How to Choose the Right Medical Billing Company
While medical billing can be quite complicated and time-consuming, it is vital to the success of your medical practice. Did you know that the finances of your medical practice are closely associated with efficient and effective medical billing services? Keep in mind that healthy finances help lay the foundation for a successful and sound practice.
If you run a medical practice, you will know that any administrative hustle or issues in medical billing often need extensive paperwork. They often eat up time you may otherwise devote to more clinically essential activities. This is why choosing a medical billing company that can best meet your diverse demands and needs will allow you to focus on medical treatment rather than menial issues.
One of the best things is that an experienced and trusted medical billing provider, such as UControlBilling, can enhance the overall finances as well as operations of your healthcare facility. Also, it is worth noting that because of frequent rule reforms and updates, the medical billing process in the US has changed. This is why it makes sense to hire a medical billing company.
Are you considering an outsourced medical billing service for your healthcare facility or medical practice? If yes, you should know what to look for before you decide on a specific solution.
Things to Consider When Choosing a Medical Billing Company
You should look for a number of things when choosing a medical billing company for your practice. You would like to hire a billing company that is excellent and best meets all your needs.
Here are some important things that you should look for when choosing the right medical billing provider for your organization.
Check Billing Company’s Past Record
You may know that healthcare billing can be pretty knowledge-intensive and time-consuming. This is why the more capable and experienced a medical billing company is, the better they will be able to identify issues and fix these in order to ensure faster and more efficient billing.
You should check out how long the company has been in business, making sure they are not running a fly-by-night operation. Keep in mind that the more experience the company has, the more their billing process will be efficient, streamlined, and reliable.
Data Security
It is no secret that data security plays a crucial role when you are choosing a medical billing provider for your medical practice. This is because data breaches can cause significant financial loss to a healthcare provider, threatening the precious lives and well-being of patients. So, you should ask about the provider’s security systems and processes to secure and protect your data.
You should also make sure that the billing firm is using the best and most recent security technologies in order to avoid data breaches and financial loss.
Turnaround Time of Insurance Recovery
This is another crucial aspect that you should consider. You should check the entire time duration that the insurance claim recovery will usually take.
It is essential to consider this factor as you’ll depend on your medical billing company. So, find a reliable medical billing firm that can expedite the insurance claim recovery.
Consider Technology and Software
Keep in mind that there is a huge difference between medical billers who perform things in a conventional manner, like manual faxes or data entry, and firms that leverage cloud-based revenue cycle management (RCM) software.
You can compare medical billing to your bank account. For example, some people tend to collect physical paper bills and write checks. In contrast, others pay their bills online. The best thing about technology is that it only takes a click without any cumbersome paperwork to get the job done.
If you use the right software, your medical office can be easily linked to the remote billing office. This will help streamline RCM processes and workflow. And that is not all; when you use a reliable cloud-based system, then your data will comply with most HIPAA data storage regulations and laws.
Testimonials and Reputation
It is important to look closely at all the reviews that a billing provider has not just on their website and various social media platforms but also on Google and other similar platforms. It is best to do some research on the billing company before committing to or signing anything.
You should consider the following:
- Does the company have a good record with the BBB (Better Business Bureau)?
- Does the company have any other professional affiliations?
Another good way to assess a biller’s reputation is to contact customers in their testimonials or even ask other customers to get in touch by email in order to see if they are satisfied.
Communication Expectations
There is no doubt that communication and information flow are two critical components in maintaining a healthy and consistent revenue stream. You would preferably want to contract a medical billing firm that has transparency measures and practices in place.
They should also have a reputation for responding effectively and quickly to their customer’s questions and queries.
This is why, during the negotiation process, it is vital to ask the billing firm about their communication style as well as protocols. For example, the company should be able to offer you some basic information regarding their average response time.
Assess their Expertise and Knowledge of Health Regulations and Rules
You should know that an experienced medical billing provider will have comprehensive and in-depth knowledge of changes in healthcare rules and regulations. So, before hiring a medical billing company, you should ensure that their medical billers and coders are aware of the latest version of the ICD-10 rules and can comply with various HIPAA standards and guidelines.
Transparency is Important
Did you know that in the past, outsourcing to another billing firm had some serious drawbacks? For example, medical professionals did not have at-hand financial information that was essential for managing their medical practice.
Similarly, after outsourcing to a medical billing provider, you were heavily dependent on the reports that their billers could get you to assess the overall financial health of your medical practice.
Also, note that claim generation delays, empty promises, and irregular follow-ups were some of the prevalent problems that doctors and other medical professionals faced while dealing with third-party medical billing firms.
However, the good news is that nowadays, medical billing firms that use cloud-based systems can give you better results. For example, you can now access any medical claim that you want at any time, which is convenient.
Disaster Recovery and Continuity Plans
Natural disasters, such as tornadoes and pandemics, can strike billing companies like any other professional firm. So, it makes sense to prioritize a reliable medical billing company that uses the latest data backup policies and protocols for handling an emergency, such as a fire.
This way, you can always trust that even if a disaster strikes their office, the company will still be able to offer you and your patients all the services you need.
Final Thoughts
As you can see, the key to effective outsourcing is a combination of capable and experienced people and cutting-edge technology. If you are looking for the most suitable medical billing provider for your needs, UControlBilling can help!
If you are ready to work with a reliable and professional medical billing firm that will work hard to meet your needs, contact UControlBilling to learn more.
