Choosing an outsource medical billing company is a big step for any practice. This important decision will impact the flow of cash within the organization, an essential component of success.
A poor choice can cause disturbances in billing cycles and threaten the health of the entire practice. However, a great provider can bring numerous benefits to your practice such as:
- Improving the quality of billing cycles
- Reducing in-house staffing costs
- Providing continually trained billing and coding expertise
For these reasons, it is essential to properly evaluate potential outsource providers and ensure they are providing a quality service. Below are some things to consider when considering an outsource medical billing company.
If you have specific questions about this process, please contact us by clicking here.
High Level of Industry Expertise
One of the most important things to look for in an outsource medical billing company is their level of expertise. A great provider should possess a depth of knowledge about all areas which affect their work. Be sure to question them about:
- Insurance industry best practices
- Government rules & regulations
- Medical practice management
- Coding changes
- Claim submission requirements
- Medical billing trends and innovations
Good companies should have a highly trained staff that is in tune with the latest changes occurring in their industry. Additionally, they should have innovative software and technology integrated into their business operations.
The healthcare industry is changing faster than ever. For this reason, it is essential to find an outsource medical billing provider that is able to leverage these innovations to improve their offering.
There is obviously a huge difference between providers that use traditional methods of billing (manual work) and those that use the latest billing technology. This can be likened to improvements in navigation technology, banking, and communication.
In recent years, these innovations have made it possible to accomplish a great deal in a short amount of time. Finding an innovative medical billing provider will ensure you are leveraging technology to bring the greatest benefit to your practice.
Here are a few questions to ask potential providers about their technology:
- Is their billing software cloud-based?
- What is their process for handling paper claims?
- Does their software integrate with EHR?
- Do they have back up and recovery capabilities?
Excellent Medical Reporting
Providing quality reporting is a key feature of great outsource medical billing providers. When evaluating potential companies, be sure to inquire about their reporting process.
Will they be giving monthly reports to your practice? If so, what kind of information will you receive?
These reports should be filled with useful information and valuable insights that can help you improve your practice and billing standards as time goes on. You can also discuss how much they charge for any additional reporting you may request in the future.
Thankfully, medical billing companies now use cloud-based systems. This makes it possible to gain 24/7 access to any claim or data point you need (number of claims denied, days in AR, etc.). Here are a few examples of the types of reports you may ask your billing provider for:
- Summary of charges
- Summary of payments
- A/R Summary
- Aging Claims
Superior Customer Service
Customer service is a crucial element that defines medical billing providers. Since they will be interacting with your patients, it is essential that their customer service is of the highest quality. Do your homework and evaluate each provider’s reputation in this regard.
You can ask other practices that work with them, look at online reviews, and even pose your questions to the company itself. Don’t be afraid to bring in outside consultants, lawyers, or other professionals to help guide you in this decision as well.
In conclusion, there are many important factors to consider when choosing an outsource medical billing company. It is essential to find a provider with highly trained and knowledgeable staff.
Their billing team should be up to date on the latest trends, innovations, and regulations that affect the medical billing and healthcare industry. It is equally important to find a provider with the latest software and technology integrated into their services.By doing so, you will be light years ahead of other practices that still rely on manual and outdated methods of billing.
If you would like a free consultation or have any questions about the medical billing industry, please contact us by clicking here.