Efficient billing is important to the profitability of the medical practice, therefore finding the best medical billing company is a key priority. A Google search for “top medical billing companies” returns nearly 50,000 results—how do you choose the best billing or medical revenue service collection agency?
We have been in the company for over a decade and have some ideas to give that we believe would be valuable. These recommendations should benefit you whether you want help with your complete revenue cycle, billing alone, or you only want to engage a medical debt collection agency to rescue your older A/R accounts.
What Exactly Are Top Medical Billing Companies?
What makes the top medical billing service for you will be determined by your requirements. Google will rank the “top” medical billing companies in the advertising based on who pays the most for that word, which provides no value for you. Search engines also return results based on information such as the amount of content on a website and how recently and frequently it was updated—again, not your priorities.
When looking for medical billing or debt collection service, the internet is a great place to start your search. Furthermore, a company’s website may teach you a lot, so it’s a good place to start. However, there is a lot more information you require.
Determine Your Goals
If you’re unfamiliar with medical billing services, you probably have no idea what they can accomplish for you. However, before you start having conversations, it is a good idea to assess your needs. Our first recommendation is to be clear about what you want.
Here are a few questions to consider
Are you satisfied with the percentage of refunds you receive, or do you want more?
(We’re assuming you want more!) One of the most significant advantages of an efficient billing system is that we get more claims paid. As a result, you get paid more for doing the same amount of effort.
Do you want your old A/R accounts to be managed?
Because it is an extra effort, most medical billing providers do not want to take on existing accounts. We have, however, been successful in collecting on accounts as old as a year. That’s money you made but would have lost otherwise.
Do you require help with credentialing?
The process of becoming allowed to be in-network or contracted with multiple insurers takes time and can be frustrating. Is it something you’d like someone else to handle for you?
How involved do you want to be in your financial state?
Some companies only provide monthly reports, which causes some practitioners to be concerned about not understanding what is going on with their revenue cycle. Make certain that any billing provider you engage has a system in place for reporting all of the metrics you want to track on a schedule that works for you.
Queries to Ask a Medical Billing Company
Some things should be self-evident for any billing agency or medical debt collection organization to accomplish. Furthermore, inquiring about them might provide you with a better understanding of how they work. These are some examples:
- How secure is your data management system?
- Are you HIPAA-compliant?
- Would you work with my software or will I have to purchase yours?
There are some more detailed questions you should ask to ensure that the organization you’re speaking with can deliver what you require.
How do you handle claims that are denied or rejected?
(Not just “do you,” but ask them to explain their approach and level of dedication.) Every year, millions of dollars are lost owing to processing denials and rejections. Check to see if they have a system in place for tracking claims and ensuring that all claims are followed through on through payment.
How long have you been in working?
Once you’ve given a medical billing company your business, they should be able to serve you for years. An inexperienced organization is unlikely to handle your claims correctly. As a result, working with insurers and government payers has been a failure.
What is the size of your billing staff?
Doing business locally is a good idea, but a small company with only one or two actual medical billers puts you in danger. There is no one to process your claims if one individual becomes ill or quits. As a result, your income flow has slowed, you have lost revenue due to expired claims, and no one is available to follow up on rejected or denied claims.
What type of training do your billers get?
Medical billing and coding is a complex process in which every aspect must be exact or claims will not be reimbursed. Because the laws and regulations change so frequently, ongoing training is required.
What sorts of reports will you send me, and how frequently will you send them?
The answer to this question should satisfy your specific level of curiosity. It is not too much to ask for weekly updates. Financial metrics that are up to date will influence many business decisions, and you should not have to wait to acquire the information you require.
What kind of assistance do you offer, and who can I contact if I have a question or a problem?
This is an important issue, and if the response is that you can fill out a ticket 24 hours a day, 7 days a week, you are unlikely to have a successful business relationship. Make sure you can reach a human person who can address your specific account queries, rather than someone who will read general information off a script.
There are other questions you could ask, and perhaps this list has sparked some of your own. However, maybe this has made you feel more prepared to speak with medical billing agencies and select one that matches your needs.
“The Medical Billing” TMB is a full-service medical billing, A/R management, and revenue cycle management company with extensive experience. Our objective is to give each of our clients unique services and great customer care. We have created an extremely efficient claim management system. Click here to request a demo today. We’ll be pleased to respond to any queries you may have!