Healthcare debt collection, as well as medical billing, can hinder your success as a healthcare provider whether you are a hospital, medical laboratory or an independent practitioner. Deliver ability of advance healthcare services and implementing debt recovery and timely medical billing lies paramount to the improvement in your patient experiences. When it comes to your financial health, as a healthcare provider you will sooner or later encounter the task to hire a medical billing and healthcare debt collection company to take your finances to a new level and improve your quality of service making you grow as a healthcare facility. In this respect, choosing the right organization that can help you in billing and healthcare debt recovery services can be a daunting task.
But, it will be necessary to alleviate and relieve yourself from this chore so that you can focus on the task you do the best, and that is being a healthcare provider with constant improvement in quality. To help you choose the right kind of healthcare billing and debt recovery service provider you can consider the following five things to come up with the right decision.
1. Debt Collection Ratio
One of the principal things to look for when you are on a hunt for a proper healthcare debt collection company is something that is financially termed as the “Debt Collection Ratio.” Simply put, it is the percentage of the of the number of funds recovered divided by the total amount of debt the medical debt collection agency is trying to recover in one year (365 days). To further simplify this, the ratio can be multiplied with 100 to come up with a percentage of debt the billing agency is capable of recovering over a designated period of one year in its track record. This number can give you an idea of how much and how fast you can get funds in your account as a medical service provider.
2. Experience in the relevant Specialty
Another factor to look for in a medical billing and healthcare debt collection company is their experience in the medical specialty that you are offering your medical services. The number of years the firm has spent serving the particular healthcare sector also gives an idea of the track record of the billing company that it has spent helping healthcare providers like you. It will also reflect the quality of services the medical billing company will be able to offer you.
3. Average Turnaround Time of Insurance Claim Recovery
The duration that your insurance claim recovery takes is also something to look for if you are going to rely on a medical billing company. If a company can make speedy claim recoveries, it is a good candidate for your billing needs.
4. Average Number of days taken for Accounts Receivable (AR)
One of the biggest headaches in the healthcare industry are Accounts Receivable (AR) recovery. If a medical billing company has a fast recovery time, it is evident that you will get benefited much more and you will be able to focus on your medical practice.
5. Average Number of Follow up Claims per Month
It is a number that you should focus on if you are huge as a healthcare provider. If you are a big player in the healthcare industry, the number of claims that you will be turning out will be huge. So, it is necessary that you select a billing organization that is capable enough to handle your workload in such a scenario. In the healthcare debt recovery and billing industry, when you are looking for an organization, there is a name that is quite recommendable, and it is Medcare MSO.
Medcare MSO has a proven track record of dealing with the following five sectors of the healthcare industry.
The company has a solid experience that dates back to the year 2011, and it has served many healthcare providers in the United States with quality services that speak for themselves.