The financial fitness of any practice is tied directly to efficient medical billing collection, compliance, and follow-ups throughout the claims process. An effective cash flow system is essential in order to keep the financial health of your practice strong. While medical billing is extremely important, it is a time-consuming task that could theoretically impact your practice in a negative way if it results in less quality time to care for your patients. That’s why we recommend using a medical billing company to handle your billing so you can focus on your patients.
Here we have jotted down some effective tips for you that will help you while choosing your medical billing service.
Know Exactly What You’re Paying For
Although you should never make a decision on a vendor based upon cost alone, you do want to know precisely what you will be paying for and you also want to find a competitive price. The price of outsourcing can vary based upon the specific focus and size of your practice. When discussing the cost of services with a vendor, a few things you’ll want to ask include:
- What specific services will be included with the percentage I’m paying each month?
- Are there any additional clearinghouse fees, or are these fees included in what I’ll be paying?
- Does the percentage you’re charging include co-pays collected by my practice’s staff at the time of service?
Price and Services Analysis
Choosing a vendor solely on the basis of a low price point is a bad idea because it’s possible the lack of cost is an indication of low quality service. While that’s not always the case, it’s worth some hesitation because the capabilities might not align with your needs. Put simply, it could just be too good to be true. At the end of the day, low prices are sometimes a gimmick used by low profile companies to gain users easily. So, to keep your practice away from these disappointments, we recommend analyzing the pricing and services offered by every vendor worth considering so you can sort out the best medical billing service provider at an affordable price.
Quick Responsiveness and Customer Support is Essential
- If you do face any problems along the way, you want to work with a billing and coding company that offers quick responsiveness and customer support when you need it. This is especially crucial as you’re transitioning from in-house billing and coding to outsourcing. However, quality, fast customer support is essential throughout the entire vendor relationship. No matter when you have an issue, you want to ensure that your medical billing company is with quality customer support and helpful resources to enable you to achieve success.
- You always want to find a billing company that is a good fit for your practice. Ensure the vendor has expertise in your specialty, know what you’re paying for, and be sure you’ll be getting the support you need through every part of the process. The key is to make sure that your practice and your billing company are working together seamlessly. Outsourcing your billing and coding is one of the most significant financial and practice management decisions your practice will ever make. Use these tips to make the right decision, so you end up working with a company that will help you achieve your financial goals
Find a Company with Expertise in Your Specialty
Whether you specialize in pain management, nephrology, pediatrics, or gynecology, different specialties come with unique billing and coding challenges. This means it’s important to find a medical billing company that has coding expertise in your type of practice. They’ll have a better knowledge of your specialty’s requirements for documentation, coding, compliance, and more. Failure to go with a company that has expertise in your specialty may result in coding inaccuracies and claim denials that make it more difficult for you to reach those bottom-line goals you’ve set for the year.
Pay attention to technology used
There’s an enormous difference between billers doing things the traditional way (manual data entry, faxes) and those using cloud-based revenue cycle management software. Think of it like your personal banking. Some people still collect piles of paper bills, write each payee a check, mail it, and manually tally their account, while others pay their bills online with the click of a mouse and no paperwork or postal delay. With the right software, your office can be seamlessly be connected to the remote billing office. So while selecting a company for your medical billing service. Make sure that you opt for updated software and technology.
Check previous Records
It is mandatory that you check previous records and testimonials of medical billing and coding services. And after doing all your necessary research then you should be investing your trust in that company. You never know that a company might appear to be good at billing and coding but lack in professionalism.