The medical billing process is a complicated one. After all, medical practices not only have to deal with the insurance companies directly, but they also have to manage patient payments and different reimbursement rates based on various factors.
If you own a medical practice, you’re probably already aware of just how much work goes into processing payments and invoices for your services. Even if you’re great at keeping track of everything that needs to be done, there are other business owners who are willing to take on the responsibility in exchange for a cut of the profits.
This article will give you the information you need to find the best medical billing company for your business, identifying red flags along the way so that you can avoid ending up with a company that isn’t quite as helpful as they seem (and save yourself some money in the process).
Finding the Right Medical Billing Company
First, you’ll want to figure out what you’re looking for in a medical billing company. Are you looking for a full-service solution, or are you looking for help with a specific aspect of the process? A full-service solution means that the company will take care of almost every aspect of the medical billing process for you.
They’ll manage your customer relationships, schedule appointments for you, process payments, and more. Are you looking for help with a specific aspect of the process? If so, you’ll need to find a company that specializes in that one thing. For example, you might want a company that only handles the insurance side of things.
Paying Attention to Small Details
Throughout the process of finding and selecting a medical billing company, you’ll want to make sure that you’re paying attention to the details of the contract. Ask yourself questions like:
What is the billing cycle?
How will the fees be calculated?
What are the different payment options?
What is included in the scope of services?
What happens if the contract is terminated?
How to Identify a Good Medical Billing Company
If you’re having a hard time identifying the best medical billing company for your business, here are a few criteria to keep in mind: –
Reputation: Is the company you’re considering working with well-known in your industry?
If so, you can use online reviews to see what other people have to say about the company.
– Experience: How long has the company been in business?
Do they have a proven track record of success?
– Size: How many clients does the company work with?
If a company only works with a handful of clients, you may want to think twice about partnering with them. –
Rates: What is the average rate the company charges for their services? Is it in line with your budget, or do you need to make some adjustments?
– Scope of services: What types of services will the company provide? Are they services that you actually need, or do they provide a variety of different services? –
Terms and conditions: Take the contract thoroughly through and make sure you understand everything it includes.
Red Flag: Excessive Upfront Fees
Some medical billing companies will charge you an upfront fee for their services. Typically, this fee is based on a percentage of the money that you expect to be billed for services provided. Make sure you understand how the upfront fee is calculated, and that you’re comfortable with it being a percentage of the total amount billed. If the company charges an upfront fee but doesn’t have a set percentage, that’s a red flag.
Make sure that you understand exactly how the fee is calculated, and make sure it’s in line with industry standards. Typically, an upfront fee is 10% or 15% of the total amount expected to be billed. If it’s higher than that, be careful.
Red Flag: Unlimited Services Promised
A medical billing company may promise that they can handle every aspect of the medical billing process for you. If they do, you should proceed with caution. It’s one thing to promise that they can handle everything, it’s another thing to actually be able to do it.
Be wary of medical billing companies that promise to take care of everything, especially if they’re a small company. If they’re promising to take care of everything and then some, proceed with caution. Be sure to look into the details of what they’re promising to do, and make sure it’s actually doable.
Red Flag: Unlicensed Staff Members
Some medical billing companies will use unlicensed staff members to process claims. While there are certain types of billing tasks that you can legally perform without a license, it’s best to hire a company that has licensed staff members responsible for those tasks.
If a company has unlicensed staff members handling your claims, make sure they’re using a third-party software that verifies the accuracy of the information before it’s sent off to the insurance company. If they aren’t using an accurate software, you’ll want to proceed with caution.
If you’re considering hiring a company that uses unlicensed staff members, ask the following questions: – What type of software does the company use to verify the accuracy of the claims before they’re sent? – How does the company ensure compliance with HIPAA?
– What type of training does the staff receive?
How often is the training updated? –
What kind of internal auditing process does the company have in place?
Medical billing can be a complicated process that requires specialized knowledge. If you own a medical practice, you’ll want to make sure to find the best medical billing company for your business. A good medical billing company will take care of things like collecting payments, sending invoices, scheduling appointments, and more.
First, you’ll want to figure out what you’re looking for in a medical billing company. Then, you can use this article to identify the best candidates and select the right one for your business. Make sure to pay attention to small details along the way, and you should end up with the best possible partner for your business.