Quick Tips to Find the Best Medical Billing Company
Improving a healthcare organization’s medical billing process is integral to enhancing its financial performance. However, the process of medical billing or coding can be an extremely strenuous task for staff, especially when they also have to focus on rendering quality patient care.
Fortunately, the healthcare industry today has multiple medical billing companies that can help you with your back-office support services. These companies possess the staff and resources needed to shoulder your medical billing responsibilities with impeccable efficiency. The question thus comes down to – how do you know which medical billing company is the right fit for you?
Finding the right company to outsource billing solutions to in an already crowded market can be a challenge. In this article, we would like to provide you with a few tips that can make your search for the best medical billing company a bit more convenient.
1 – Define the Scale of Your Practice
Before you start off with your search, it is imperative to understand the scale and size of your own practice. As different companies operate to cater to specific account sizes, finding out which category your healthcare practice falls in will bring you one step closer to finding the right medical billing company for you.
Take into consideration your practice’s budget, size, and insurance carriers, based on which you can choose between a small-scale medical billing company that caters to individual practices, or a larger billing company that caters to large medical groups and hospitals.
2 – Find Medical Billing Companies that Cater to Your Specialty
Just as different practices specialize in the rendering of specific treatments, there are medical billing companies that only focus on particular specialties. For example, there are companies that provide their billing services exclusively to behavioral practitioners or mental health practices alone.
As such, it is imperative to find out whether a medical billing company possesses the experience required and understands the intricacies of your specialty. Knowing whether a company has catered to other practitioners in your field, acts as a good qualifier. This helps you choose a company that is capable of handling billing duties that are unique to your practice’s specialty.
3 – Stay within Your Agreed Budget
A medical billing company should offer its services at a reasonable and competitive price. Always opt for a company that is willing to offer their services at a rate that is agreeable to you or comes well within your practice’s budget. Focus on the services you are getting for your money.
While some companies will charge you a flat fee, others will charge on the percentage of your net collections. If you’re not sure about the pricing you’ve been offered, you could always compare pricing proposals from different companies before making your decision.
It is also important to not jump impulsively into a relationship with a company that provides its services at a considerably cheaper rate. A service rendered at a cheaper price should not come at the cost of quality!
4 –Go through Company Reviews
Apart from judging a company on its price, it is also important to judge it on the basis of its past performance. Therefore, it is advisable to always go online and browse through some testimonials left behind by past clients.
When looking for reviews, find out whether past clients had a positive experience with the company, whether the company was able to deliver on the promises they made, or if past clients ever experienced any errors that caused significant revenue loss.
5 – Make Sure the Company is Compliant
It is mandatory for all healthcare practices and practitioners to comply with industry rules and regulations. So, make sure that the medical billing company you partner with is updated on industry guidelines and provides HIPAA-compliant medical billing services. You can ask them to make you privy to how their staff ensures all the regulations are followed.
The Bottom Line
Thanks to an oversaturated market, medical billing companies today are a dime a dozen. However, with a little research, you can definitely find a medical billing company that can take care of your billing process efficiently.
3Gen is one such professional billing company that prides itself in providing robust medical billing and coding services at unparalleled rates in the industry. You can get in touch with us today to know more about our services and learn how we can help you tackle all your revenue cycle challenges.