24 Oct How to Choose a Medical Billing Company
Medical billing, also known as revenue cycle management (RCM), is a lot more than just billing. It ’s also insurance verification, eligibility determinations, pre-authorizations, claims submission, and post-payment collection. Because RCM is so important for healthcare organizations, it’s critical for a practice to have the precise RCM services and support it needs to run efficiently and continue to grow.
Although RCM challenges are unique to each practice, there are some common questions to answer that can help you find the right medical billing solutions.
What are your priorities?
Do you want to cut costs, increase revenue, decrease A/R days, simplify administrative tasks? Or all of the above? The better able you are to define what you need, the easier your decision-making process will be. Go ahead and be demanding. Whether it’s time to upgrade to revenue cycle management outsourcing, either for selected services or a complete RCM solution, you’ll want an RCM partner that can deliver on technology, expertise, and support.
Are you a specialty practice?
If you are, you know how much depends on understanding how to satisfy insurers’ requirements for justification of service, knowing what reimbursement is available for a given diagnosis and treatment, and having the right codes and attachments in your claims that satisfy the billing specifics of your specialty to generate a clean claim.
Preventing a denial means faster payment, not to mention avoiding a time-consuming resubmission. So, one of your first questions for an RCM resource is: are you experienced in billing for my specialty?
What software are you using now?
Do you want your RCM partner to integrate with it without causing your staff a lot of anxiety? Or are you open to a new solution? How much support do you need? Is it too much to expect RCM experts available 24/7?
What about your Practice Management (PM) system?
If the PM system you’re currently using isn’t helping your bottom line, it might not have the tailored functions needed to optimize your practice and streamline your RCM.
The PM Checklist
In addition to EHR integration, does your PM system deliver:
- Insurance eligibility verification
- Claim submissions
- A patient portal that offers options for online payments or through an app
- Past-due payment indicators
- Appointment confirmations in email or text
- Insightful analytics
Plus Actual Humans
Does your PM system include one more very important service: hands-on support from subject matter experts, RCM professionals (not chat bots or 800 #s)? Because sooner or later a question or an issue will come up that will require a conversation with an expert.
The Medusind Solution
A Complete Suite of RCM Services for Over 20 Years
- Behavioral / Mental Health
- Emergency Medicine
- Family Medicine
- General Medicine
- General Surgery
- Geriatric Medicine
- Infectious Disease
- Internal Medicine
- Obstetrics and Gynecology
- Occupational Medicine
- Pain Medicine
- Physical Therapy
- Plastic Surgery
- Radiation Oncology
Software Integration: Super-easy to Switch
We think moving to a medical billing company should be as painless as it is efficient. Medusind services will be tailored to the way your PM system works right now, and flexible enough to change or expand with your practice. Plus, we’ll be right there with you through every step of the set-up process. Even when the training wheels come off, we’ll still be available whenever you need us.
Beyond Billing: Meet MedClarity™
If you’re thinking about scaling up to a platform-driven, easy-to-use practice management tool that can streamline all your processes and optimize your revenue cycle, we happen to have one.
Medusind’s MedClarity™ is a powerful, platform-driven revenue cycle management tool that delivers end-to-end RCM functions in an easy-to-use package. From scheduling and collecting co-pays to sending clean claims and generating reports, MedClarity™ is intuitively designed to increase the productivity and profitability of your practice.
And just like with all Medusind products and services, MedClarity™ comes with a team of RCM experts who will always be there to help.
Have More Questions?
How could you not? Medical billing is really complicated, and your practice is really special. This would be a good time to contact us. Medusind’s unique combination of robust operational capability, tailored services, deep industry expertise, and dedicated support can help improve the efficiency and profitability of your practice.