One cannot overlook the benefits of hiring an efficient billing company in times when healthcare reforms are forcing quite many practices to close down. If providers are well informed & careful in choosing the right company they not only can improve the efficiency of their billing system but also reduce denials and boost revenue. There is no doubt that medical billing companies can take the RCM of medical practices to another level but how do you know the one you have hired is delivering the promised results?
A comprehensive evaluation is required to make sure your company is handling the billing requirements well without fail. Do not go with the market hype the company projects for its promotion. Instead choose a billing company that will help you establish a reliable and long-lasting relation.
If you are wondering how to evaluate the performance of your billing company here are five factors based on which you can make a decision. On the basis of this evaluation you can decide whether or not you should continue with the same company in future. This evaluation is also necessary for assessing performance and ensuring that resources are being well spent on medical billing services.
Rate of error:
You must evaluate the rate of error caused in billing and coding as this will help you determine the efficiency of your billing company staff. If your billing partner has a team of certified, experienced, well-trained coders and billers, error rate will always remain down. But in the opposite case, it is best to change the billing company because high error rate will damage your revenue cycle.
Examining the reports of aging insurance reimbursement:
It is recommended to examine monthly reports to get some meaningful data that will be helpful in evaluating billing functions. Your billing company should provide you these reports on a regular basis. If you are receiving these reports on time and the analysis shows good results, it means your billing system is in safe hands.
Evaluation of patient receivables:
You must also evaluate self-pay patient receivables because statistics of their payment can influence performance ratings of your billing company. If accounts receivable balances are being collected in a timely manner, it means your billing company is performing the way it should. In case these balances are reaching the 90-120 day bucket, you should be alarmed and contact your billing company for the same.
Level of interaction:
You should also take into consideration the level of interaction your billing company has had with your patients and employees. if there are no complains, you have a reason to rejoice.
Timely claim submission and follow-up:
Evaluate if your billing company is submitting claims on time and if it follows-up with your staff on a regular basis, asking for additional or missing information.
MedicalBillersandCoders.com is the largest consortium of experienced and certified coders and billers. The expert team at MBC has been helping practices across 50 states in the US, enhance their RCM through error-free coding, billing, timely claim submission and compliance to reforms.