Choosing the right medical billing company – Six things to look for
Ensuring that health care providers are paid on time is extremely important. That’s exactly why some health care practitioners choose to outsource to a medical billing company like SybridMD.
The process of medical billing can be quite time-consuming and only a few healthcare professionals have enough time on their hands to see it through.
From documentation to records, these things can get pretty rigorous. Data required includes the patient’s record, the doctor’s information, insurance information, and medical billing codes for each patient.
A medical billing company will make sure that doctors get their share of money in their bank accounts every month. They will take care of all the research required, data collection, and prepare claims.
But what are the factors that influence your decision of which medical billing company to outsource to? After all, your income depends on the company you choose to go with. To make it easier for you to make the right choice, we’ve listed some factors that can help you decide which medical billing company best suits you.
Things To Consider:
- What Technology Are They Using?
When it comes to medical billing, things get complicated. That’s why some companies use high-quality AI to ensure a mistake-free claim submission. This helps lower the risk of claim denial or rejection and keeps the process running smoothly. Not only do you get paid on time with the help of the right technology and system usage, but there is also no loss in revenue due to the rejection of claims by insurance.
Not all medical billing companies use the right software, so make sure you inquire before hiring.
- The Scale Of The Company
Before you choose a billing company, make sure you take into consideration the size of your medical practice. For instance, some medical billing companies could be too small for a large scale practitioner. Are the number of employees at the billing company enough to handle your case? If not, you’re probably better off with another medical billing company that has the manpower required to efficiently work on your bills.
A good question to ask might be how many claims are handled by the company per second. The speed at which the company works definitely has an effect on practitioners.
- The Track Record- What’s the Claim Denial Rate?
Medical claim denial can be a setback for both the medical care provider and the medical billing company. You can measure the success rate of practice by their claim rejection rate as it has a huge impact on their cash flow.
What this essentially means is that a claim didn’t meet certain criteria set by the insurance company hence the healthcare worker is denied payment for the work they did. What you’re looking for is a “clean claim” submission rate, which indicates that the company has a good record.
When a claim is rejected, it does not reach the system of the payer, hence payment remains unprocessed. Denial is somewhat different as it means that claim was processed however the payer did not accept it and it has to be resubmitted following proper guidelines. A number of factors can lead to this, including:
- Incorrect or insufficient data
- The patient is not covered by insurance
- Submission of the same claim multiple times
- Formatting issues
- The time limit has passed for filing a claim
The higher the rejection rate, the more inefficient a medical billing company looks. A professional billing company like SybridMD will ensure that the insurance company is convinced of the services provided and find the work worth payment.
On a side note, as time-consuming as it can be, providing your medical billing company with relevant information and records on time could help you get paid on time. At the end of the way, you will have to cooperate with the billing company for them to do their work efficiently.
Some medical billing companies also have denial management teams on board who make sure claims are not rejected. This is one of the reasons why so many medical practitioners choose to outsource rather than doing it all on their own. After all, the number one priority is to stay 100% dedicated to taking care of patients, rather than worrying about documentation.
Some companies don’t even resubmit rejected claims which can be a huge problem for medical workers. Hence, this is a crucial factor.
- Experience Matters
Have they dealt with your area of work in the past? If yes then you can probably trust the medical billing company. It can get difficult to find a medical billing company that has relevant experience in your field of work. For instance, if you’re a dentist and you know of an excellent billing company but it caters to different fields of specialization, they’ll be of no use for you.
On the other hand, an experienced company will be far better at handling your documents, codes, and know how to comply with all security standards set by organizations.
- What Are The Charges?
Like any other service, the cost can be the deciding factor for choosing the medical billing company. Knowing what you’re exactly paying for and surveying the market for the average cost won’t hurt either.
Some billing companies could charge overheads for hidden costs. If that’s the case, search the market for a more accommodating and affordable medical billing company such as Sybrid MD.
- Customer Service- HIPAA And Security of Data
Of course, you’d want an accommodative team that can do more than just answer all your basic questions and are responsive.
There’s a lot more that’s required from a medical bill company’s service. You will be trusting them with sensitive information such as your medical team’s bank accounts, patient’s information, and records.
HIPPA stands for Health Insurance Portability and Accountability Act and anyone handling sensitive or protected health information (PHI) must comply with the requirements set by HIPAA for data safety.
The precautions that are needed to be taken by companies include complete security of data, limited access to electronic media, a fool proof privacy policy, regular auditing, and employee training.
Certification has to be seen as well. Is the medical billing company ISO certified?
The Takeaway
Let the burden of paperwork and research lie on professionals which will allow you to maximize your productivity at the clinic or hospital. Best medical billing companies like Sybrid MD will ensure proper paperwork and documentation on your behalf so your profit is maximized.
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See also article “A New Approach To Growing Your Healthcare Revenue“
