A medical practice’s operational capacity must be maximized through effective revenue-generating. However, navigating the healthcare reimbursement system can be challenging. You must navigate an increasingly complex and often perplexing set of rules and processes put in place by insurance companies and other important parties. You must also ensure the precise collection of everything the practice earns, which can be a little intimidating when accounting for everything. This is where working with a medical billing company can help.
Medical billing outsourcing can save you time, money, and a lot of headaches. It allows your employees to spend more time attentively dispensing services to patients. Improved reimbursements are also anticipated as a result of professionally coded claims handled by the service provider.
Working with a third party should allow for a healthy revenue cycle, which will help the practice grow. While medical billing outsourcing is not a new concept, there are still a number of things that could go wrong. It’s critical to get the job done right the first time. Here are some pointers on how to pick the best medical billing company for your business.
Consider Past Experience
Before partnering with a medical billing company, you want to consider how long they’ve been in business and whether their past clients had a satisfactory experience. This is where referrals and online reviews come in. The general rule of thumb is to go with a company that has been in the medical billing field for a generous amount of time. This is often indicative of client satisfaction. Additionally, to avoid losing valuable time and money and potentially putting essential data at risk, it is best that you only partner with a medical billing company that has a strong reputation.
Check for Expertise
Each year, medical billing documentation requirements change, making bill collection and compliance with specialty requirements rather difficult. As such, you want to partner with a billing partner whose team is adept with the latest knowledge of medical billing and regulations. This safeguards your interests and allows you to avoid having claims denied due to errors. Another advantage of hiring a professional 3rd party is that your practice’s billing procedure will be consistent with rules, avoiding legal action. This is particularly important when the shift from ICD 10 to ICD 11 occurs, which will be used for insurance coding purposes. This can be a rising concern for players within the medical community as the updated ICD 11 may redefine the diagnostic criteria of existing diagnoses.
Security and Transparency
Security is crucial for health professionals. When you outsource to a medical billing company, you are sharing highly sensitive data, which requires the utmost care. Particularly, the data referenced here is Patient Health Information (PHI) which is incredibly sensitive and valuable. The company’s technologies and processes should protect this information without restricting access to those who need it. Keep an eye out for third-party providers who offer multilayered identity verification solutions, as this should make validating user privileges much easier.
When it comes to data access, transparency is crucial. You seek a business partner who will provide you access to their operations. Understanding how and when they access your data assures the accuracy and consistency of your information. In general, you want a partner who is transparent about how they use your and your patients’ data.
Ask for a Cost Breakdown
If you look at outsourcing your medical billing as an investment, you are only considering the biggest bang for your buck. While you could simply look at the bottom line cost of the price quote, you risk failing to take into account additional charges or services that the partnership could attract.
It is prudent to mention that different companies will charge in different ways. Oftentimes, the medical billing company will charge a percentage of the practice’s revenue. The current rates stand at between 3% and 9% of the net collections, of course, this depends on the area of specialty. You will also find medical billing companies that charge a flat fee plus a small percentage of your revenue.
One option is to compare rates from a few different providers to discover which one best meets your demands and provides the most value for your money. Also, when comparing estimates, make sure to compare them “line-by-line” to ensure that you get reliable service at a reasonable price.
Analyze Promise vs. Benefits
We propose that you ask the medical billing organization to specify exactly what services they aim to provide. You should also question what portion of their services are projected to result in profitable results in terms of your billing requirements. Before you choose a billing company, make sure you ask for the same information from several different companies. As a result, you’ll be able to determine which business offers the most value.
An insider tip would be to inquire about the company’s track record with honoring deadlines. This is significant since deadlines are critical to your practice, insurers, and insured. As a consequence, regardless of the specialty or obstacles encountered, only examine a company that delivers outcomes within the specified time limit.
Consider Software Compatibility
In the medical field, there have been significant technological developments during the last two decades. This means that you and your practice are almost certainly employing software and technology to perform back-office functions. You should verify with each medical billing business to see if their software is compatible with what you already have in place before committing to a partnership. This is crucial to know before signing a contract because incompatible or difficult software could take quite a toll on your finances, current staff, and other resources.
Inquiring about the company’s software should also assist you with onboarding. This is critical since healthcare professionals like yourself are frequently busy, and you want to streamline your workflow to minimize any data entry issues. Overall, you want the procedure to be as simple and painless as possible.
Why Consider Us?
We personalize our services at CBS Medical Billing to match your practice management support needs. Our highly-trained personnel have up-to-date working knowledge of all aspects of medical billing and compliance. We are dedicated to becoming the missing piece in your practice’s financial and clinical elements. Contact our proactive, personal CBS team now to see how we can assist you with your medical billing and revenue cycle management challenges!
