Hiring a medical billing company to handle the coding and billing frees medical professionals to focus on patient care. Most healthcare organizations now outsource their billing to medical billing services (paperwork). So that doctors and other medical professionals don’t have to manually enter patient data into a database. Until recently, it was difficult for suppliers to find a reliable billing service.
How do hospitals and clinics decide on the best medical billing service out of all the available options? Before you hire a medical coding company to handle your billing project, you should get answers to the following questions. Who should do the job, and what experience/abilities do they need? Top frequently asked questions and tips on medical billing services are mentioned below.
1. Ensure all partners are on the same page
You must have firm control over billing practices, as they are fundamental to the success of your organization. Maintaining an available line of communication with your medical billing service provider is essential for this purpose.
It is imperative that you have prompt access to the appropriate contacts at the billing organization in order to convey your needs, issues, and suggestions. The priority of a reliable medical billing service is unquestionably prompt and helpful customer service.
2. Look into the company’s past performance
Since medical billing is a process- and knowledge-heavy job, an experienced medical billing company will be better able to spot problems and fix them for efficient billing. The longer a medical billing service has been in business, the more likely it is that it has satisfied its customers, both old and new.
3. Ensure the experts are familiar with ICD-10
The key to error-free coding is proficiency in the most up-to-date edition of the International Classification of Disease code. Saving both time and money is only one of the numerous advantages of teaming up with a billing partner who is well-versed in ICD-10. There is less cause for alarm when hospital bills are correctly coded and not sent back for correction.
4. Determine if they can offer a comprehensive range of services
The primary service provided by several billing organizations is either medical billing or medical coding. Some provide anything and everything you need to handle the cash flow for your business. In terms of the revenue cycle, it is usually preferable to go with a provider who offers end-to-end services. Employing this type of service provider makes it simple to acquire assistance in additional areas, such as denial management and collections.
5. Evaluate their technological competence
When deciding on a medical billing service, technology is also a critical element. The business either needs to have its own billing system or be able to integrate with yours.
It can be time-consuming, challenging, and expensive to handle invoicing, coding, claims submission, AR management, and other related duties in-house. Professional medical billing services assist practices in streamlining their operations, decreasing claim rejections, and increasing revenue.
6. Negotiate costs in advance
The price that a third-party service provider asks for their medical billing services is the deciding factor in whether or not to use their services. Consider these questions before contracting out medical billing services: How much do their services typically cost? Do they have any hidden fees? Is it possible to get a price cut by contracting out a lot of invoicing work? If you ask yourself these questions, you’ll be more equipped to select a billing service that meets your needs without breaking the bank. After all, there’s no use in incurring more expenses if they can be avoided from the get-go.
7. Ensure the business is HIPAA-compliant
Working with an organization that has been verified as ISO-compliant and HIPAA-compliant is the greatest way to ensure the complete security of your personal information. Knowing that the billing company is following all HIPAA regulations will alleviate any concerns you may have. And they don’t mess with patients’ private information.
8. Evaluate their level of preparedness for unexpected events
An unanticipated spike in the number of patients needing care could cause a healthcare provider or one of their vendors to face a number of unforeseen challenges. Is there a contingency plan in place that your prospective medical billing partner can implement? You need to make sure that your billing partner takes an active role in finding solutions to issues, as both financial stability and your credibility as a reliable healthcare provider are on the line.
9. Determine if they have sufficient personnel and facilities
Find out if the medical billing company has adequate employees and infrastructure to support your medical billing project along with their current projects before you make the outsourcing decision. It doesn’t matter how successful a vendor has been in the past if they take on your project without adding staff to handle the workload.
10. Ensure the billing company meets the due date
Any company that values their customers’ continued patronage and wants to avoid any potential negative interactions with them should prioritize meeting its deadlines. Providers, insurers, and policyholders must all adhere to strict deadlines. This means that irrelevant of the complexity or uniqueness of the task at hand; the billing firm must always complete it on time.
11. Examine how insurance verification is conducted
The business should employ a group of devoted insurance verification professionals that are well-versed in and proficient at confirming patients’ coverage across all medical fields. Prior to seeing a patient, the staff needs to verify coverage.
12. Verify the availability of Flexible Payment Options & Timely Reminders
If you outsource your billing to a provider, make sure they provide you with timely notifications and different ways to pay. When dealing with money, it’s best to tread carefully and be polite to prevent any miscommunication.
13. Determine whether they can handle your specific niches
The regulations governing medical billing and payment span a large landscape. Being an expert navigator in one environment is no guarantee of success in another. Each field of medicine, from nephrology to dentistry, faces its own distinct difficulties in terms of billing and coding. Hence, make sure your medical billing service can accommodate all of your present and prospective specialties.
14. Double check the coding vendor’s quality assurance (QA) process and management team
The vendor’s QA process have a huge impact on the success of any medical coding projects. It is beneficial to choose domestic (US) coders because they know US healthcare coding and billing best. Moreover, having English as their first language is also an advantage over many coding vendors that use offshore coders with English as second language such as vendors from the Philippines or India.
