How To Select a Medical Billing Company For Your Practice

If you own medical practice, then you already know how complicated and time-consuming the healthcare revenue cycle management process (RCM) can be. Add in the day to day general management of your medical practice, you have a ton of work to do in your hands. The relaxing news here is you don’t have to do it all by yourself. Outsourcing medical billing means that everything associated with RCM from patient scheduling, insurance verification, coding claims, and submission to payment collection will be off your back.

However, you must outsource to a reputable company as the lifeline of your practice is heavily dependent on the efficiency of your RCM process. We explore the key factors you should have in mind during the selection process.

1. The Level of Services Offered

Not all medical billing companies are the same. They fall into the three categories below:

• Small Scale

As the name suggests, a small scale medical billing firm often offers its services to medical practices with a lower volume of data and on a limited budget. It usually charges a per-job basis and offers a limited selection of billing services.

• Professional Medical Billing Company

This is a medium-sized medical billing company. The services offered often include more features than those you’d get from a small scale billing entity.

• Physician Practice Management Company

Any company that falls under this category is a large enterprise and has a well-equipped infrastructure. Outsourcing medical billing to this type of entity means you go entirely hands-free as a team of proficient staff handles everything.

Based on the above, it is important for you first to review your medical practice and determine the level of services you need so you can select the right billing company.

2. Industry Experience

The company you choose might offer all the services you need, but are they experienced enough to meet and exceed your expectations?  In that light, make sure you ask how long they’ve been in the market.

Note, the experience is not only about how long they’ve been in play but also how familiar they are with particular billing services as well. For instance, there has been an increasing rate of declined Medicare payments. So, it would be wise to choose a company that is well-versed with billing to Medicare and Medicaid if your practice commonly deals with such patients.

3. Technology

Outsourcing to a company with sophisticated medical billing technology helps speed up the RCM process and improve revenue outcomes. Therefore, make sure you consider not only the level of technology used but also how well the staff can utilize it to enhance your operational efficiency.

4. Data Security

Outsourcing medical billing means you’ll be handing over a sensitive patient and financial data to a third party. With the increasing rate of cyber-attacks, especially on small businesses, it is important you only outsource to a company with well-equipped data security infrastructure. Ensure about HIPAA compliance as well as the steps they’ve followed to secure your data from hackers when it’s at rest and on transit.

5. Customer Support

Regardless of how efficient the system is, problems will always come up along the way. Also, you will, at times, have questions and concerns about billing and coding reports. In that case, it is important you work with a billing company with a highly accessible, responsive, and supportive customer support team.

Outsourcing medical billing to a reputable company significantly reduces your in-house costs and enhances operational efficiency. This, in turn, promotes the expansion of your medical practice. Nonetheless, the thin line between outsourcing from a fly-by-night company and a reputable one lies in how well you review the factors above.