January 07, 2014
If you have outsourced your billing and coding requirements to a billing company but your revenues are dropping, you may have chosen the wrong billing partner. Considering the lack of time and money, medical practices need a billing partner who will work to their best ability in maximizing revenue and minimizing risk.
You should asses the performance of your billing partner and ensure that your resources are being well spent on medical billing tasks. It is advisable to change your billing company if you feel that your current choice is not measuring up to your expectations. There are few ways through which you can evaluate if your medical billing company is the right choice for your practice:
Consider the error rate of your billing company. If it is high, it can cause trouble for the financial health of your practice
Have there been complaints from patients who have got a chance to deal with your billing company? If the numbers are increasing, it is time to make a switch
Find out if the company is following-up with your staff on a regular basis, requesting them for additional or missing information
You must know about your billing partner’s policy on claim denials, the process they implement for appealing denials. If denials are being written off simply, your practice might lose a lot of revenue
Is your billing company submitting claim on time? Has your account receivable improved since you have hired the billing partner? Make sure you have gauged the cash flow of your practice by assessing the financial data through a web portal
Interrupted access to financial data is also a danger sign, proving that your billing partner is not being professional
Outsourcing surely eliminates the headache of handling billing operations but that shouldn’t stop you from ensuring that it is working in the right manner. Even if you are getting paid, a lot of real money might be getting left on the table.
Wrong choice of billing company will not only leave you with disrupted cash flow but it might also result in unsatisfied patients, HIPAA privacy and security breaches. Therefore, it is very important to read the contract before signing. It will help you understand how the billing partner will be resolving billing and coding problems.
Medicalbillersandcoders.com com is the largest consortium of billers and coders that has been offering timely, professional medical billing services to practices across the US. Without any hidden costs or clause, our well-trained team of experts have been helping providers minimize claim denials and maximize revenue.
We offer a complete set of billing services, including timely claim submission, posting insurance payments, managing account receivables, follow-ups with insurance companies, compiling AR reports and complying to HIPAA and other reforms. MBC ensures that your practice doesn’t fall victim to security breaches and you get ample spare time to concentrate on providing quality patient care.
Revenue Cycle Management