Did you know that 90 percent of patients in the United States felt that it is important that they know their payment responsibility upfront? Selecting a medical billing service is vital for your medical practice when it comes to handling non-medical tasks that save your practice money and time in the long run.
It is important to ask the right questions when you’re trying to find the best medical billing company to work with to handle your medical billing and coding. Handling medical billing properly is vital for the success of your practice and medical billing companies take that burden off of your shoulders.
The good news is that you’ve come to the right place to learn what to look for when you decide that your practice needs medical billing services. Continue reading for more information about finding the right service for you.
Service Cost of a Medical Billing Service
When it comes to hiring a medical billing service, the most important thing to determine is the cost of their service. You need to figure out how much money they’re going to expect in exchange for their services. The best way to approach this is to determine a percentage of profits that they net for their help.
If working with a percentage-based payment method is the medical billing service’s preference then it is common for the percentage to be set at six percent or less. If they want a higher percentage than that then you’re going to be paying too much for their services.
You also need to figure out what additional charges and fees you’ll be facing by hiring a medical billing company. Some common fees you should be aware of are startup fees and termination fees. You might also encounter data conversion fees and patient collection fees.
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Reduced Administrative Tasks
The primary reason for a practice to hire a medical billing service is to get rid of the administrative tasks that normally fall on the shoulders of your employees. Most of these tasks are non-medical in nature and take up valuable time that could be spent elsewhere helping your patients.
Some ways that a good medical billing company will be able to help are by handling evaluation, coding, edits, as well as handling the payer rules. There are also three aspects that you should look out for that are signs of a good billing company.
A good medical billing service will be accurate, do great coding, and provide correct payment. If your medical billing service isn’t doing all three of those things then you should consider finding a new medical billing company to work with. You should also look for a company that will answer questions from customers regarding claims.
What Practice Management Systems They Use
Another way to tell the great medical billing companies apart from the rest is by asking what practice management systems they use. There are tons of different options, which means that each billing company is going to use different systems. A wise move is to find a good medical billing company that is familiar with the practice management software you prefer.
There are a number of reliable and helpful systems to choose from that are a great fit for any type and size of practice. Some of the most popular options are Allscripts, Athenahealth, Cerner, and Epic.
All of those systems are popular and in widespread use among healthcare clinics. This is why a good medical billing company will know how to use all of them. They’ll have experience working with a number of different systems and clinics.
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Their References
References and reviews are a strong and reliable way to determine if a medical billing company you’re looking at hiring is a good fit. It is a way to get a direct glimpse into other peoples’ experiences and thoughts about the company. Gaining information about the success of the billing company and its past projects will help you find the right fit.
You can also use reviews to determine if a company is a good fit for what you need. Looking at a medical billing service review will help you compare different medical billing services. This helps to analyze the strengths and weaknesses of each.
You’ll also be able to use this as a way to look for how their past work matches up with the needs of your clinic or practice to make sure that they’re a good fit. This means checking out the size and scope of their past projects.
Checking in with satisfied clients of the medical billing company is another great way to get an inside glimpse into what you’ll expect when hiring the right medical billing service for your clinic.
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Are They HIPAA Compliant?
Another thing that a good medical billing service needs to have is HIPPA compliance. This act protects the information of medical patients. Organizations that handle that information are expected to be compliant with its regulations.
This means that medical billing companies need to have HIPAA compliance in order to work with your healthcare clinic.
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Are They Transparent?
Transparency is also important when finding a good medical billing company to work with. This is because a good company will be forthcoming and upfront with you about billing information. They’ll be honest about their dealings, including data and their services.
This transparency is vital for determining the financial status of your clinic. It will also provide you with accurate numbers. This will keep the dealings of your practice from coming under the microscope.
Find the Perfect Medical Billing Service for Your Company
Finding the right medical billing service is a big part of running a successful and efficient healthcare clinic. Before you take the plunge and hire one, there are certain considerations that you need to take. This will help to make sure the medical billing company is the right fit.
First, you need to make sure that they’re compliant with HIPAA. Be sure that they’re transparent with their dealings and financial reports. You’ll also want to make sure that they’re familiar with the practice management software that your clinic uses. Most of all, you want to determine how much their service is going to cost your clinic.
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