5 Things to Know when Outsourcing your Medical Billing Services in NJ
In New Jersey, the healthcare industry has grown at the rate of 2.4% from the year 1990 - 2010. The medical billing and coding profession was listed as one of the top occupations in the healthcare industry by the New Jersey Department of Labor and Workforce Development. The major reason why healthcare providers opt to outsource medical billing services in New Jersey is because of the high cost of hiring and retaining a skilled professional.
Outsourcing to a medical billing company is more cost-effective compared to maintaining an in-house billing team. However, you must choose a company with extra caution since your livelihood depends on it. In addition to the background of the billing company and their fee structure, the five things you should look for while shortlisting a billing specialist are:
Experience and / or training
Although experience is always an added bonus, you also need to ensure that the professionals hired by the billing company have received proper training. Inquire not just about the company owner's experience but also the staff's background and experience of the billing professionals. Are they committed to keep themselves updated on the continuous and ongoing training of new standards in the industry or not, are a few things to keep in mind. Check for their credentials and the type of education they have received.
It is necessary to check if the company is HIPAA-compliant and if yes, what procedures are in place to ensure strict adherence to the regulations. A lack in security of patient data can land you in trouble and call for unnecessary audits.
What kind of reports will the company provide you? Will any customized reports be provided, if need be? They should provide basic reports of transactions, payment posting, claims status reports, practice analysis and accounts receivables.
Policies and procedures
Inquire about the policies the billing company would follow in case of emergency, leaves or any other situation. The company should have proper procedures in place in case of an emergency. Another important aspect to consider is if the company will be available to your office as well as your patients..
Claims follow-up procedures & specialty claims
Ask the billing specialist about their procedures on claims follow-up, denials, appeals, resubmissions, and secondary and tertiary claims. If you practice a particular specialty, it is preferred to have a billing company particularly knowledgeable about your specialty.
MedicalBillersandCoders.com has presence across all the major cities in New Jersey such as Newark, Jersey City, Patterson, Elizabeth and Edison. The company has over a decade of experience in healthcare billing services. MBC offers effective New Jersey billing services with HIPAA compliance and extends RCM consultancy services too.
Their billers are always updated with the latest happenings in specialty billing and government regulations. A dedicated billing and coding team ensures filing timely claims, managing denials, following up with insurance companies and other related tasks. This way, by outsourcing medical billing services in NJ, physicians can focus on patient care.