Medical Billing Services for Savvy Physicians

The financial health of any medical practice is linked directly to an effectively-managed cash flow system.

More and more healthcare providers in the United States are outsourcing a large part or all of the billing paperwork of their billing to third-party billing providers to cut down their administrative expenses make their operations organized, enhance their productivity and performance, improve their cash flow and maximize their profits.

However, only a trusted and experienced medical billing company can help you reach the goals it has set for the year. Therefore, it is important to choose the right partner billing partner that has built a name and maintained strong credibility in the business over the years.

However, there are more than seven thousand medical billing companies in the U.S only and among such a huge number of options, it’s often an overwhelming decision for a healthcare provider to determine which company will be the best fit for their organization.

Here are some common things that healthcare providers should take into account before making a decisive decision about your billing partner.

Expertise in Your Specialty & Scope of Services

Different medical specialties need different ways of coding, therefore, it is important to partner with a service provider that is aware of your specialties.

While some billers specialize in a certain specialty, many others have expertise in multiple specialties and can work with different types of practices.

The vendor that has expertise in your specialty knows about the documentation, coding, and compliance, which prevents the probability of coding errors and inaccuracies that lead to claim denials and loss of revenue.

Additionally, make sure to choose a company that offers a full suite of end-to-end revenue cycle management solutions (RCM) – from scheduling an appointment all the way up through payment. The company should excel in all aspects of the entire billing workflow process – including patient pre-authorization, eligibility, and benefits verification, claim submission, payment posting, denial management, and reporting.

Transparency

Outsourcing the billing of your practices means that you will have to depend on your partner to maintain the financial health of your business. Therefore, transparency is a critical factor to take into account.

Delay in claim generation and non-resubmission of rejected claims are some of the common factors that healthcare providers face when they hire an off-premises team to take care of their billing processes.

For optimum transparency, peace of mind, and security look for a billing partner that offers cloud-based solutions.

The web-based portal allows practices to access patient or procedural data they look for from anywhere and the device just by signing in to their account, helping the providers head off a lot of potential problems that usually go along with outsourced medical billing.

Price Analysis

Though the cost shouldn’t be the only criterion to influence your decision when you choose a vendor, it is still important to know what you will get against what you pay.

Large-sized billing companies tend to charge higher prices since they have higher collections than smaller companies.

Most of the medical billing companies charge a percentage of revenue, which is somewhere between three to five percent of your net receipts. Some other providers charge a flat fee in addition to a small percentage of collections.

It is recommended to analyze the prices and services offered by different vendors you worth considering and figure out the partner at an affordable price at the most competitive price with flexible payment options.

Sometimes, billing providers charge additional fees or special service fees like a startup, termination, patient collection fees, and data conversion fees. Therefore, it is important to make sure that all the charges of the company you choose are disclosed upfront.

Responsiveness

Availability and responsiveness are two other critical factors to take into consideration for healthcare providers when choosing a billing company.

Outsourcing your billing processes means you won’t have the convenience of walking physically to your staff and get any changes implemented quickly or get immediate feedback on your quires.

Therefore, it is important to make sure that the vendor you choose is easy to communicate with, strictly adheres to the deadlines, and provides seamless customer support in your moment of need.

Security of Your Confidential Data

The company you will outsource your business operations to will be handling confidential information of your patients. Any compromise on the sensitive patient data can jeopardize the reputation of your organization and result in legal repercussions.

Therefore, it is important to ask them about their security system and processes to maintain the confidentiality of your sensitive information both in transit and at rest.

Make sure that your potential billing partner complies with the regulations for data storage specified under the Health Insurance Portability and Accountability Act (HIPAA) and Healthcare Common procedure Coding System (HCPCS) to ensure that your confidential data is optimally protected.

Software Compatibility

If you are currently using some billing software to manage the patient accounts and financial information, it is important to look for a medical billing company that has knowledge and expertise in using one compatible with yours. Transitioning into a new system is a time-consuming process that may require a lot of time, money, and resources.

Additionally, your staff will need the training to get accustomed to the new software. Ask the company whether or not they will offer the training sessions for free. It’s also important to understand the extent of access provided to you for your billing processes and information and the time the data will reach if it is not accessible to you in real-time.

Conclusion

Outsourcing your medical billing is a sensible way to streamline your revenue cycle management, spend more time on the core aspects of patient care and improve the overall finances and prosperity of your practice.

Choosing a billing provider for your practice isn’t something to just jump into. A wrong billing company can be a hassle and hurt your bottom-line.

It is important to walk through the unique needs and challenges of your specialty, make a list of companies compatible with your business model and carry out a side-by-side comparison to choose a vendor that will best suit your needs.

The above-mentioned tips will help you find a perfect company that will optimize your reimbursements. Entrusting your billing processes to the right provider will go a long way and seamless coordination holds the key.

Precision 7 Inc USA is a full-service medical billing that offers a comprehensive range of revenue cycle management solutions. Our well-versed and experienced billing professionals excel in developing effective solutions for a wide variety of medical practices to guarantee the highest returns and maximum profits.