22 Feb How to Pick a Medical Billing Company
How to Pick a Medical Billing Company
Updated for 2021: Knowing what to look for or how to pick a medical billing company can be nerve-wracking aspect of outsourcing your practice’s operation.
Whether you are switching billing companies or looking to outsource to a medical billing service for the first time, this guide will help you find the right medical billing partner. Here are top criteria to find the right medical billing company for your practice.
The first step in selecting a medical billing company is to understand your own data.
Start with an honest evaluation of your operations and establishing a clear reason to outsource your billing. For example, if you feel that your current billing company is not capturing all charges, be sure to examine your operations and confirm the issue is not within your organization. No outside party can fix workflow issues within your practice!
Setting clear goals is also essential. If your sole purpose is to cut operating costs, there are many choices that will do just that. But for most healthcare organizations, there are more valuable reasons than cutting costs such as collecting more revenue, decreasing days in A/R and simplifying administrative tasks. If your approach to picking a medical billing company has solid goals, you will be better equipped to make the right decision.
Questions you need to ask to pick the right medical billing company for your practice
Who owns the data?
It is essential to understand what happens to your information if you and your billing company part ways. Will the company retain the files, or will the information be transferred to your organization?
How is your service delivery team trained?
How many of the service delivery team assigned to your account hold industry certifications? Medical billing can be complicated and is always changing. If staff is regularly trained or holds current certifications, it is an indication that the billing organization has put a priority on staying current in the industry. (Like Medusind’s Coding Center of Excellence and the ongoing maintenance of professional certifications like CPC our service delivery teams maintain!)
How do regularly do you audit payments to confirm my practice is receiving the right contractual amounts?
The billing company you choose should be your partner when it comes to making sure payers are fulfilling their obligations and ensuring you are receiving the reimbursements you deserve.
How will my practice be informed of billing company performance?
Each billing company has its way of reporting. Some forward standardized paper reports monthly, while others give their clients access to analytic dashboards. Some companies meet with their clients regularly and others only meet when requested. The vetting process is the time to ask about any customized reporting you require.
What DON’T you handle?
This is a critical question! Think through all the responsibilities you will expect your new billing organization to manage and confirm they actually do them. For instance, do you expect them to handle all patient billing questions? Send statements? Forward uncollected accounts to third parties? ERA/EDI enrollments? Credentialing? Process refunds back to patients? Establishing a service model that meets the needs of your practice is an essential step in selecting the right medical billing company.
What support will you need from our practice?
This question is perhaps the one that is most often overlooked. Billing companies will need someone in the medical practice’s office to act as the primary liaison responsible for making sure the agency gets the information it needs (for example, forwarding documentation requests to the provider and then returning them to the agency). For larger healthcare organizations, more than one support person may be needed to keep the revenue cycle running smoothly.
Wrapping Up How to Pick a Medical Billing Company
The central concept to bear in mind when choosing a new billing partner is that neither side wants surprises. If you are prepared with a solid picture of what your practice needs, issues you are experiencing and ask the right questions you can then confirm everyone is on the same page with responsibilities and you are much more likely to create a successful partnership.
Start your search for a new medical billing company by checking out Medusind’s medical billing service and the results we drive for our clients!