As a medical practitioner your top priority is to provide your patients with quality care service. At the same time you understand that it is not practical to neglect the financial aspect of your business. After all, proper management of finances is what makes it possible to offer quality care. A good medical billing service provider can help increase your revenue while reducing denials and rejections. However, selecting the right medical billing service can be a bit overwhelming. Here are five important considerations that can help you make a decision you will not regret.
- Services offered: This is, perhaps, the most important factor to take into consideration when selecting a medical billing service. Are you clear on the services that the company provides? More importantly, are you aware of the services not included in the service package. It is also necessary to take into account the company’s specialization. If the company caters to your particular requirements you will be gaining benefits that go beyond cost and time efficiency.
- Cost: Another important aspect, this is only determined after you go through your current finances and set a specific budget. Certain services increase the overall cost of the package being offered. Clarify these charges with the company in advance to get a clear idea of exactly which services you will be paying for.
- Transparency: Your billing service provider must never make any decisions on your behalf without intimating you first. This does not mean that you will be required to micromanage the company’s work. However, you do need to be aware of the progress made on your claims, or of any delays. Typically, a reliable billing service will provide you with regular reports on the work being done on your behalf.
- Security: Patient privacy is your utmost concern as a medical practitioner. Your patients trust you with personal and sensitive details about their health. While maintaining this trust is crucial for your business, another reason to seek out a trustworthy billing service is to ensure compliance with government privacy laws, along with HIPAA regulations.
- Credentials: A glowing referral from a trusted colleague can be convincing enough to make you want to hire the same company. However, it is necessary to verify details for yourself before making any sure decisions. Find out the policies and safeguards adopted by the company to achieve compliance with federal, state, and HIPAA regulations. Do they self-audit? If so, how often? What measures have been taken to ensure the continued education of employees? Is employee knowledge tested on a regular basis? The billing service provider you hire should be well equipped to advise you on making the best financial decisions for your practice, not the other way around.
When you select a medical billing services provider you are entrusting a third party with a very important part of your business. This can impact your reputation in dramatic ways, and is a decision that must be taken with great care. A good billing service provider is equivalent to a dedicated business partner who is as interested as you are in ensuring the success of your medical practice.