Outsourcing Your Medical Billing? Top 5 Things to Consider

medical billing services what to know
In this era of advanced technology and increased expectations, you may find yourself drowning in the busy work involved with owning your own medical practice. Many doctors are even choosing to abandon the private practice altogether.
However, working with medical billing services can make owning your own practice much easier. Instead of focusing on coding, bills, and paperwork, you can focus on giving your patients the care they deserve.

But how do you choose the right billing services for a small business?

What should you be looking for?

In this guide, we’ll explore these questions and more. With these tips, you can keep boutique medicine and patient-focused care at the forefront of the medical industry.

The 3 Different Types of Medical Billing Services

To start, the best medical billing companies will be the ones that fit the demands and needs of your practice.
Consider the complexity and scope of your practice. By thinking about the size and structure of your billing needs, you can narrow down which medical billing companies are right for you.

Small-Scale Billing Services

Smaller, more boutique practices will likely only have a little bit of data. Look for more home-based billing services for these types of practices.
When choosing a medical billing company, make sure they have previous experience in healthcare specifically.
Smaller services usually charge per job. So, use them to outsource small tasks that will make life simpler at your practice.
Also, remember that not every outsourcing company provides the same services. Be sure to ask exactly what kind of billing and coding services come with your contract.

Professional Billing Businesses

For bigger practices, professional billing services are the way to go. You’ll need more complex work done, so you need to budget a bit more to outsource.
These services also sometimes include value-added services. Examples of value-added services might include:

  • Fee scheduling
  • Policy manuals
  • Workflow optimization
  • Billing system software

And much more.
Once again, it’s important to ask any service provider exactly what services you can expect.

Physician Practice Management Company

Over half of all care companies fall into this category. This is for larger practices with over 200 members of staff. Usually, these practices have a much more well-equipped infrastructure than their smaller counterparts.
Management services can cost thousands of dollars. But, they outsource all administrative tasks to billing companies. This allows physicians to focus on what they do best: caring for their patients.
Some providers may find a full-scale management company to be too much. They may prefer to stay more hands-on. But, some find relief in being able to outsource administration.
Now, let’s look at some important tips for choosing the right company from these categories.

1. Research Their Past Experience

You’ll want an experienced administrative team. To vet a medical billing companies experience, ask the following questions:
How long have you been in business?
What industries or types of practices do you work with most frequently?
Have your past clients been satisfied with your work?
In general, the longer a company has been around, the better. This shows they keep their clients happy and are successful in their work.

2. Knowledge of Medical-Specific Terminology

It’s no use working with a coding and billing company or expert with no prior medical experience. In order to prevent errors, you need someone who is familiar with specific medical terminology, such as ICD-10 codes.
ICD stands for International Classification of Disease codes. When coding bills, it’s essential your billing service is well-versed in these codes.

Also Read: Why You Should Outsource to a Medical Billing Service

Familiarity with these specific notes will streamline the billing process and prevent billing mistakes. This also prevents claims from returning to hospitals or private practices.

3. Make Sure They’re Responsive

The best medical billing companies want to keep their clients happy and coming back. Being responsive is critical to this customer service.
Most healthcare providers want a billing company that is fast and great at communication. This not only makes sure you get the money you need, but it also keeps your patients happy.
Medical billing services should be easy to reach during and after service. This ensures you can manage all concerns in a timely and efficient manner.

4. Ensure the Company Is HIPAA Compliant

As a form of legal protection, you’ll want to work with an ISO-certified company. This company should be compliant with the Health Insurance Portability and Accountability Act (HIPAA).
This is essential for ensuring that no confidential data is ever left in the wrong hands. Confidentiality is likely a priority for your patients, so it should be for you, as well.

5. Verify the Company Is In-Budget

There’s no sense in bankrupting your practice just to outsource medical billing. You should always analyze costs and benefits beforehand to ensure the service is worth it.
Some questions you can ask to ensure the service is in-budget include:

  • How do they charge for service?
  • Are there any hidden charges you should know about?
  • Are there any discounts available for high-volume requirements?
    You should also be sure any company you work with provides you with a simple way for patients to pay. See if there are any payment plans or timely reminder services available.
    Remember, payments can be a sensitive subject for some patients. Be sure to handle all financial concerns with care and courtesy. This also helps to prevent any unfortunate misunderstandings.

    Focus on Patients, Not Paperwork

    These simple tips can help ensure that you find the perfect medical billing services for your specific practice. Medical billing companies can be great for freeing your practice and allowing you to focus your attention on a patient’s care instead of money matters.

Also Read: A Few Things Patients Need to Know About Hospital Billing

To find the perfect medical billing services near me, request a demo from our team. Here, you can see exactly what kind of services and costs to expect. We’ll make sure you know just what we can do for your practice.

Tips for Hiring the Right Medical Billing Company

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