The process of medical billing is complex and time-consuming. This can make it hard for doctors to focus on treating patients. To solve this, many doctors hire outside companies to handle their billing. These companies specialize in getting payments from insurance companies.
Before you hire a billing company, there are important things to think about. I’ve listed eleven factors to help you choose the best one for your practice.
Understanding Your Practice Needs
Medical billing companies cater to practices of different sizes. Some handle large-scale operations for big medical practices, while others focus on smaller practices with fewer resources, staff, and insurance connections.
Consider your practice’s size, budget, and insurance affiliations when choosing the outsourced billing services. Options include small-scale services, professional billing services, or physician practice management companies.
Check Experience in Your Field
To avoid revenue losses, partner with a billing company experienced in your specialty. Mistakes in insurance claims are a major reason for payment issues.
Choose a partner specializing in your practice’s revenue cycle management. This ensures their billing and coding comply with payer and regulatory requirements
Important questions to ask medical billing companies you’re considering:
How much experience do your billers have in my practice?
- What kind of reports will I get?
- Can you promise transparency?
- Are you flexible in adapting to my processes?
- Will you notify me about contract issues?
- Asking these questions helps you choose a medical billing company with lots of experience in the industry.
Compare Costs Between Companies
Most healthcare administrative organizations charge 3%-9% of your practice revenue collections. Others have flat service fees. Here’s how you can compare costs among different companies:
First, decide how you want to pay. Do you prefer a percentage of your earnings or a flat fee? Make a list of companies that match your preference.
Compare rates from five companies. How much do they charge?
Choose a reliable medical billing service. Don’t sacrifice quality for a slightly lower price. Just because a company charges less doesn’t mean they offer the best service.
Stay Updated on Compliance Rules
It’s important for your medical practice to work with a billing company that follows rules. Check if they use the latest ICD-10 regulations and follow HIPAA rules in their workflow process.
Partner with a Medical Billing Company That Responds Quickly
Your practice depends on your billing company being available and fast. They should be ready to help you in an emergency and respond swiftly throughout the billing process. This ensures your revenue keeps flowing smoothly, even after services are provided. The best billing companies are fully compliant with these qualities, providing the best experience for maximizing your revenue.
Use Modern Technology
It’s important for healthcare organizations to work with a billing company that has an efficient revenue cycle process. They should have electronic resources like medical billing and coding software to help their team work faster.
Make Sure Their Technology Works with Yours
Sometimes, the billing software used by your billing company might not work well with your own software. It’s crucial to check if their technology can be adjusted to fit with yours, ensuring a smooth integration.
Check Their Deadline Management
In the revenue cycle process, meeting deadlines for insurance claims is vital. If your billing company doesn’t pay attention to deadlines, it could delay your practice’s reimbursement. Make sure they’re aware of the importance of meeting these deadlines.
Make sure the billing partner is well-known and liked in the market
Your clinic should hire a medical billing company that’s been doing a good job for a long time and has a good reputation. Check online for reviews from other clients to see how good the billing company is. You can also ask clients if they had any problems with the service that led to losing money. Additionally, ask the company for testimonials and references to make sure they’re good at what they do.
Check if the billing company helps with managing denials
When choosing a medical billing company, make sure they have a good system for managing denials. This is important because some billing companies don’t include resubmitting claims in their services, or they charge extra for denial management. If the company can explain how they’ll handle your rejected claims and have a process for submitting them, you can trust that you’ll get paid for your services
Keep communication open
When you outsource your revenue cycle to a healthcare administrative partner, make sure they have good client support. You should be able to communicate clearly with your medical billing service provider. The billing company should be transparent about their workflow process until you get paid by the insurance company.
FAQs
What does a medical biller do?
A medical biller calculates and collects payments for services such as procedures, tests, or surgeries. They work closely with patients to make a payment plan that fits their budget. After each visit, they send an invoice to collect payment quickly.
What are the main kinds of medical billing?
We’ve talked about two common types: Institutional Billing and Professional Billing. Professional and institutional billing are separate areas that need specific skills to do well.
