How to choose the Best Medical Billing Company for Your Practice
Comparing rates alone isn’t enough to decide which medical company to work with and what billing services to outsource. The thing to remember when considering outsourcing is that you’re giving up a key component of your management. So, you should choose a vendor who is invested in your practice’s success and views themselves as a partner. A Reliable and efficient medical billing company can significantly affect your productivity and revenue. It’s essential for physicians to make sure that their medical billing companies follow efficient and healthy billing procedures and maintain patient confidentiality of their billing records. Hence, it’s important to choose one that can meet all your requirements.
If physicians are able to find the right medical billing company they can trust. They will see an increase in payments and a reduction in AR. The choices are numerous, but here are some key questions you should ask in order to make the best choice for your practice: How much will it cost, what software it uses and how trained the staff are?.
Points to keep in mind while choosing a medical billing company :
1. VENDOR WITH STABILITY: Vendor with stability the truth of the matter is anyone can set up a medical billing service virtually overnight. You don’t want to entrust your revenue to someone just figuring it out. Make sure you consider vendors with proven track record of collections for multiple practices and specialties.
2. EXPERTISE: Ensure that the company you choose has experience with your specialty and has expert coding and billing staff. Take a look at the website of the company for customer testimonials and what others think of it. It’s therefore, of great help to hire someone who can pay close attention to billing and coding as well as avoid making mistakes because incorrect billing and coding lead to denied claims and revenue loss.
3. IT MATTERS : Look for a vendor who develops their own applications. A medical billing company that develops its own platform is at an advantage as they control the future of its software. Meaning if you have requests for support or product improvements you’re likely to get quick results. And the company has to be up-to-date with the latest software and systems that are also compatible with the one you’re using. In order to improve revenue outcomes over the long term, it would be ideal to work with a company with technical expertise since automation speeds up the processes. A company that makes your workflow easier and more seamless is what you need.
4. COMPLIANCE : It’s essential to determine whether the staff is skilled in ICD-10, HCPCS, and CPT codes and whether the business is HIIPA compliant. Health care practices are concerned about protecting their patient’s data. In order to secure the confidentiality of sensitive patient data and to prevent the misuse of personal health information is imperative. In this way, they make sure that information is protected. So, find out what the company’s policies are regarding data security.
5. REPORTING AND ANALYTICS : You should keep an eye on how often they conduct audits because audits are important since medical auditors conduct internal and external reviews of coding accuracy and procedures. Check how they complete the performance reviews on a monthly basis. See if your vendor offers a solution that allows you to track their performance. To avoid miscommunications, they must provide a platform for communicating. That’s how you will have more transparency. Each billing company has its own method of reporting. While other companies send their clients standard paper reports monthly while others offer their clients access to analytics dashboard.
6. DENIAL MANAGEMENT : Obtain information about how they handle denied claims. Due to the fact that some companies don’t offer denial management services and pass on denied claims to the providers. So, to find the best medical billing service, look for a company that prioritizes appeals and denials. Also, check if they have an established resubmission process in place. As a result, you will get the money you worked hard for. This industry faces a huge problem when medical billers don’t edit and resubmit rejected claims. It causes serious revenue loss for health care practices every year.
7. CHARGES :Discover whether there are hidden or additional service charges involved and ask the company for more details. Read all the terms and conditions included in the contract as well and it’s important to understand them. Re-evaluate whether you’re being offered a fixed fee or other. Choose the contract that suits your all needs.
Using the above 7 points, you can easily select a billing outsourcing company. One should invest a significant amount of time and money into finding the one that is perfect for them. The efficiency and revenue will surely increase once you hire a reliable firm that provides accurate billing services.
Meraki RCM Solutions, LLC entered into the medical billing services business with the vision in mind that doctors didn’t earn their medical degrees to streamline the billing process or manage the medical billing staff, they spent years learning medicine to practice medicine and help the patient’s in need. We believe that a good billing company can take out the stress of dealing with all these processes and let the clinic do its job which is patient care. If you feel you need help in medical billing or any part of the process that you feel is overburdening your staff, we are here to lend our expert hand and provide the best available services.
Reach out to us at email@example.com/(562) 375-0472.Tag: Medical / Billing / workers compensation