Medical billing companies are the trusted partners of the healthcare industry. Without the timely reimbursements of the healthcare providers, the revenue cycle of the organization or the clinic will get disrupted. Some of the healthcare organizations choose to trust their in house billing team to get their reimbursements on time. Some others outsource their jobs to the leading billing companies. In both the cases, the team responsible for the action should be well equipped with the latest tools and the right knowledge.
If you want your in house team to take care of it all, then you should focus on frequent staff training. If you do not have a large team in place, then you can trust the end to end management of the revenue cycle with the outsourcing medical billing companies. In both the cases, the leading companies can help you to move ahead. But how can you choose the ideal medical billing company for you?
Check this list to get an easy way out of this issue.
1.How large is your account?
Account size of your own healthcare organization will determine the real needs of your team. There are different kinds of medical billing companies in the market which handle different kinds of accounts. While some are capable of handling large scale accounts like large hospital chains, some specialize in handling accounts of small scale independent clinics. Make sure you keep three parameters in mind to determine your account size:
- Size of your practice
- Budget you are ready to allocate to outsourcing of medical billing companies
- Insurance networks you are part of
Small scale companies can be useful for independent stand-alone clinics. They prove to be beneficial with their one on one personalized plans. Medium sized companies are usually well equipped to handle an organization with around 200 members. Large scale companies appoint separate teams to handle the needs of bigger accounts.They also offer certain tailor made specialized plans with an additional charge.
2.Specialty Medical Billing Companies:
Medical billing companies with years of experience in this industry focus on different medical specialties. Make sure that the one you are choosing has the right knowledge in your domain.Here are some points to note:
- Ask the company about the training and other qualifications of their team members in your field.
- If qualified, you must know what percentage of the billers is experienced in this field and how many years of experience do they have.
- Keep a track of how many billers will be assigned to your organization.
- If you are looking for a training program for your in house team, ask about their expertise in training as well.
- Ask for some client testimonials from the similar specialty you are looking for. This will speak for the reliability of the company.
3.Are the Medical Billing Companies compliant?
Healthcare industry is a field where sensitive information is collected and processed every moment. With so many stakeholders involved in this field, it is crucial to stay up to date with the latest guidelines of the federal and state agencies. It is also true in case of medical billing companies, especially since they are third parties in the scenario. Leading medical billing companies keep compliance measures in check:
- HIPAA: The Health Insurance Portability and Accountability Act, commonly known as HIPAA, is one of the most common compliant terms for a billing company. The goal of this measure is to ensure that the sensitive patient information is safe with the company.
- Fair Debt Collection Practices Act: This act passed by the U.S. Federal Trade Commission prohibits the billing companies to use unfair means to collect the due debts. Patients,by law, cannot be abused or threatened to close the bill if they are not in a position to pay. This might be a common case when the insurance claim has been denied.
- History of Fraud: Deliberate wrongful billing with cases of up coding or under coding are considered to be fraud cases by the rule of law. Check whether the companies do not have any such recurring lawsuits.
4.Do they offer technical assistance?
Since most of the companies are moving towards more equipped remote working conditions, software solutions can make a great difference to the scenario.Medical billing is no exception. There are some leading companies who offer software solutions to help you stay in loop with the entire revenue cycle. In addition, they also offer dedicated team assistance to help you navigate through the system. It might not seem like an immediate need. But to be better prepared for any working condition, this will prove to be very helpful in the long run. It also helps the stakeholders in the parent organization to stay in touch with the tasks assigned as they can view its real time progress.
To make the maximum utilization of the software technology, the staff members need to be trained well in the system. While some companies offer this training free of cost, others have training plans. On the other hand, the ultimate users of the software are the staff members of your billing team. Make sure that they are comfortable with the user interface. With the help of this technical assistance, the handling of financial data, patient accounts and other back-office tasks will become much easier.
5.Have you researched the medical billing companies enough?
Be thorough with your preparation when short-listing the medical billing companies. While some are very popular, not all of them will offer you the right services you are looking for. The workflow management of your organization should be compatible with the services they offer. Moreover, they should contribute in making the system better for smoother transactions. Go through their reviews to know what you can expect from the companies. Make sure you ask about the availability of the support teams as well.If you require round the clock assistance, then communicate the needs with the contact person.
Make sure that you keep these crucial points in mind when choosing medical billing companies. Needs of each healthcare organization are different. Hence make sure that the chosen company offers those unique services.
Hope this blog helped you know the important points to watch when choosing the medical billing company for your organization. For further queries, you can comment it down below. We will get back to you. For more updates on healthcare, technology and management do not forget to subscribe to our blog and our social media handles.