Any experienced healthcare professional knows that billing is complicated. It’s a process that is rife with delays and uncertainties due to the multitude of possibilities for things to go wrong. Moreover, follow up with insurance companies and patients is another time-consuming procedure that leaves revenue hanging in the balance. Hence, it is no wonder that a lot of practices default to outsourcing their billing procedure. From increased control to increased revenues due to reduced labor costs, there are a lot of motivation factors for choosing to leave this grueling task to professionals.
But the question that arises is exactly how does one go about choosing the best medical billing service? Without knowing what qualifying criteria to look for, a practice can easily wind up hiring a company that doesn’t live up to its promises. It might be worth hiring a professional with extensive experiences, such as Anaesthetic & Medical Billing Services, to help guide your practice. In addition to professionals working on behalf of your business, here are a few aspects to consider before choosing a company to work with:
Start by ascertaining the costs in time and money to keep the billing process in-house. Then, compare this information to the fees charged by service providers to identify the potential increase in revenue if the process were to be outsourced. For reliable services that fit your budget, assess the legitimacy of the cost of services by finding out:
- how they charge for service.
- the specific services on offer for the respective monthly percentages.
- if clearinghouse fees are included in the percentage or if they are additionally charged to the practice.
- if you will be given access to information about your practice’s revenue cycle at any time.
- how they will address mistakes made.
Answers to these can help you avoid facing unexpected costs down the line.
But it is inadvisable to choose a service based solely on the price; you’ll want to know what it is you can expect from a billing partner. Which brings us to the second aspect.
2. Level of service
When determining which company to outsource billing, it is important to consider the following:
- Does the medical billing service offer detailed financial reports?
- Do they offer suggestions to improve performance and patient satisfaction?
- Do they have the required experience with billing for the practice’s specialty?
- Does the billing company honor deadlines and deliver results within the stipulated time?
Customer service also falls under this section – You need to figure out if they can provide top-notch, personable service to your customers. To do this, verify if they:
- can provide customers easy access to their bills.
- can submit claims on time at maximum benefit.
- will check all unpaid accounts are regularly and follow up done on those accounts.
- are committed to improving their services to increase customer satisfaction.
But are those the only two main factors worth looking into? Not quite. Two other aspects may prove to be just as important as the two mentioned above: experience and technology.
3. Industry experience and reputation
Generally, the stronger the reputation of a partner, the more reliable they are. And experience comes into play when reputation is considered. Ask yourself the following types of questions to evaluate this:
- Have they been in the market for a generous amount of time?
- What do their clients say about the service the medical billing service provides?
Hence, we can say that the general rule of thumb would be to look for companies that have been in business for a relatively long period. The idea is that the longer a company has been in an industry, the higher the chances there are that they have found a way to keep their clients satisfied. But be sure to not judge customer satisfaction by doing just a simple search on the Internet. It would be better to refer to comments by other medical professionals.
4. Use of technology
Do not underestimate the importance of technology in the success of a company in today’s age. Before the advent of technology, businesses used to spend a large amount of time collecting tons of paper bills, writing each payee a check, mailing the checks, and manually tallying their account. With the recent advances in technology, there is no excuse for not accomplishing desired results at a click of a mouse.
While it is difficult to get an ideal software for every billing company, getting one that is efficient is possible. The better the technology infrastructure, the more reliable the service and the more likely that just the right amount of people will be assigned to your account. Hence, outsourcing your billing to a professional company can lessen your administrative burden as you can streamline your practice and reallocate resources to better the customer service. And, ultimately, finding a good partner comes down to finding the right fit for your medical billing company.
Hence, outsourcing your billing to a professional company can lessen your administrative burden as you can streamline your practice and reallocate resources to better the customer service. And, ultimately, finding a good partner comes down to finding the right fit for your medical billing company.