Medical billing and coding is the last thing that providers want to deal with after a long day of treating patients and filling out charts. But if they don’t deal with it, running their medical practice profitably will become a struggle. So in order to keep getting paid on time and focus on patient care, many practice owners choose to outsource medical billing services.
If you are a healthcare professional wanting to hire a medical billing company, then here are five things that you must consider:
- Reputation of the medical billing company matters a lot, so start by researching and asking for referrals from trusted colleagues. Once you have narrowed down the available options, you can start the process of consulting with the firms, comparing their charges and other vital factors.
- The second most important thing to consider is the services offered. From services like error-free claims submission and follow-ups with insurance companies to guaranteed turnaround times, effective coding and denial management, it is advisable to seek out firms that have expertise in these areas.
- Third on the list is the cost or charges of the company. Every business owner needs to be concerned about their bottom line, so be careful and evaluate the financial benefits of outsourcing versus conducting billing in-house. In most cases, outsourcing will prove to be more economical.
- Another important factor to consider is whether or not the billing company ensures transparency. This is very important because you wouldn’t want to lose control of your revenue cycle. You need to know what is going on with your claims. A reliable billing company will always maintain transparency in their services and offer detailed, regular reports.
- Lastly, security is an essential factor when hiring a third party for medical billing services. If the company falters on patient privacy, your practice will be at risk. There is a lot of sensitive data involved in running a medical practice so you cannot afford to take any risk. A good billing company will comply with state and federal privacy laws along with HIPAA guidelines. As per the HIPAA Omnibus Rule, coding and billing companies need to protect health information rigorously.
Remember that the billing company you choose should be a partner that will make your business successful. So do some careful research, compare and then make a final choice.