To run a thriving medical practice, it is very important to have a robust and clean billing strategy. But with the changes in medical billing and coding regulations unfolding each year, handling this job in-house has become a tough task.
For many practices, letting a third party handle billing and collections duties can prove to be profitable and time saving. It frees up time for the staff to focus on important tasks such as, patient care, engagement and interaction.
But how to know if outsourcing is right for your medical practice? If you aren’t satisfied with the key financial metrics of your practice, if you keep pursuing payments when claims are denied, if you are facing difficulties in posting payments in a timely manner and if you are unable to collect 90% or more of what you are billing, then it is time to outsource medical billing services to a third party.
Here’s a checklist that can help you choose a reputed billing partner for your practice:
This is the first thing that you must consider when hiring a billing company. You need to be sure if you can afford to hire a team for managing your billing and collections. So, make sure you are considering your practice size, revenue and other factors to decide whether or not outsourcing is for you.
Number of clients:
Another factor in the checklist is the number of clients the company is serving currently. There are some billing companies that have a large clientele and they serve many practices across public and private sector whereas some companies specialize in just one medical specialty. You need to decide if you want to choose a large firm or a small firm with few clients.
When choosing a medical billing company, make sure you evaluate their customer service. They should be expert enough to offer solutions whenever your practice has billing queries or needs troubleshooting. Their solutions should fit the desired workflow of your practice.
Adaptability to Change:
If the billing company isn’t capable of adapting to the new changes in the laws and regulations, then you need to choose a different service provider. You need a company that is ready for all sorts of billing and coding changes in the market. It is also necessary that the company is multiple-code compliant.
Make sure to consider this checklist if you plan on partnering with a billing company.