Why is it important to have Regular Meetings with your Medical Billing Company?

Why is it important to have Regular Meetings with your Medical Billing Company?

Medical billing is an aspect of a healthcare facility that is often the most difficult to manage because of how confusing and ever-changing it is. This is why many healthcare companies and private practices make the choice to outsource their medical billing to an outside company.

This not only ensures that medical billing claims are done correctly using the most up to date coding system, but it also decreases the number of denied claims, while simultaneously increase collections.

Be on the Same Page

While outsourcing to a medical billing company is a great idea, this does not mean that you should completely forget about your medical billing. It is important to have regular meetings with your company, to ensure that things are running efficiently, smoothly, and to your standard.

Meeting with your medical billing company regularly is important to make sure that your facility and the billers are on the same page about your medical billing needs. Meetings can make sure that the terms agreed upon at the beginning of your partnership are still being met.

Medical Practice Management Resources insists on having regular meeting with clients to ensure transparency and knowledge. This ensures clients understandd the processes, efforts and have all questions addressed.

Monitor Revenue

Another reason to meet regularly with your medical billing company is to make sure they are maintaining the amount of money you usually receive from claims, and not decreasing that amount. One of the reasons most healthcare facilities turn to an outside billing company is to save money, so you’ll want to ensure your company is continuing to do this.

This is easily tracked by making sure the number of claims denied is minimal, and that denied claims are resubmitted in a timely manner. Often times, paper work, claims, and other important pieces of information are time sensitive. You’ll want to make sure that the billing company is keeping up with these time sensitive documents, so that you are not losing potential claim reimbursements.

Receive Up to Date Information

Receiving up to date information about your billing is important as well. Having regular meetings can allow for your medical billing company to provide you with data analysis and explain this data to you. The data can show you how many claims are being accepted or denied.

This includes what your maximum reimbursement rate is per claim and how many claims you are receiving a maximum reimbursement on. Information like this can help a practice understand their medical billing process and if the company they are currently using, is one that is meeting their needs.

Communication

One last reason to conduct regular meetings with you billing company is to ensure that the lines of communication are open. It is often difficult to communicate important and detailed information solely through emails or data reports.  In person or phone meetings can allow for thoughts, suggestions, and issues to be addressed.

Communication is essential for two facilitates to work together in a positive manner, because then it is understood what both sides are looking for, and if there is dissatisfaction, where it is coming from.

It is also important for your medical facility to be up to date on its own medical billing, because part of running a practice is comprehension and management all aspects of the practice. Even if the billing portion is outsourced, it is still essential to have an adequate understanding of how it is going and how medical billing affects the medical practice as a whole.

Final Thoughts

Having regular meetings with your medical billing company can ensure that you and your company are on the same page. It can also help ensure that your medical billing company is completing all the tasks that are required for them, as well as working efficiently with your facility and patient’s needs. Losing track of your billing, even if it is being outsourced can lead to unintentional errors that could affect your practice and even your patients.

Medical Practice Management Resources works tirelessy to improve your practice revenue and efficiencies. In addition, MPMR insists on regular meetings with clients for numerous reasons:

  • A knowledgeable client is better able to react to the ever changing market.
  • MPMR is able to head off problems and help clients understand actions being taken.
  • At times MPMR will notice coding issues at the practice that can be performed better, or they will run statistics to see if the practice is performing up to MGMA standards. These statistics, when addressed, can turn into substantial revenue increases for the practice.

 

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