A reliable medical billing company helps you with the billing, collecting, and coding of medical insurance claims, leaving you to focus on taking care of your patients. But while the right billing company can save you lots of time and money, having the wrong billing partner can be a disaster.
Unfortunately, many medical practices make the mistake of choosing a billing company based solely on cost. If you want to outsource your billing needs to a company that will do a great job, you need to consider more than cost.
And to help you choose the best billing partner for your medical practice, here are five things you should consider.
1. Understand the Scale of Your Needs
Understanding your practice size is crucial as it helps you choose the medical billing provider that suits your needs.
Medical billing companies come in different sizes, and while others handle large practices, others are ideal for small medical practices.
To help you understand, here’s a look at the three common types of medical billing companies
- Professional billing companies – A professional billing company deals with large practices that accept many forms of insurance. These companies have the tools and staff to help you with most of your billing needs. The downside is that you’ll need to pay more for such services, as these firms offer more compared to other types of billing companies.
- Small scale billing company – This is a company that is suitable for a small practice with a limited budget. These companies deal with small data volumes and often provide more reliable one-on-one service. Also, their services are affordable. But you should ensure that such a company has the right tools and experience to meet your needs.
- Physician management billing company – If you’re looking for a company that offers medical billing services and more, you should consider a physician management billing firm. Such a company will bill and code your medical claims and also provide back office and administration services. Because of the company’s ability to take many administration tasks from your hands, you’ll have to part with a higher service fee.
2. A Partner That Focuses On Your Specialty
You should find a billing partner with experience in your specialty to reduce the possibility of your claims being denied. A billing company that focuses on your specialty is also an expert in your area, reducing billing errors and revenue loss.
Ensure you ask about the years of experience the billing company has in your medical area. Ask the firm to give you proof of this experience. Some forms of reliable evidence include the presence of billing staff trained in your area of specialty, positive online reviews and testimonials, and recommendations by practices in your medical area.
On the same note, if you’re using special software for your patients’ data and accounts, check that the billing company uses software that is compatible with yours. Changing your current software to a new one will cost you money, and your staff will have to learn how to use it. Your team may also be uncomfortable with new software, especially if it isn’t user-friendly.
3. Compliance
Check that the company you intend to work with is compliant with the law. Specifically, you should check if the firm is compliant with the Health Insurance Portability and Accountability Act (HIPAA).
HIPAA deals with the protection and security of patients’ confidential data. Ensuring that your billing partner is HIPAA compliant gives you confidence that your patients’ information won’t be used for fraud or land in the wrong hands.
Additionally, consider the steps the company has taken to keep your patients’ data secure. Data security is a concern for many patients. To ensure you don’t face a lawsuit due to misuse of your patients’ data, check that the company has strong data security measures in place.
4. Consider The Company’s Reputation
There are many billing companies in the market. Unfortunately, some of them are not that good.
Consider the medical billing company’s reputation by checking their online reviews. And since some firms have fake reviews, ask the company for testimonials and the contacts of references who can vouch for their service. Contact the firm’s past clients and ask about their experience working with the billing company and whether they were happy with the results.
Further, inquire about the company’s responsiveness and transparency. A company that doesn’t respond to your concerns will inconvenience you and your patients. Similarly, a reputable company should be transparent with how they do their work.
5. Cost Breakdown
When outsourcing any of your services, you want to get the best service at the least possible cost.
In addition to getting the cost breakdown, inquire if the company accepts a variety of payment options. Don’t forget to check if there are hidden charges or if the firm has extra fees for some services. For instance, some companies charge extra for patient collections and termination of the contract.
Ensure you get clarifications on any questions you might have related to the cost. Also, don’t forget to compare different billing providers to get one who can offer the best service within your budget.
In conclusion, picking a credible billing partner can ease your workload, increase customer satisfaction, and improve your revenue. Ensure you consider the above five factors while outsourcing your medical billing services to ensure you pick a reliable and credible billing partner for your practice.
