If you plan on outsourcing your medical billing, then you won’t want to take the process of choosing a medical billing company to work with lightly. How fast your claims are processed and how much money you make on each claim will have a huge impact on your cash flow and net profit, which makes the selection of a medical billing services one of the most important decisions that you’ll make.
The following are a few tips to help you select a high quality medical billing company:
Compare medical billing collection rate -
You’ll want to work with a medical billing service that has a high average collection rate. A high collection rate means that they most likely make few claim errors and have a good claim denial appeal process.
Compare medical billing process rate -
Look for a fast average process rate. Medical billing services that have an average process rate of over four weeks are taking way too long. Look for an average process rate of around three weeks – this ensures that you get paid quickly.
Compare experience -
The more experience that a medical billing company has within the industry, the more indicative it is of their quality. A company that lasts that long within the medical billing industry must be doing something right. Additionally, you should make sure that they have experience handling medical billing services that are relevant to your specific practice or clinic.
Compare functions -
Look at the billing functions that a medical billing service can offer. At the very minimum, they should provide claim generation and submission services, carrier follow up services, payment posting and processing services, patient invoicing and support services and finally, collection agency transfer services.
Ask about insurance -
Ask what type of insurance each service carries. They are not only handling money, but also sensitive customer information. Ask what kind of coverage they carry, such as liability for security breaches and coverage for errors and omissions.
Ask about software -
Ask what type of billing software they use and request details about whether it’s cloud-based, whether it offers an integrated EHR, what their data backup and disaster recovery procedures are and more.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.