient receives treatment, healthcare providers must submit and follow up on insurance claims with the patient’s health insurance company. Medical billing software, a growing part of the healthcare industry's automated connectivity, digitizes this process and reduces the cost and time associated with handling phone- and paper-based claims.
Medical billing services can cost from $900 to over $11,000 depending on enterprise size and whether or not you want on-site servers. Web-based or "cloud" software runs on off-site servers and can cost as little as $25 to $100 per month. Many vendors also charge a percentage of claims processed using their software. Other factors include the number physicians using to software and how many patients seen per day.
Compare Medical Billing Fees and Pricing
What to Look For In a Medical Billing Outsourcing:
Your medical billing software should have easy-to-use functionality when it comes to patient registration, scheduling, charge entry, payment posting, insurance and billing, and reporting. Your software must also be compliant with the latest regulations of the Health Insurance Portability and Accountability Act (HIPAA).
Medical billing software often comes with electronic health records (EHR) connectivity. Make sure your billing software can be integrated with your other practice management software.
You should also question your medical billing software vendor about their policies and practices, and any back-end access they have to the software. Make sure patient privacy and security is paramount for their company as well as their software. And of course, make sure your medical billing software vendor provides telephone support and technical service.
When examining fees of an outsourced medical billing solution look at the contract term and set up fees. Most will bill on a percentage based plan but make sure you're getting what you need, including claims scrubbing, claims processing, and collection agency transfer of unpaid balances if needed. The provider must be HIPAA compliant, and should offer ICD-10 support and ideally include cloud based services.
Other Features To Look at: Appointment scheduling, insurance verification, credit card processing, PM software (Practice management), EHR (Electronic Health Records), and mobile and options. Fro help and support look at training support and online resources such as webinars and videos.
Medical Billing Service Sample Costs
Below are a few examples of price facts for Medical Billing Services which will give you an idea how how much you will pay for you purchase.
- 8% average cost by percentage of collected medical debt.
- Medeye services range between 2% to 4% on average.
- Most set up fees are free but a few can cost as much as $250 to $1,000.
- Emperia Medical Billing is generally 4% of all collected revenue.