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CareCloud Review

Adam Uzialko
Adam Uzialko
  • CareCloud is a highly flexible and customizable medical billing service.
  • You can outsource your entire medical billing process or just select parts to CareCloud.
  • CareCloud offers competitive rates but requires significant startup costs and a long-term contract.
  • This article is for medical practices that want to learn more about CareCloud, our best pick for a flexible medical billing service.

After conducting research and analysis of medical billing services, we recommend CareCloud as the most flexible medical billing service. CareCloud's medical billing service, called Concierge, is now even more flexible than before the company was acquired earlier this year by MTBC (when it was already one of the more adaptable services in our review), allowing practices to outsource some or all of their medical billing. The company takes a consultative approach to medical billing, helping practices grow over the midterm and scale up their operations, starting by improving their financial performance.

CareCloud

CareCloud

The Best Medical Billing Service Providers of 2020

The Verdict

CareCloud offers a consultative approach to medical billing services that helps practices grow over the long term by optimizing their collections process. CareCloud outsources either the full medical billing process or only the elements you need.

We chose CareCloud from a pool of dozens of medical billing services. To learn more about our full methodology and for a comprehensive list of medical billing companies, see Business News Daily's best picks page.

 

Editor's note: Looking for a medical billing service for your practice? If you're looking for information to help you choose the one that's right for you, use the questionnaire below to receive more information from our vendor partners.

Medical Billing Process

The service's exact billing process depends on the scope of services you require. Theoretically, a practice could choose to outsource a single part of its billing process. For example, if you only wanted to outsource medical coding, CareCloud could handle just that aspect. Alternatively, your practice could outsource the entire medical billing process, from patient insurance eligibility verification to denial management.

CareCloud scrubs claims through its CollectiveIQ database, which is updated with new rules anytime a CareCloud client encounters a problem that was not previously indexed. That gives your practice the benefit of learning from denials that occur across CareCloud's entire network of clients.

CareCloud also performs billing functions related to the patient directly. The company follows up on any outstanding patient statements by sending reminders and working to collect the funds quickly. Once it collects money from either the patient or the insurance payer, the funds are deposited directly into the practice's accounts, minus CareCloud's service fee.

At all levels, CareCloud helps ensure practices are enrolled in Electronic Data Interchange (EDI) with payers, which allow practices or third parties acting on their behalf to submit claims and receive payments electronically. CareCloud's billing team includes certified coders with certifications from organizations such as the AAPC and AHIMA. CareCloud works with several clearinghouses, including Change Healthcare, TriZetto, Availity and Optum. The company also works directly with Medicare-associated payers.

Key takeaway: CareCloud can handle your entire billing process, or just individual elements if you prefer. It is the most flexible medical billing service we reviewed.

CareCloud Pricing

CareCloud charges a monthly fee based on a percentage of net collections, like all the other medical billing services in our review. The precise percentage depends on the service level you select, as well as your practice's size, specialty, claims volume, claims value and complexity of billing operations. The typical CareCloud client can expect a cost between 3% and 7% of its net collections, which is a low to average cost for the companies in our review.

This service can be somewhat expensive upfront because it charges one-time fees to get providers started on the system. Included in these fees is CareCloud's assistance with enrolling all providers in EDI with the appropriate payers, which is required for practices (or third parties acting on their behalf) to submit claims and receive payments electronically.

The exact startup fees depend on the specifics of your practice, but a company representative quoted us about $1,000 per provider. These startup costs are among the highest of the medical billing services we reviewed.

CareCloud typically requires a contract commitment of three years as well. A company representative claimed the high implementation fees and lengthy contract requirement are due to its consultative approach. Still, these fees and contract terms might be too much for smaller practices on a budget.

Key takeaway: CareCloud offers competitive rates at 3% to 7% of monthly collections. However, it also requires high implementation fees and a lengthy contract term.

CareCloud Software

CareCloud offers both a proprietary electronic health records (EHR) system and practice management software. One of the strongest points of CareCloud's medical billing service, though, is that it is platform agnostic; you don't have to migrate from your current system if you choose not to use CareCloud's software but still want to employ the billing service.

There are some benefits to using CareCloud's software in conjunction with its RCM services, though. All billing activity CareCloud performs can be viewed within the practice management system in real time. Moreover, you can use the practice management software's reporting tools to gain deeper insights into your practice's financials. CareCloud's Command Center provides a high-level overview of a practice's key performance indicators, such as revenue, collections by payer and outstanding claims. The system also includes more than 150 report templates that you can schedule to run on a daily, weekly or monthly basis, with data updated in real time.

For practices that want even more control over their data, CareCloud's analytics tool includes a massive spreadsheet of all the data stored in both the EMR and practice management platform. You can sort and filter that spreadsheet in any way that's useful to your practice, and also use it to generate customized reports. All data is exportable to Microsoft Excel.

Key takeaway: CareCloud offers an integrated EMR system and practice management software that are particularly intuitive and easy to navigate.

CareCloud Support

CareCloud offers practices a dedicated account manager upon signup, who acts as a liaison between the practice and CareCloud. Your account manager is responsible for answering your questions about the system, helping to train your in-house staff, and keeping your practice apprised of all billing operations.

The company has a U.S.-based support staff available every weekday from 8 a.m. to 9 p.m. EST. In addition, there is a ticket system for requesting help with technical issues and a ticket tracking system that allows you to monitor progress on your outstanding requests for technical help.

CareCloud helps practices with EDI enrollment and ensures all providers are properly credentialed with the appropriate payers. Not all medical billing companies offer credentialing assistance, and its inclusion here accounts in part for CareCloud's high implementation and startup fees. The company also offers training to in-house staff on the proper use of the system. Once signed up, your practice will have a unique login to access the CareCloud community, which connects you with other CareCloud clients to discuss tips and tricks, ask questions, provide support, and review answers to frequently asked questions.

Key takeaway: CareCloud offers one-to-one support and in-person training options, as well as EDI enrollment and provider credentialing with payers.

Limitations

The main limitation we discovered with CareCloud is its setup fees, which are steep compared to other medical billing services we reviewed. Even among companies that charge setup fees, CareCloud is the most expensive. While these fees are one-time costs incurred during onboarding, they can be a significant upfront expense, especially for a practice on a tight budget.

Of course, any implementation fees must be weighed against the expense of keeping your billing in-house, which is a recurring salary cost, often for multiple staff members. Despite the high setup fees, CareCloud remains our best pick for a flexible medical billing service thanks to its versatile offerings and adaptability to a wide range of billing operations and workflows.

Key takeaway: CareCloud's high implementation fees and lengthy contract might be cost-prohibitive for very small practices; however, CareCloud's model is ideal for growing medical practices that want a scalable partner.

Ready to choose a medical billing service? Here's a breakdown of our complete coverage:

 

Editor's note: Looking for a medical billing service for your practice? If you're looking for information to help you choose the one that's right for you, use the questionnaire below to receive more information from our vendor partners.

Image Credit: Lisa S. / Shutterstock
CareCloud

CareCloud

The Best Medical Billing Service Providers of 2020

The Verdict

CareCloud offers a consultative approach to medical billing services that helps practices grow over the long term by optimizing their collections process. CareCloud outsources either the full medical billing process or only the elements you need.

Adam Uzialko
Adam Uzialko,
Business News Daily Writer
See Adam Uzialko's Profile
Freelance editor at business.com. Responsible for managing freelance budget, editing freelance and contributor content, and drafting original articles. Also creates product and service reviews to assist business.com readers in buying decisions for their businesses. VP and co-founder of CannaContent, a digital marketing company dedicated to the cannabis, hemp, and CBD industries. Focused specifically on the content marketing arm of the company, creating blogs, press releases, and website copy for clients spanning the entire supply chain. Avid fan and indispensable ally of the feline species. Music lover, middling guitarist, and unprompted vocalist. Miniature painter who loves sci-fi and fantasy. Armchair political philosopher with a tendency to read old books written by men with unusually large beards. Ask me about all things writing!