Top 14 Ways to Choose a Good Medical Billing Company
Choosing a medical billing company for the coding and billing process allows healthcare providers to focus on medical treatment. A medical billing company handles a large chunk of healthcare billing tasks (paperwork). So that physicians and other healthcare professionals are spared from the grunt work involving a variety of patient data. Finding a company capable of carrying out billing tasks has always been a challenge for providers.
With many options from around the world, how can healthcare providers pick the right medical billing company? A few important questions need answers before hiring a medical billing company to undertake your billing project - How to evaluate medical billing services? What qualification should they possess to undertake the task? Read ahead to know the answer to top faqs on medical billing companies.
3 Different Types of Billing Companies
Finding a medical billing company for outsourcing billing tasks can be an arduous one if you don't weigh in your project size and complexity. There are three types of medical billing companies that you should know to understand how to choose a good medical billing company.
Small-scale Medical Billing Services
If you are on a limited budget and have a smaller volume of data, a home-based medical billing can help you with coding/billing task without breaking the bank. The only criterion is to ensure that they possess sufficient experience in healthcare billing. The best approach in the case of a small medical billing company is to outsource a few smaller tasks because they mostly charge per job basis which can save you money in the long run. Also, providers need to keep in mind that not all outsourcing companies offer coding and billing services. So, inquire what aspect of billing process will be included and what will not.
Professional Medical Billing Business
If you have a bigger budget and want value-added services, then choosing professional medical billing service providers is the to go. The services they offer include slightly more features than smaller medical billing company. So, ask more questions about the specifics of the service they provide.
Physician Practice Management Company
Most companies that fall under this category are large enterprises with over 200 staff and well-equipped infrastructure. They command a premium for the coding and billing services which can run into thousands of dollars. While they encourage clients to go hands-free by allowing billing companies to carry out the administrative tasks entirely, some providers find this as an overkill measure that comes with unnecessary risks.
14 Tips on How to Choose a Good Medical Billing Company
Irrespective of you being responsible for general practice or specialty services, working with a reliable medical billing service provider can enhance your cash flow and reputation. Hence, you can stay relevant and up-to-date with regulatory compliances. So if you are still want to learn how to select the best medical billing company, your answer is right ahead.
Here is a compilation of some of the best tips for selecting a good medical billing company. Here are 14 ways to choose a good medical billing company -
1. Look for the Past Experience It is one of the most important questions to ask before hiring a medical billing company. How long have they been in business? Did their clients have satisfactory experience? The general rule of thumb is to look for companies that have been in the market for a generous amount of time. It indicates that they have found a successful way to keep clients satisfied.
2. Billing Partner must have Strong Reputation A simple search for reviews won't suffice. Markets are flooded with deceptive people who can be the reason for you to lose valuable time and money. Let that not be the case for you. Thoroughly evaluate the billing partner by looking for reviews from medical professionals and not regular people.
3. Check if the Experts Possess Knowledge of ICD-10 Adeptness in the latest version of International Classification of Disease code is the key to error-less coding. Working with a billing partner who is proficient in ICD-10 can have many benefits that help you save time and money. When the bills are accurately coded, there is less concern because it prevents the claims from returning to hospitals.
4. Demand Proof of Experience in Specialty Practice Healthcare providers who are mostly concerned about general practice may not need a plethora of specialty billing practices. However, if you have ambitions to expand specialties or subspecialties, it is worthwhile to ask the billing partner if their approach will enable them to work with your specialties.
5. Request to Disclose the Staff Size Often, the staff size matters in the case of firms which undertake large-sized projects of various specialties. With more knowledge workers and experts in a variety of medical billing tasks, it becomes easier to deal with a sudden increase in billing at non-peak times.
6. Look for a Responsive Billing Company A good medical billing company takes premium measures to keep clients returning for repeat business. Speed and availability are the top factors that most healthcare providers look for. It is necessary to make revenue as well as to not inconvenience patients. So a billing partner should have capabilities to quickly respond to any concerns during and after the service.
7. Assess Cost of services in Advance The decision to outsource medical billing to a third party servicer boils down to the cost they charge for the service. Ask the following questions before outsourcing medical billing tasks - How they charge for service? Are there hidden charges? If discounts can be availed for outsourcing a large volume of billing requirements? Answers to these can help you choose a billing company which offers reliable services that fit your budget. After all, why face unexpected costs when it can be avoided right off the bat?
8. Check if Flexible Payment Options and Timely Reminders can be availed It is vital to outsource billing to a vendor who can apprise you with timely reminders and offer a variety of payment options. It is important to deal with payment matters with caution and utmost courtesy to avoid any misunderstanding.
9. Verify if the Company is HIPAA Compliant To safeguard your interest, it is best to work with an ISO-certified company which is the Health Insurance Portability and Accountability Act (HIPAA) compliant. This gives you the peace of mind knowing that billing company's practices are compliant with the HIPAA specifications. And they do not involve in the mismanagement of confidential patient data.
10. Analyze Promised vs. Actual Benefits Ask the billing company what actual benefits they are willing to offer and what portion of it gets translated into profitable results with respect to your billing requirement. If numbers are convincing and if you feel they offer better value than having your own in-house team, then your search has come to an end.
11. Ensure the Billing Company Honors Deadline Meeting deadline is important for any business to continually enjoy the client's support and prevent unpleasant experiences. Deadlines are critical for providers, insurers, and insured alike. Hence the billing company must stick to deadlines and deliver results within the stipulated time irrespective of specialties or challenges involved.
12. Know What Software is used by the Billing Company Technology infrastructure is the key to accomplishing results quickly. However, the ideal software for the job may not be available with every billing company. If you are specific about handling your bills through a specialized medical billing software. It is important to communicate this need in advance and obtain confirmation from the billing company. Also, you can ask if they are scalable.
13. Ask if they Offer Support in Denial Management You can seamlessly handle rejected claims by teaming up with a medical billing company that has a well-backed denial management team. Ask the company to what extent they can offer support in the event of claims denial.
14. Understand Business Continuity Plans in Emergencies Medical billing is a critical process that can not only upset a few patients but also lead to bigger consequences where a large amount of money and reputation can be lost. Hence work out a backup strategy on continuity of service in case of unplanned emergencies such as epidemic diseases, or disaster.
Our compilation of the 14 best tips is especially for you if you are a physician or a healthcare provider and wondering how to pick a good medical billing company. Following our tips to find a reliable billing partner can help you improve the cash flow and as well as help patients feel secure and worry-free financially.
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Flatworld Solutions (FWS) is a reputed medical billing and coding services provider with 16 years of industry experience serving many top healthcare providers and physicians worldwide. With a global presence and several international offices, we have emerged from being an anonymous business to becoming the most preferred outsourcing company. Ours is an ISO-certified company which complies with several regulations to offer cost-effective services. With a team of practiced billing experts and latest tech infrastructure, we are ready to undertake your billing needs the way you want.
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