It is extremely difficult for healthcare practitioners to decide whether or not to outsource medical billing services. Once they settle on one option then here comes the new challenge_ which is the most suitable medical billing company for your business? In this article, I have provided a complete guide that can help you get insights into better decision-making while outsourcing coding and billing services.
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1. Estimate Past Experience:
It is one of the most important factors to be present in a reliable medical billing agency. How long have they been serving as the revenue cycle management service provider? You should also ask their clients or read their online reviews in order to evaluate the authenticity of a company. It is the general rule of thumb. Once you realize that a billing agency has provided a series of satisfactory and quality services then you should build trust with that company.
2. Well-Reputed Billing Company:
A simple search for reviews is not enough. You should consider multiple options in the market. Shortlist the most well-reputed medical billing companies. Then perform a thorough analytical study to look for reviews from medical professionals practically. If you return with positive feedback then luckily you are going in the right direction.
3. Knowledge About ICD-10:
Medical coding and billing is an ever-evolving environment. It involves great efforts and knowledge to comply with the ongoing changes in the federal and payer’s guidelines. A professional medical billing company has a dedicated task force of professional coders that can help you afloat with the latest protocols and policies for proficient income cycle management. Since it is mandatory to prepare medical bills by using an accurate set of codes. Only a claim that contains accurate and latest medical codes gets reimbursed.
4. Specialty-specific Billing Services:
Healthcare practitioners should also understand the unique requirements of their specialty that sets them apart from other sub-domains in the medical field. They should not only be concerned about medical aspects but also distinctive administrative facts about their practice. However, if you have goals to expand your business growth and comply with the fast-pacing industrial development then you should also consider expanding subspecialties for your practice. Then it is worthwhile to ask your partner medical billing company that they have essential resources to work with your specialty.
5. Favorable Staff Size:
Most frequently, physicians ignore the staff size of a billing agency. Although, it is the most determining factor about outsourcing services to a third party. Therefore, you should find out that a company has sufficient qualified resources that can handle the number of claims on your behalf. More knowledge and skilled professionals in a variety of medical billing tasks can make it a lot easier to immediately respond to the regulatory changes, claim submission, and payment collection procedures.
6. Reliable Customer Support Service:
A reliable medical billing company always considers it as their primary responsibility to keep their clients returning for repeat business. The efficiency and availability of the medical billing staff are the topmost factors that should be present in a well-organized agency. It would help physicians to immediately interact with billing experts whenever they want to inquire about anything related to patient bills. So the patients would not need to come again and verify their bills afterward.
It is essential to make revenue as well as to facilitate patients. Hence, these attributes add more value to the services provided by a billing agency in terms of fast operations, a satisfactory patient payment experience, and increased revenue.
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7. Reasonable Prices:
Every time a practitioner wants to make a decision about outsourcing medical billing services then they boil down to the cost they charge for their services. Generally, a medical billing company charges a physician in the following way,
- Percentage-Base.
- Per Claim Fees.
- Per Hour Fees.
Make sure to understand and carefully agree with the terms mentioned in the contract. Beware of the hidden charges that can lead to cost overheads. You can also ask for a discount for outsourcing a large volume of billing requirements. Also for the options in payment methods introduced by billing agencies.
8. Collect Payment Timely:
Physicians should never compromise over the payment timelines. A medical billing company should also guarantee to commit to file and submit claims in a timely manner. It is important to deal with payment matters with great attention and utmost courtesy to avoid any misunderstanding.
9. Compliance With HIPAA And HITECH:
In order to safeguard the confidential information of your patients, it is best to work with an ISO-certified medical billing company that is HIPAA compliant. They must have advanced tools that are also compliant with HITECH specifications. It is essential to ensure that you are providing patient’s data and their electronic medical records into safe hands.
Looking for a multi-featured and fully compliant medical billing company? Medcare MSO provides HIPAA compliant and reliable medical billing services.
