The main reason behind any healthcare practice preferring to outsource their medical billing and coding process is to mainly focus on patient care. If you are a small practice and have few smaller tasks, you may think home-based medical billing can work for your business. But in reality, outsourcing your medical billing process can save you huge dollars. There are many medical billing companies in existence, but choosing the best one always remains a hectic task for healthcare practices. Before you dive into it, these are the parameters that you should look into while selecting the best medical billing company.
#1: Look for the experience
Before you hire a medical billing company, it is important that you look at their experience in the industry, and also, how their clients have been beneficial with their service. But ideally, you should look for companies that have been in the market for ages, which states that the company has satisfied clients and can survive in the market.
#2: Strong reputation
While searching for your medical billing partner, do not just go blindly with the reviews you see on Google. Get in touch with some medical professionals who can give you the correct information about the best medical billing company, which can be from their real-time experience.
#3: ICD-10 process knowledge
Any medical billing company is expected to provide error-less coding which means the company should have versatile experience and high knowledge of the latest ICD-10 codes of medical billing. Working with a billing partner who is an expert in ICD-10 can help you save huge money upfront and time. If bills are properly coded, it leads to fewer claim denials returning to hospitals.
#4: Ask for proof of experience in specialty practice
If you run a multispecialty clinic, then obviously your medical billing partner should be well-versed in providing services in various specialties. Instead of just going with words, check their website and know which specialties they are experts at, and then proceed.
#5: Request to disclose the staff size
Make sure your medical billing partner has a good and huge team that has expertise and experience in handling various tasks of medical billing and coding, so it becomes easier to deal with a sudden increase in billing at non-peak times.
#6: Choose a responsive billing company
A good medical billing company takes effective measures to keep their clients satisfied and happy, retaining you for repeated business. Therefore when it comes to performance, speed and availability go on top priority. A successful medical billing company should help you make good revenue as well as not create inconvenience to patients.
#7: Estimate cost of services in advance
Know the cost of services your medical billing partner provides before you take any step. Due to a plethora of billing companies flooded in the market, look for the one who can offer you services at a competitive price with the best quality. Importantly, check whether they have any hidden charges and discounts are available for a large volume of billing requirements.
Along with, check if they offer flexible payment options and provide early reminders for the same. Predominantly, you should verify if they are a HIPAA compliant company and adhere to SLAs. Now software is something you should have a deep look into among all the parameters we have been speaking about. Therefore, it is viable to know what software the medical billing company has been using, and how good are they at denial management.
Choosing the best medical billing company for your healthcare practice might look challenging, but if you do not follow these parameters, it can end up in a loss of revenue. If you are looking for the best medical billing company in the USA, get in touch with 24/7 Medical Billing Services that has more than a decade of experience in offering a wide range of billing and coding services at competitive pricing. Contact our experts at +1-888-502-0537 for a detailed discussion.