Billing Company Contract Comparisons
Here is a comparison of four medical billing companies based on the provided contracts: Billable Inc, EZ Processing LLC, Millennium Medical Billing Inc, and Adelfi Medical Billing Solutions LLC.
### Billable Inc
**Pros:**
- **Low Service Fee:** Charges a relatively low fee of 2.49% of monthly billing.
- **Comprehensive Services:** Includes submission of claims, follow-up on unpaid claims, posting of payments, preparation of patient statements, handling inquiries, and monthly reports.
- **Confidentiality and Compliance:** Adheres to HIPAA and maintains confidentiality of all patient and practice information.
**Cons:**
- **Termination Notice:** Requires only 30 days' written notice for termination, which might not be sufficient time to transition to another service.
- **Limited Scope:** May not provide as many additional services (e.g., credentialing, marketing) compared to other companies.
### EZ Processing LLC
**Pros:**
- **Dedicated to Specific Claims:** Focuses on Workers' Compensation and No Fault claims.
- **Term Flexibility:** Offers a three-year initial term with automatic renewal for two-year terms, providing long-term stability.
- **Additional Services:** Includes storage of paid files and the possibility to adjust base fees if the client’s practice changes significantly.
**Cons:**
- **Higher Service Fee:** Charges a base fee of 10% per month of net collections, which is higher compared to Billable Inc.
- **Strict Termination Conditions:** Termination for cause requires a 45-day period to correct breaches, which can be cumbersome.
### Millennium Medical Billing Inc
**Pros:**
- **Broad Range of Services:** Offers extensive services including RCM, credentialing, coding, audits, claim litigations, and IT security support.
- **Experience and Resources:** Established in 1997 with a well-experienced team and robust technology integration.
- **Transparency:** Provides critical KPIs and has a high focus on compliance and quality assurance.
**Cons:**
- **Complex Fee Structure:** Fees vary based on the amount collected per month and additional fees apply for extra work or software services.
- **Implementation Fee:** Charges a one-time implementation fee, which adds to the initial cost.
### Adelfi Medical Billing Solutions LLC
**Pros:**
- **Exclusive and Non-Exclusive Options:** Offers flexibility in engagement (exclusive or non-exclusive basis).
- **Comprehensive Claims Processing:** Manages claims for various payers including private insurance, commercial payors, and government-sponsored programs.
- **Certified Personnel:** Ensures that billing and claims professionals are certified and trained.
**Cons:**
- **Fee and Service Details:** Specific fee details and additional costs are not as transparent in the provided summary.
- **Dependence on Client Information:** Requires the client to ensure all healthcare service information provided is accurate and compliant, which places significant responsibility on the client.
### Summary
- **Cost Efficiency:** Billable Inc offers the lowest service fee but with fewer additional services.
- **Service Specialization:** EZ Processing LLC specializes in specific claim types and offers long-term contracts.
- **Comprehensive Offering:** Millennium Medical Billing Inc provides a wide array of services but with a more complex fee structure and higher initial costs.
- **Flexibility and Certification:** Adelfi Medical Billing Solutions LLC offers flexibility in engagement and employs certified personnel, though detailed fee information is less clear.
When choosing a billing company, consider the specific needs of your practice, including the range of services required, cost efficiency, and the flexibility of the contract terms.