If you have outsourced your billing and coding requirements to a medical 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 ability to maximize revenue and minimize risk.
You should assess the performance of your billing partner and ensure that your resources are well spent on medical billing tasks. It is advisable to change your billing company if you feel that your current choice is not meeting your expectations. There are a few ways through which you can evaluate if your medical billing company is the right choice for your practice:
- Consider your billing company’s error rate. If it is high, it can cause trouble for the financial health of your practice
- Have there been complaints from patients who have had 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 regularly follows up with your staff, requesting additional or missing information.
- You must know about your billing partner’s policy on claim denials and the process they implement for appealing denials. If denials are simply being written off, your practice might lose a lot of revenue.
- Is your billing company submitting a claim on time? Has your account receivable improved since you have hired the billing partner? Ensure you have gauged your practice’s cash flow by assessing the financial data through a web portal.
- Interrupted access to financial data is also dangerous, proving that your billing partner is unprofessional.
Outsourcing eliminates the headache of handling billing operations, but that shouldn’t stop you from ensuring it works correctly. Even if you are getting paid, much real money might be left on the table.
The wrong choice of billing company will not only leave you with disrupted cash flow but 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 resolve billing and coding problems.
Medical Billers and Coders (MBC) is the largest consortium of billers and coders offering timely, professional medical billing services to practices across the US. Without any hidden costs or clauses, our well-trained team of experts has 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 with HIPAA and other reforms. MBC ensures that your practice doesn’t fall victim to security breaches, and you get ample time to concentrate on providing quality patient care.
FAQs
1. How can I evaluate if my current billing company is the right choice for my practice?
To assess your billing company’s performance, check the error rate, patient complaints, follow-up practices, and their process for handling claim denials. Evaluate if they submit timely claims and review financial data through a web portal to gauge your practice’s cash flow.
2. What does it mean it’s time to change my billing partner?
If your billing company has a high error rate, increased patient complaints, inadequate follow-up on missing information, and poor claim denial management, it might be time to switch to a better-suited billing partner.
3. How does MBC handle claim denials and minimize revenue loss?
MBC systematically handles claim denials by actively appealing to them instead of writing them off. This ensures that your practice maximizes revenue and minimizes financial losses.
4. How does MBC ensure the financial health of my practice?
MBC helps improve cash flow by submitting timely claims, posting insurance payments, managing accounts receivables, and providing regular AR reports, all while ensuring compliance with HIPAA regulations.
5. How can I avoid security breaches and HIPAA violations with my billing company?
It’s essential to read your contract carefully before signing, ensuring your billing company is HIPAA-compliant and has clear procedures to avoid security breaches. MBC is committed to maintaining secure processes to protect your practice’s data.
