Are you working to enhance financial performance via improved medical billing process this year? If so, you don’t have to work on your goals alone. Outsourcing medical billing services and coding is a wise choice for many practices. But if you decide on this path, it’s essential to choose a company to find one of the highest quality. Pick the right company and it can increase your chances of achieving those bottom-line goals.
Once you begin looking for medical billing services, you’ll quickly find that many options are available. So how do you choose a company that will help you achieve your goals? Here’s a look at some critical tips to remember as you select a company that will partner with you to boost your bottom line.
Tip #1 – Look for Support Throughout the Entire Billing Cycle
When choosing a medical billing company, you need one that will be there throughout the entire revenue cycle management – from before a patient’s appointment to the final reimbursement for claims. The vendor you choose must excel at every stage of revenue cycle management, including claim submissions, follow-up, payment processing, patient invoices, accounts receivable follow-up, and more. Be sure you’re getting a comprehensive medical revenue service that will be with you through every step of the billing cycle.
Tip #2 – Find a Company with Expertise in Your Specialty
Whether you specialize in pain management, nephrology, pediatrics, or gynecology, different specialties come with unique billing and coding challenges. This means it’s important to find a medical billing company that has coding expertise in your type of practice. They’ll have a better knowledge of your specialty’s requirements for documentation, coding, compliance, and more. Failure to go with a company that has expertise in your specialty may result in coding inaccuracies and claim denials that make it more difficult for you to reach those bottom-line goals you’ve set for the year.
Tip #3 – Ask About Security
When you choose a medical billing company, you’ll be trusting them with sensitive financial and patient data. You must make sure that the company you select is going to handle all this data in a secure manner. Ask about the company’s security system and the processes they use to make sure your information is protected. You’ll also want to ensure that the company can protect all your data both at rest and in transit. Remember, the top companies will provide secure, HIPAA-compliant billing processes to ensure that your data is kept confidential. They’ll also stay up-to-date on regulations and rules, so your practice stays current with changing conditions, including changes that are specialty-specific.
Tip #4 – Know Exactly What You’re Paying For
Although you should never make a decision on a vendor based upon cost alone, you do want to know precisely what you’ll be paying for, and you also want to find a competitive price. The price of outsourcing can vary based upon the specific focus and size of your practice. When discussing the cost of services with a vendor, a few things you’ll want to ask include:
- What specific services will be included with the percentage I’m paying each month?
- Are there any additional clearinghouse fees, or are these fees included in what I’ll be paying?
- Does the percentage you’re charging include co-pays collected by my practice’s staff at the time of service?
Tip #5 – Quick Responsiveness and Customer Support is Essential
If you do face any problems along the way, you want to work with a billing and coding company that offers quick responsiveness and customer support when you need it. This is especially crucial as you’re transitioning from in-house billing and coding to outsourcing. However, quality, fast customer support is essential throughout the entire vendor relationship. No matter when you have an issue, you want to ensure that your medical billing company is with quality customer support and helpful resources to enable you to achieve success.
According to Physicians Practice, you always want to find a billing company that is a good fit for your practice. Ensure the vendor has expertise in your specialty, know what you’re paying for, and be sure you’ll be getting the support you need through every part of the process. The key is to make sure that your practice and your billing company are working together seamlessly. Outsourcing your billing and coding is one of the most significant financial and practice management decisions your practice will ever make. Use these tips to make the right decision, so you end up working with a company that will help you achieve your financial goals for 2019. To learn more about how M-Scribe can help you achieve your bottom-line objectives this year, contact us today for more information.