For a lot of physicians, choosing to outsource medical billing services often hinges on the expense of the service and the services they provide. These are perfectly reasonable concerns, but there is much more to think about. It’s important to know what happens when one of your claims gets either denied or rejected. You want to know what reports are in place for the tracking denials, as well as how easy it will be for you to access your information. Read on to find out what you should ask a medical billing company before hiring them.
How Long Has Your Company Been in the Billing Industry?
The medical billing field is getting increasingly complex by the year. For this reason, you need a medical billing company in your corner that understands all the various codes and procedures involved in the field. They should also possess certification that validates the knowledge and experience they have. Knowledgeable staff members are less likely to make errors, making your practice more efficient and profitable.
Will Your System Be Compatible With Mine, Or Will I Need a New One?
Most medical practices already have a practice management system in place, and these systems are expensive. If you need to convert to a new system, you’ll need to factor in that added expense. Consider how secure the company’s system is and what precautions are taken to keep your data safe. Ask if the service is in compliance with HIPAA. You have to have a HIPAA security person who assesses compliance progress. You should also inquire about email, data, fax security, as well as business associate agreements.
What Services Come With the Costs?
You should always know what services will be provided with the money you spend. Be wary of companies that offer suspiciously low prices for their services because you might get equally low quality. These are some of the services that are common inclusions for third-party medical billing companies:
- Working accounts receivable
- Sending patient statements
- Management of resubmitting denied claims
- Notifying provider clients about all arising contract concerns
- Follow-up on any low-ticket claims
What Reports Should I Expect to Get?
You’re going to want to know what your medical billing company sends out. Also, it will be important to know whether you can access your account as well as run your reports in real time. You’ll also likely wish to access your claims and run reports using your own system as well. Ask the medical billing company you’re considering for sample reports so you can gauge the data that will be provided for you and whether or not they will disclose any information regarding their performance and your business. Generally, you should get reporting on the following items at the very least:
- Denial reports
- Credit balances
- Aged account receivables
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