In an ideal situation, a sizable portion of healthcare billing tasks are handled by medical billing companies so that the tedious job involving various patient data can be avoided by doctors and other healthcare workers.
This is exactly where a medical billing company comes into the picture! A billing and coding procedure can be outsourced to a medical billing company, freeing up healthcare personnel to concentrate on patient care.
However, the pertinent question is, how can healthcare professionals choose the best medical billing business when there are so many options available globally?
We at Medisys Data Solutions have prepared a checklist of 7 parameters you should take into account when finalizing a medical billing company.
1. TechnologyÂ
This is the holy grail of the healthcare sector. More and more healthcare organizations are turning to their revenue cycle suppliers for technological know-how and expecting them to be their revenue cycle technology partners rather than just bill-processing specialists.
Technology has the potential to significantly and directly affect how well medical practices perform. However, only a small percentage of healthcare providers choose to deal with best medical billing companies that provide superior tech. Don’t let this become a blind spot, and merely go for medical billing companies that prioritize technology in their business.
2. Patient experienceÂ
New patients are necessary for specialty practices to increase their financial viability. For specialized practices, there is a noticeable shift toward providing service in outpatient settings. A medical practice’s ability to attract new patients is greatly influenced by the medical billing company. A great medical billing provider will allow your staff to function to their best capability. Thus, ensure that the medical billing provider you pick has a good patient experience.
3. The ease of transitionÂ
Transitional help is very significant. The process of switching billing companies is one that is rife with traps. Employee buy-in, determining whether they’ll wind down your traditional AR, and, of course, the additional complication of making sure they are comfortable with your EHR are all necessary. Your medical organization should present a suitable transition plan in order to handle this challenging moment. If not, they should move in the other direction.
A good transition strategy should have a single point of contact, a thorough examination of your present revenue cycle, training for internal staff, and the assignment of duties to your team and the billing business.
4. State LawsÂ
There are various procedures that govern medical billing and each State has its own billing regulations. Some state restrictions regarding balance billing from out-of-network providers are lax than those in other states. It is crucial to keep up with and adhere to State-specific legislation developments in a highly regulated business.
Another gray area that, if not managed skillfully, could spiral your practice into accusations, and legal penalties. Each State has quite different requirements for physician assistants’ (PA) billing. Analyzing the PA practice situation within the billing regulations of your State is crucial.
Inadvertently breaking the law is a common practice among medical billing organizations under pressure to increase collection rates. Find out if your medical biller conducts compliance audits. Your medical biller/RCM company isn’t the best option if it has little to no understanding of the billing rules in your state.
5. Analyze their level of preparedness for emergenciesÂ
An unforeseen pandemic, natural calamity, or spike in the number of patients seeking treatment could all be considered contingencies for a healthcare service provider and the vendors providing them with services. Does your prospective medical billing partner have a workable process in place for situations like this? You need to be sure that your billing partner takes a proactive approach to problem-solving because there is a lot of money—and more importantly—your reputation as a reliable healthcare provider—at risk.
6. Determine whether they can manage your specialtiesÂ
There are several distinct types of areas covered by medical billing legislation. It’s possible that mastering one terrain won’t prepare you for another. Thus, whether it be nephrology or dentistry, each specialty has its own distinct set of coding and billing challenges. Make sure your medical billing vendor can manage both your existing specialties and any potential extensions.
7. Discuss fees up frontÂ
The last thing you want is to be hit with unforeseen fees at the conclusion of the cycle from a long-term medical billing partner. Therefore, have a thorough conversation regarding discounts, charge schedules, and hidden fees with your prospective billing partner to make sure you are fully aware of what you will be paying for as well as how and when you will be making payments. Medisys Data Solutions, a medical billing company with its headquarters in the US, might be a sensible pick if you’re seeking for a billing partner that performs well across all of the aforementioned criteria. Medisys Data Solutions provides complete Revenue Cycle Management systems that are cost-effective, precise, and goal-oriented.
Questions to ask to your medical billing company:
- How many individuals will be responsible for my account?
- How long has your company been in business in my field?
- What are your Accounts Receivable average day count for my area of expertise?
- Which billing services fall within the bundle I’m purchasing?
- Do these costs need to be paid separately or are they already included in the price I’ll be paying?
Note: You need to deal with a company that provides a clear view into what’s happening at their workplace, from revenue cycle KPIs to adherence to SLAs. To prevent misunderstandings, they must provide a service that acts as a forum for dialogue with your team. Work with a biller who also provides weekly, monthly, and comprehensive annual work reports in addition to on-demand reports. Even if you choose the best in the business, things might go wrong without this cooperation and openness.
ConclusionÂ
Medisys Data Solutions is in the business of fostering the growth and financial success of healthcare providers. Through a variety of services, we collaborate with your clinic to address their billing and coding trouble areas. Our team is aware that providing excellent customer service is crucial. Please get in touch with us if you’re interested in learning more about our services.
