Changing billing companies or outsourcing your billing can be a great deal of work. In fact, it can be so strenuous and tedious that many providers will learn to be content with a mediocre billing company or in-house team just to avoid changing over. There is also a fear that the change will interrupt revenue, which most medical practices rely on to keep going.
If you are looking for a medical billing company, there are a few critical features that you need to consider, as these will help you decide which is best for your practice or facility. You’ll also want to ask specific questions to help you clarify your decision.
What to Look For in a Medical Billing Company
There are different things to look for when seeking out a medical billing company. Here are the most important ones to focus on.
Knowing how appeals are handled is essential. Ask questions about this process, and have the information to stay on top of them as they happen.
2. Analytics and Financial Reporting
Understanding what is going on with your business is essential, especially analytics. Analytics will show you the financials, a necessity in every medical practice/facility. Ensure that the medical billing company can communicate this information with you and that you understand it.
3. Billing Software
Knowing which billing software the medical billing company uses is crucial. There are several different versions out there, all with pros and cons. Be sure to familiarize yourself with the one that the company has, so you are prepared if anything comes up.
4. Industry Experience
Ensure that the medical billing company has strong industry experience. There is nothing wrong with a company that is just starting, but for the sake of reimbursement, you should be assured that the company has an excellent track record and is knowledgeable in the field.
You want to have good communication with the medical billing company. When you have questions or concerns, it should be able to handle any situation.
Questions to Ask When Looking For a Medical Billing Company
Once you have picked out a few medical billing companies, there are a few questions that you want to ask their respective service teams. Their responses will help you decide on the company that is best for you.
- How does the company handle HIPAA compliance? It is important that you get all the details at this time. You want to know that the company you hire has experience with HIPAA and can properly handle all the information. Ensure that it has stringent security measures when dealing with documentation, emails, faxes, data security, and other areas that will deal with patients’ sensitive information.
- What is the communication plan? Know how to communicate with this company and receive the information necessary for your practice/facility. Establish how often you will meet and what information you will receive at this time. Be on top of what is happening, which means having a communication plan.
- What services do you offer, and what is the cost associated with each of them? Just because a company has lower prices, that does not mean they offer everything that you require. Know what you need and the cost that you are willing to pay. Understanding the billing software can be helpful here. You want to be sure that the accounts receivable process is understood and that both parties agree on when these things should be handled. Time is of the essence when dealing with reimbursement, and you should know how long it will take to receive this information.
- Do they have any testimonials or case studies that you can review? The more you know about the company, the better, and testimonials are ideal for seeing what other customers have said about their experiences.
- What does the time frame look like? Changing medical billing companies can be stressful. Check the time that it would take to go live, and determine if it would cause a delay in reimbursement.
Outsourcing medical billing services can streamline your operations and save time and money. Such companies are experienced and can help your practice comply with insurance and HIPAA regulations. With StarkBilling, you will enjoy greater efficiency and a hassle-free experience with your billing process.
Outsourcing your medical billing to StarkBilling gives you more time to focus on your patients. We strive to provide superior medical billing and a host of value-added services.