9 Steps to Selecting the Best Medical Billing Company
Every healthcare facility must choose how to deal with its medical billing requirements. They could decide to manage the billing in-house or outsource it to a third party or alternatively let an expert medical billing firm handle the process. It is true that the medical billing procedure is complex and time-consuming for healthcare professionals who take charge of patients on a daily basis.
If you choose to outsource, you’ll need to ensure that you select the most suitable medical billing service to meet your requirements. There are many medical billing companies to pick from, which is difficult to make an informed choice. We’re here to guide you through this nine-step guide to selecting the right medical billing service to run your business.
1. Determine the scope of your practice’s requirements
The first thing you need to know when you are trying to find the right medical billing firm to meet your requirements is that there are different firms that specialize in various sizes of accounts. These companies are better equipped to handle large-scale medical practices that have many doctors and accept various types of insurance. Some specialize in smaller practices that have lower budgets, fewer physicians, and a few insurance companies.
In order to determine the size of your account, You must consider three aspects: the size of your practice, its budget, and the accepted insurance providers. Based on these aspects it is recommended to pick between three kinds of medical billing firms:
Small-scale bill services
Medical billing services that are small-scale are perfect for smaller practices. They are designed to serve practices that have smaller budgets, data volumes, and doctors. Positively they provide individualized, one-on-one services and are highly reliable. In addition, they can be cost-effective and could help your business save a large amount of money on billing. But, you must ensure that smaller companies are able to manage the billing requirements.
Physician practice management company
Most practices will require a physician practice management firm. These companies typically offer the billing (and various other) services to practices with a staff of 200 or more. They have a long-standing and well-equipped team with the latest technology in the medical billing industry and typically manage huge amounts of information at once. In reality, they can handle nearly all back-office and administrative duties off the shoulders of physicians. However, they could cost you additional fees for specific billing and coding functions, which could be costly for certain practices. Be sure to inquire about specific details regarding how they handle billing.
Professional Billing company
A partnership with a professional medical billing company allows you to include important functions in your accounts. This will help you take more burden off your shoulders so that you can concentrate on the care of your patients. These firms, however, typically will cost you more and you’ll need to allocate more funds for codes and medical billing.
2. Find companies with experience in your area of expertise
Certain companies for medical billing are better suited to specific practices. Some medical billers only have one specialty however, they are specialists in their field. Others may have qualifications in multiple areas of expertise and are able to be involved in different techniques.
The most important thing to be sure of before hiring the medical billing service for your doctors will be that they are experienced in the area of expertise you require. This is essential, considering that the most common reason for denial of claims and loss of revenue in practices stems from improper billing and Coding. Certain practices prefer to work with a firm that concentrates only on their area of expertise. This way, they are confident that they’re working with the most knowledgeable experts in their area, will receive all their attention and they will be able to avoid mistakes. Others simply seek to ensure that a business that they have worked with many others in their field to achieve success. It’s ultimately your responsibility and that of your coworkers to determine your goals.
Here are a few questions to ask to ensure that the medical billing company :
- How many years of experience are your billers within my field?
- Are your personnel trained? any training in my area of expertise?
- What number of billers are going to manage my account?
- Are you up-to-date with changes to billing and codes within my field?
- Have you any references from other practices within my field of expertise?
- These questions will provide you with a sense of the reliability of the company billing you.
3. Request a Cost Breakdown
Of course, there is a need to outsource vital services such as billing, we’d all like to get the most bang for our money. However, there’s more to consider when evaluating an estimate of price than just the final cost. While you’re trying to keep costs at a minimum, be aware of the exact amount you’re paying each time you use the service.
There are many varieties of methods medical billing firms will bill you. A lot of them will charge the percentage of your earnings typically, somewhere between 3% and 9 percentage in net revenue dependent on your field of expertise. Other companies might charge a flat fee or a flat charge with a small portion of the revenue. To do a cost analysis between different companies:
In the beginning, determine to follow the rules whether you’re a fan regarding how you would like to be charged. Would you prefer to be charged by the percentage of your revenue or an upfront fee? You could narrow companies based on how much they charge.
Compare rates among a few companies. We suggest keeping the review to 5 companies or less, in order to keep from being overwhelmed by choices.
It is important to look “line-by-line” in evaluating costs on quotes. Simply because one firm is less expensive than another does not mean the services are of equal quality. The aim is to find a company that offers quality service for a fair cost.
4. Make sure that the company is Compliant
Every healthcare practice must strictly adhere to guidelines and compliance rules. It’s essential and unaffordable for any business to remain in business and succeed. When you speak to potential medical billing firms, make sure you inquire about the ways they comply with compliance regulations. It is also advisable to inquire with a checklist of the compliance procedures that they have in place as a business and how they make sure that each employee is adhering to the laws and regulations.
5. Research Company Reviews
It is important to ensure that the company you choose to work with has a positive reputation is essential. If you’re considering purchasing a new service or product you should go online and read testimonials from customers about the product or service. While reading reviews, ask questions such as:
- Have previous customers had enjoyed their review of the company?
- Does the company that bills medical expenses meet its promises?
- Have prior clients made errors that caused losses in revenue?
You can also inquire if the company has references or testimonials which can attest to their services. Before you sign the contract, it is important to be sure that the revenue of your business remains in the best hands. If you are dissatisfied with the billing process it may be difficult to terminate the contract after you’ve decided.
6. Find out how many Billers are assigned to your account
Certain medical billing companies assign one biller for each account. Some will assign multiple billers. There are advantages and disadvantages to each option. If you only have one biller on your account, the relationship with that particular biller could be more intimate and they will offer you their complete attention. But, you might be better off when there are more billers in the office. It’s all about the scale of your business and the type of relationship you want to build and your invoicer.
It is also important to determine the qualifications, experiences, as well as specifics of each biller associated with your account. In this way, you will be able to be sure it’s a suitable match for both you as well as the medical billing company.
7. Check out the software’s Compatibility
Have you been using software to manage account management for patients, finances records as well as other back-office functions? You might want to research medical billing companies that make use of software that works with the software you’re currently using. Making the switch to a new program will require additional time in terms of money, time and resources. There is also an adjustment process as you instruct your employees on how to make use of the new program. It is also possible to ask medical billing companies if they provide software training when you sign the contract. If yes, inquire whether they provide the training for free.
Also, asking about the software the billing firm uses will help ensure that your staff members are familiar with the interface for users. As professional healthcare providers are, you’ll want to streamline your workflow to avoid any issues in data entry. You’re hiring an outsourced company to help you with your workflow at the end of the day. It’s important to ensure that the process is as simple and seamless for you as you can.
8. Establish Communication Expectations
One issue that many doctors face when deciding the best option to contract out medical billing could encounter communication issues. If the billing process takes place outside of the offices, patients won’t have the luxury of going down the hall and asking questions that need a prompt response. Additionally, because managing finances is so important to the day-in and work-day-out responsibilities, you want to ensure that, when you ask a question you’ll receive a prompt answer.
Before you choose an external medical biller, be sure to inquire about their style of communication. What is their speed of responding to inquiries, calls, and requests? If you have a question that is urgent is the company available to assist you in the event that you require their assistance? These are questions that can be vital for establishing a trusted relationship through clear and transparent communications with the Medical Billing And Coding Outsourcing Company.
9. Find out how they handle rejected claims
Did you know that that 65 percent of medical billing professionals do not edit or send rejected claims back? This is a major issue in the field of medical billing. It is a major source of revenue loss for healthcare facilities each year.
When you’re deciding on the top medical billing firm, make sure to inquire about what they do with rejected claims. Be sure that they have a procedure to resubmit claims so that you are sure you’re receiving the cash you’ve worked so hard for. In addition, ask what their rejection rate is for claims. If the business reports many refusals or rejections from insurance companies, it’s likely to be an indication that they’re not properly billing and coding.
Find Out More
Are you interested in knowing more about the pros and cons of outsourcing medical billing? Check out our pros and Cons guide.
Find out more about medical billing procedures as well as how the process functions.
It is important to note that medical practices that are considering outsourcing medical billing services are also likely to look into the software for medical billing and medical answering services.
To keep your administration tasks in-house, have a glance at VoIP to help with healthcare.
If you’re looking for the most reliable medical billing service for your requirements 360Connect can assist! 360Connect has more than 13 years of experience in connecting medical practices to the most suitable medical billing service that matches their business. For a start, visit us on this page and respond to a few questions regarding your practice. Then, we’ll get you in touch with one of our most reliable billers who can help your needs. We’re 100% absolutely free and there is no obligation to purchase!
