The financial fitness of any practice is tied directly to efficient medical billing collection, compliance, and follow-ups throughout the claims process. An effective cash flow system is essential in order to keep the financial health of your practice strong. Constant rule updates and new policies like the transition to ICD-10 from ICD-9 are making the billing process much more complex and time-consuming. So, while medical billing is extremely important, it is a time-consuming task that could theoretically impact your practice in a negative way if it results in less quality time to care for your patients. That’s why we recommend using a medical billing company to handle your billing so you can focus on your patients.
With the emergence of large-scale medical billing companies, the healthcare industry is becoming more complex and competitive by the day. Sorting through which, one to use can be challenging. A doctor looking for a medical billing services provider should delve into the market to determine the best medical billing company to meet the needs of their practice. You can shortlist companies and do a side by side comparison to choose the right vendor. This process will help you narrow down the best medical billing service provider for your practice.
Choose the Right Medical Billing Company for Your Practice
Price and Services Analysis
Choosing a vendor solely on the basis of a low price point is a bad idea because it’s possible the lack of cost is an indication of low quality service. While that’s not always the case, it’s worth some hesitation because the capabilities might not align with your needs. Put simply, it could just be too good to be true. At the end of the day, low prices are sometimes a gimmick used by low profile companies to gain users easily. So, to keep your practice away from these disappointments, we recommend analyzing the pricing and services offered by every vendor worth considering so you can sort out the best medical billing service provider at an affordable price.
Transparency is Crucial
Delays in claim generation, irregular follow-ups and false promises are some of the common problems that doctors face while dealing with outsourced medical billing companies. Once you commit to a medical billing service provider, you rely on them to maintain the financial health of your practice. We recommend that you look deeply into their history as well as their transparency practices so you know you can have full trust in their commitment to your success.
There are only a few medical billing companies that have a cloud-based system to allow you to check the complete financial data of your practice 24/7. You can check the summary of collections, filed claims, denials, charges and payment summary in real-time which makes the whole billing process completely transparent and easy to manage. Choosing a cloud-based medical billing service provider should be one of your top priorities.
Artificial Intelligence and Medical Billing
Some medical billing companies use artificial intelligence to develop smart rules-based software that checks the claims before filing. The algorithm is continuously updated according to their claims filing experience with different insurance companies. Use of Artificial Intelligence significantly reduces the denials and helps you to get the payment on the very first filing. This process gets you paid early and reduces unforeseen revenue loss.
On-Boarding Process Should Be Convenient
While hiring a medical billing company, check out how quickly they can onboard you or if there are any technical resources your practice would require in order to handover the billing operations to them. You should also ask about the setup time and requirements so you can cross check that feasibility on your end. This will make the process more convenient when do decide to move forward with their services.
Security of Your Data
The medical billing company is going to handle your practice’s extremely sensitive data. So ask about their security system and processes to secure your data. Make sure the medical billing company is fully capable to protect your data while transit (moving across networks) and at rest (stored).
Now do your research, give each potential medical billing partner a detailed check-up by asking good questions and comparing them, and you will be well on your way to hiring the best.