How To Choose A Medical Billing Specialist
If you are a healthcare provider considering outsourcing your billing, there are a few things you should consider. Choosing a medical billing service can be hard to do because it may seem like you are turning over the most important aspect of your practice. Here are some things to consider.
Communication and transparency are the key to any successful relationship between a healthcare provider and their billing consultant. Make sure the medical billing company you are considering has a policy of communication that is satisfactory to you. Some things to ask: what type of reports
do they run and how often are they provided? How often do they work insurance denials? Establish your preferred method of contact, whether by phone, email, etc. How does the medical billing specialist file their claims? Do they run software on their computer or use an internet based service?
Make sure the physician billing service does not make any changes to ICD-9, CPT, or HCPS codes without your consent. A billing service can be instrumental in finding errors in your coding and help you make the correct changes, but they should not do so unless consulting with you first. This prevents any liability issues down the road. Ask the billing service if they provide any physician education or feedback on insurance billing issues. Some may charge for this information, but most may be happy to provide it as part of the service.
Who posts payments? Some physicians may choose to keep this portion of their front office operations in-house. In the beginning there will be an overlap as you transition posting payments from your books to the billing company’s. Some patient balances may not match due to the information provided to your billing consultant For example, a patient may have a credit on the practice’s books but the medical billing company you are using is not made aware of this, creating two different balances. This can be prevented by providing as much information upfront as possible.
An easy way to keep a feeling of control as well as being able to manage transition issues is to use a medical billing service that files claims through an internet based practice management system. Those that do use an internet based system are more transparent as they can provide 24/7 access to you from anywhere you have a computer.
Try to find a service that bills on a percentage fee. Some states may prohibit this, but it is the preferred method of billing. A set dollar amount per claim may make it easier to judge your cost each month. However a contingency fee, or percentage of the paid claim, offers distinct advantages. One, you only pay when you are paid. Two, there is more incentive for the billing service to work collections and denials. Three, it helps you control costs, especially since insurance allowables on some procedures can be very low.
Finally, try to find a billing specialist that is a partner in your success. Are they able to help you identify areas of opportunities in your practice to increase revenue? Good physicians billing services are ones that are an advocate for your success.
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