Choosing Desired Medical Billing Company for Your Practice

Outsourcing your revenue cycle operations to a medical billing company is the right move toward securing the financial stability of your practice. But choosing any medical billing company could cost more headaches than benefits. Medical Billers and Coders is a leading medical billing company providing complete medical billing and coding services. While interacting with our potential clients, we found difficulties that are faced by healthcare practices while choosing desired medical billing company.

Evaluate Your Practice’s Pain Points

As you are seeking external help in medical billing for your practice, there are some pain points that are badly affecting your practice’s revenue. List down all those pain points and try to evaluate if that medical billing company can provide solutions to that pain points. Major pain points for any healthcare practice include hiring and retaining skilled (and experienced) staff, training costs, non-availability of a certified coder, submitting paper claims, difficulty in transition from paper claims to electronic claims, Insufficient knowledge of practice management software, denied claims, receiving fewer reimbursements and many other. Once you have a list of your preferences and challenges, you will be more easily able to communicate them to potential medical billing companies.

Questions to Ask Prospective Billing Companies

  • How often do you submit claims?

If you submit claims quickly, you will get paid quickly. So, ask the medical billing company, how often they submit claims for your practice? Ideally, it should be less than 24 hours while some companies would take up to 5 working days to submit a claim. Billing and coding experts from MedicalBillersandCoders (MBC) submit claims within 24 hours after patient visit details are shared by providers. 

  • What’s your clean claim percentage?

Just submitting a claim is not sufficient, all the details mentioned in that could be accurate i.e., clean claim. It’s quite obvious for any practice to have less than 80 percent as a clean claim ratio. Industry-standard is 90 percent while MedicalBillersandCoders (MBC) achieves more than 95 percent of claim ratio for all our clients. 

  • How do you handle rejections?

Entering any inaccurate information while submitting insurance claims will lead to claim rejections. Its acceptable practice to have up to 5 percent of claim rejections as patient demographics and insurance information gets updated, focusing on how the medical billing company handles rejections. MedicalBillersandCoders (MBC) crosschecks provided patient and insurance information against the payer database before submitting a claim. 

  • Do you have certified, specialty-specific medical coders?  

Inquire how many certified coders they currently have on staff and how many will be dedicated to your account. Ensure that these certified coders have good experience in coding in your medical specialty.

MedicalBillersandCoders (MBC) appoints certified coders to your account and adjusts the number of coders on your account as per workload. 

  • Which billing software do you use?

Will you continue to use your own practice management software (PMS) or does your vendor have their own? If the billing company is going to be working on your current system, inquire who will cover the cost of the clearing house and if there are any fees that you will be picking up. If you will be using the vendor’s PMS, be sure to establish guidelines in the contract that state you have the rights to your billing data and reports. MedicalBillersandCoders (MBC) have expertise over all leading medical/ practice management billing software, so continue billing from your current software. It also helps in recovering old pending claims that are either rejected, denied, or not submitted earlier. 

  • Who handles queries and concerns?

It quite obvious to know who is the contact person if you have any questions or concerns about the medical billing process. MedicalBillersandCoders (MBC) assigns a dedicated account manager for your practice who acts as the single point contact for all your queries and concerns. This account manager is fully aware of what’s happening on your account and shares required documents or reports for detailed understanding. 

  • What kind of reports do you provide?

As the billing company claims to handle complete billing operations for your practice, then medical reports are a great way to understand what’s happening in your account. MedicalBillersandCoders (MBC) shares a variety of customized reports as per the client’s requirements. The most common billing reports shared are AR aging, payment trends, insurance, and patient collections, KPI indicators, payer analysis, and rejections reports. 

  • How can you help to grow my practice? 

The desired billing partner should not only be able to handle your payments and claims, but they should also be able to counsel you and evaluate the health of your practice. MedicalBillersandCoders (MBC) providing complete medical billing services for more than 20 years to assist practices in growing their business while ensuring legal compliances. 

Knowing your exact needs and then evaluating prospective partners by asking these questions will help you find the Medical Billing vendor that will help you maintain a financially successful practice. Contact Medical Billers and Coders (MBC) at 888-357-3226 to share your unique billing challenges. We will be happy to provide reliable and cost-effective solutions to your billing challenges.

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