Increasing Revenue with the Help of Medical Billing ServicesJanuary 22, 2017
Medical Billing Mistakes to AvoidMarch 15, 2017
Medical organizations looking to streamline their operations often turn to medical billing companies to help them achieve this goal. Doing so frees up valuable time and resources and can actually increase revenue for the organization. How should a medical practice go about making this crucial selection? What should they be looking for? Following are some tips to help make this process easier.
- Evaluate the services offered by the medical billing provider and the software they use. The provider needs a system that integrates essential tasks such as documenting, billing, and scheduling. This streamlines the entire billing process, and the billing provider handles the rest. They submit insurance claims, do any follow-up tasks needed, process and post payments to patient accounts, send patient invoices, and discuss billing issues with the patient. The provider also takes care of any collection activities needed when a patient doesn’t pay.
- Discuss how the billing provider charges for his or her services. Some companies charge their clients based on the money they collect, yet others charge the medical practice based on how much they bill. Practice administrators need to be aware of which method a provider uses before making their choice and select one that bills on money collected. This ensures the medical billing provider is motivated to bring in as much revenue as possible for the practice. Doing so ensures they also earn more.
- Find a company with not only industry experience but experience in the particular medical field. For example, a pediatrician won’t want to use a medical billing provider that works mainly with orthopedic doctors. When a provider that specializes in selected fields is chosen, medical practices find more of their claims are accepted without delay. This is referred to as the first pass acceptance rate. Look for a company with a rate of 98 percent or higher.
Speak to a number of medical billing providers before making a decision. This provider and his or her staff work directly with patients of the practice or organization, thus they must be professional and courteous at all times. Never rush the process for this reason, as the right provider is out there. It’s just a matter of locating the right firm.