Choosing to outsource billing services for your medical practices can have a great impact on your revenues. As well as your practice by saving you the hassle of managing internal bills and freeing up more time for your patients. If you succeed in choosing an experienced and professional medical billing company.
However, it can be quite a challenge to find the right service provider to manage the revenues for your company. Know what to look for will be beneficial and important to you to be able to make the right choice.
Tips To Choose The Best Medical Billing Company
Quality And Level Of Services
Before you select a medical billing company, it is important
that you agree on the level of services provided by the company for smooth functioning. The general basic services provided by a medical billing company include claim generation and submission, following up with carriers and preparing patient invoices and providing patient support. Some medical billing companies also offer extra services that work towards making the revenue collection system much more efficient. Such services include;
• Payment follow-up for patients who do not pay their bills on time.
• Properly articulated procedures for following up denied
• Improved levels of practice management that provide insight and feedback on various billing issues on time.
Use Of Latest Technology
A good medical billing company should have the latest medical billing software and train its staff on how to utilize the technology. Make sure to address;
• What are the procedures in place for data recovery, data backup, patient information handling and sharing and security of data?
• How are the claims and superbills shared?
• Is the level of technology in the billing company in line with your company’s Electronic Health Record (EHS) system?
• Does the service provider have an integrated EHR system?
Quality Of Billing Staff
The expertise and experience of the staff are critical as is the number of years the billing company has under its belt. The staff must be aware of the carriers as well as the procedures and specific -specialty employed by your company. In addition, staff experienced in various fields such as Medicare or Medicaid will increase operational efficiency.
Consider Pricing Options
It is important to choose a company with price models that are in line with the size of your practice, average claim size and volume and the service package provided by the billing company. The various price models available include;
• Fixed fee model – the medical billing company will charge a fixed amount for each claim submitted by it.
• Percentage model – the medical billing company will charge a certain percentage of all collections.
• Partly fixed model – a combination of bothfixed fee and percentage model.
Check Out If The Company Is Certified
The billing company should be certified and must be compliant with HIPAA Health Insurance Accountability and Portability Act (HIPAA) in your country, and it must protect the patient’s personal information in alignment with your company standards.