Every healthcare practice needs to decide how to manage its medical billing. You can do it in-house or get help from a professional medical billing service. The billing process is complex and takes time for busy healthcare professionals. Outsourcing to experts can save revenue and let doctors focus on patients.
If you choose to outsource, picking the right medical billing services is crucial. With many options available, it can be overwhelming. To help you, here’s a guide for selecting the best medical billing services for your practice.
Figure out how much help your practice needs:
To find the right medical billing services, start by knowing the size of your practice. Firstly, you can sort out the best company by searching online via Google, like top medical billing companies in new jersey. Different companies are good at different sizes. Some are great for big practices, with many doctors taking many types of insurance. Others are best for smaller practices with fewer doctors, lower budgets, and fewer insurance types.
2. Look for Companies with Expertise in Your Field
Some medical billing companies specialize in certain types of practices. They might focus on one area but excel in it. Others cover multiple specialties and work with various practices.
Before hiring medical billing services for your physicians, ensure they have enough experience in your field. This is crucial because the main reason for denied claims and revenue loss is often mistakes in billing and coding. Some practices prefer working with a company that concentrates on their specialty. This ensures they work with top experts, get undivided attention, and avoid errors. Others want to confirm that the company has successfully worked with many practitioners. Your priorities will guide your decision.
Here are a couple of questions to check a medical billing company’s experience in your field:
• How many years of experience do your billers have in my specialty?
• Is your staff trained in my specialty?
• How many billers will handle my account?
• Do you stay updated on billing and coding changes in my specialty?
• Can you share testimonials from other practices in my specialty?
Asking these questions will help you assess the reliability of the billing company.
Request a Breakdown of Costs
When outsourcing important services like billing, it’s natural to want value for money. However, looking at the price goes beyond the total cost. Besides keeping expenses low, consider what each service includes.
Medical billing services use various methods to charge. Some charge a percentage of your revenue, typically between 3%-9% of net collections based on your specialty. Others may have a flat fee or a combination of a flat fee and a small percentage. To compare costs between companies:
First, decide if you prefer paying a percentage or a flat fee.
This choice can help you narrow down your options.
Ensure Compliance
All healthcare practices must strictly follow the rules and regulations. It’s crucial for a practice to stay in business. When talking to potential medical billing services:
- Confirm how they adhere to compliance rules.
- Ask for a list of their compliance procedures.
- Inquire about how they make sure each employee follows the rules.
Check Company Reviews
It’s important to ensure the company you want to hire has a good reputation. For example, when you buy something new, read what others say about the service online. Ask questions when you read the reviews :
- Did people who used the company have a good experience?
- Do the medical billing services do what they promise?
- Did people have any problems that made them lose money?
You can also ask the company if they have testimonials or references from others who can say good things about their work. Before you sign any contract, ensure the company will take good care of your practice’s money. If you don’t like the billing service later, getting out of the contract can be hard.
Learn how many billers handle your account
Some companies use one biller per account; others use multiple. Both have pros and cons. One biller means a personal touch and full attention. More billers mean faster work. It depends on your practice size and your relationship goals.
Check each biller’s credentials, experience, and specialties. This ensures a good fit for you and the billing company.
Check Software Compatibility
If you’re using software for patient accounts and finances, consider whether it matches what a medical billing firm uses. Changing software can take extra time and money. It may also require your team to learn a new system. Ask if the billing company provides training when you sign up. Check if it’s free.
Knowing the billing company’s software helps ensure your staff finds it easy to use. You want a smooth workflow as busy healthcare professionals, providers, or primary care clinic doctors. After all, you’re hiring them to make things easier. Confirm it’s a seamless process for you.
Setting Communication Rules
If you’re thinking about outsourcing your medical billing, a common worry is that communication might suffer. When billing is outsourced, you lose the ease of walking down the hall for quick answers. Since financial matters are vital, you need assurance of prompt responses to your questions.
Before you hire an outsourced medical biller, ask about how they communicate. How fast do they reply to calls and questions? Can you count on them for urgent matters? Asking these questions is key to building a trusting relationship with your medical biller.
Dealing with Rejected Claims
Did you know that 65% of medical billers never fix and resend rejected claims? This is a big issue, causing yearly significant revenue loss for healthcare practices.
When choosing a medical billing service, find out how they handle rejected claims. Ensure they have a process for resubmission so you can get the money you worked hard for. Also, inquire about their rate of rejected claims. If they have a high rate, it could be a red flag.