It is a hallmark of a successful healthcare facility, whether it is a thousand-bed hospital or a practice that is run by a single specialist, that it takes care of its non-medical obligations and its medical obligations. Taking care of logistics, ordering medical supplies, and billing your patients or their insurance companies must be done in a timely fashion so that no trouble is incurred later on. Choosing to decide if a medical billing service companies is well worth it can be a task in its own right as there might be problems you may face or higher costs, which can lead to you losing money in the long term if the wrong company is chosen. However, choosing the right company has far more benefits and potential for cost-saving.
To save you the trouble of picking and choosing a medical billing service blindly and then later regretting it, we have created a very easy to follow checklist for you to follow when you are looking for one:
Services Fees:
The very first thing we must consider when choosing a medical billing service is their service fees. There might be plans that different companies may offer to a practitioner. However, one of the best plans we recommend is negotiating for a percentage of the overall collection. Which means they get a cut in all the money they collect. The higher-end percentage for a reasonable amount would be 9% of the entire collection.
You should also steer clear of medical billing service companies that charge hidden fees on top of the agreed percentage.
Lower Administrative obligation:
Hiring medical billing services frees up many man-hours at your practice where you or your employees had to run through hoops placed by the insurance companies to jump on while getting authorization for certain treatment in which your patients might require. When you hire a service to do this, you should mostly be free from this obligation, and you can choose what is important, which is providing good healthcare for your patients.
Also, always be vigilant and ask the right questions when a claim is placed. A medical billing service strives only if their billing is accurate, and so is their revenue management. There is no point in hiring a service that does not get this right.
Efficient Practice Management System (PMS)
A practice management system is a software that handles the everyday operation of a healthcare facility.
There is a wide range of practice management software that is available in the market with different benefits and requirements. You should go with the medical billing service that offers software that is feature-packed and reliable so that transparency is ensured during the entire medical billing process.
Customer Feedback:
â— You should always miss out on a great product that does not have good customer feedback or customer support.
â— Always ask for customer feedback and reviews before outsourcing your medical billing.
â— Look for client retention. If a company has clients with them for several years, that generally is a good sign.
Hippa Compliance:
The health insurance portability and accountability Act or HIPPA is a governing body that regulates and standardizes sensitive patient data. HIPPA Compliant entities can protect sensitive patient data and are held accountable in cases of leaks. When looking for medical billing services, make sure the company you choose is HIPPA compliant.
Knowledge About Your Specialty:
Your medical billing service should know your specialty. This can be a problem if you are a plastic surgeon or the like where you perform procedures at a very high cost. Your service must have the knowledge and payment options available regarding them.
Transparency and Accuracy
A medical billing service should always be transparent with you by providing you with periodic reports and updates on what they have been doing on your behalf. They should always practice the contact they have had with you and not be willing to indulge in any out of contract service, leading you to pay extra hidden charges that you never signed up for.
Conclusion:
Outsourcing your medical billing to a service specializing in it can have many benefits, yet you still have to look for a few things. Always make sure that the fees they charge are relative to the revenue they collect and also that they do not have hidden fees or surcharges which can increase your bill. Even though a medical Billing service can shave off your administrative obligations to focus on your medical obligations, you should always be vigilant about what they are doing and always ask the right questions. Always outsource your work to a company that is regulated and compliant with the HIPPA guidelines. They should know what you work on and how to handle your payments. Ask for periodic reports from them so that transparency is fully ensured. And finally, always look out for customer reviews when looking for companies that will do this work for you, keeping customer retention on top.
We hope by now you will having a clear idea about the things you need to consider when outsourcing medical billing services. For more informative reads from us, do scroll through our website.