Billing in any other industry is fairly simple. A small bunch of employees or a department can handle the task. But medical billing is an altogether different story. It is a complicated process thanks to the fragmented healthcare system and the complexity of regulations. To get medical billing right you need extensive industry knowledge, specialized software and a whole lot of effort. That’s why most healthcare providers today outsource billing to professional Medical Billing Companies.
Tips for Picking The Right Medical Billing Company
But again, choosing a medical billing partner is no simple feat too. There are more than 1500 medical billing companies in the US offering services differentiated by extent, scale, quality, cost and a lot of other factors. How can you as a healthcare provider narrow down the choice to one?
We have put together 12 practical tips to help you pick out the perfect medical billing partner who will care for your financial health as diligently as you care for your patient’s health!
Tip 1. Check the Company’s track record
Since medical billing is a knowledge-intensive, process-intensive work, the more experienced the medical billing company is the better they will be at identifying glitches and rectifying them to ensure fast billing. More experience means the Medical billing company has been able to provide satisfactory services to retain clients and get new clients to trust them over many years.
Tip 2. Ensure that they have a good reputation
Check the reviews that the medical billing company has not only on its own websites and social media pages but also on google and other public platforms. Talk to some of their past or present clients to know if they deliver the quality of service promised
Tip 3. Evaluate their knowledge of healthcare regulations
A good medical billing company will invest time and money in training its resources on changing regulations in healthcare. Check if your medical billing service provider is well-acquainted with the latest version of ICD -10 regulations and if the billing company’s processes are in line with HIPPA specifications.
Tip 4. Find out if they have adequate staff and infrastructure
Another necessary step that you need to take before you make the outsourcing decision is to get to know if the medical billing company has enough number of people and the infrastructure to support your medical billing project in addition to their current projects. If the vendor is taking your project onboard without augmenting resources then they might fail to deliver even if they have a good track record.
Tip 5. Establish clear communication lines
Billing is an integral part of your business that you need to have a good grip over. For this, you need to have open communication lines with your medical billing service provider. You must be able to reach key persons from the biller’s side to communicate your requirements, problems, and feedback on time. A good medical billing company makes responsive client support its top priority.
Tip 6. Ascertain tech compatibility and scalability
Technology is another area where changes happen frequently. Before you decide on a Medical billing company make sure that the billing software and other technological tools they use are not outdated and are compatible with your systems.
Tip 7. Size-up their contingency preparedness
Contingencies for a healthcare service provider and the vendors servicing them can come in any form with a sudden epidemic or disaster or any unexpected spurt inpatient inflow. Does your proposed medical billing partner have an executable plan for such emergencies? Since a lot of money and more importantly your reputation as a trustworthy healthcare provider is at stake here, you need to ensure that your billing partner has a proactive approach to problem-solving.
Tip 8. Know if they can handle your specialties
Medical billing and the regulations around them cover a vast area with different terrains. Expertise in navigating one terrain may not prepare you for navigating another. That is, every specialty be it nephrology or dentistry has its own unique set of coding and billing challenges. Ensure that your medical billing vendor can handle your current specialties and the ones you plan to extend to in the future.
Tip 9. Check if the scope of their services are wide enough
Some billing companies offer only the core medical billing or coding service. Some offer the entire spectrum of services associated with your entire revenue cycle management. Picking a provider who offers comprehensive solutions in the revenue cycle would always be a better option for you. When you engage such a provider, you can easily get help in other areas like denial management or collections when the need arises for you.
Tip 10. Double-check if they are serious about deadlines
Another quality you must look for in a potential medical billing partner is the ability of their staff to stick to deadlines. Time is of critical importance in every business and especially so in the healthcare business. Delayed billing and coding can cost you heavily. So talk to other clients to make sure that the billing partner has a reputation for timely deliveries.
Tip 11. Make sure that your data is secure
Your medical billing vendor holds critical information about your patients and practice. A loss or misuse of such information can have serious negative implications for you and your patients. So it is imperative that your medical billing partner has the will and the infrastructure for maximum information security.
Tip 12. Discuss charges upfront
The last thing you want from a long term medical billing partner is to be slapped with unexpected charges at the end of the cycle. So hold a detailed discussion with your potential billing partner about hidden charges, charge schedules and discounts to ensure that you know exactly what you are paying for and how and when you will be paying. If you are looking for a billing partner that scores well on all the above parameters then Rannsolve, a medical billing company headquartered at Texas, would be a wise choice. Rannsolve offers end to end Revenue Cycle Management solutions that are accurate, timely and goal-oriented at affordable costs.
Contact us today at +1(972) 525-1177 for more information on our services.