Top 11 Things to look for in a Medical Billing Company
When a practice, ambulatory surgery center or laboratory chooses a medical billing company to use, it is a very important decision that will not only affect their revenue, but also their ability to give efficient patient care. There are some key features that medical practices should look for in a medical billing company to ensure good service and adequate reimbursement.
Best Medical Billing Companies
Look for a company with multiple glowing references. Good references show that the best medical billing company knows what they are doing. A company with several references will have a credible history in providing outstanding medical billing service.
2. High Average Rate of Collections
Find a company with a high average collection rate for their medical billing. Not all medical billing companies are able to deliver the same percent of revenue on a claim. Choose a company that has a high average, as this means they will be able to give your practice the maximum amount of revenue for each billed visit.
3. An Up-to-Date Data Security System
Look for a medical billing company that has a data security system in place, especially one that provides data backups. There are often sensitive and personal information stored on medical billing claims, and a good security system is important to ensure the protection of a patient’s data. It is also important to make sure that the company continually backs up your information, so that even if their technology is down, the information is not lost.
4. Compliance Plan
Choose a medical billing company that has a compliance plan. Not all third party billing companies need a compliance plan to run legally, but it is still a good idea to use a company that has one implemented. The company should also be willing to let you look over the compliance plan and its procedures.
5. Coding Experts
Select a medical billing company that is familiar with coding, so that they are able to spot errors or even make some suggestions on how to improve claims processing. A reliable company will be familiar with coding. Coding experts can improve your billing process.
6. Certified Medical Billers
Choose a medical billing company that employs specifically trained billers who are experience with medical billing. Certified medical billers are required to obtain continued education on the changing systems and standards dedicated to medical billing. A company that is dedicated to continued education, and who hires motivated and knowledge employees, will increase your ability to process payments.
7. Privacy and Security Policies
Look for a company that has implicated certain procedures and policies to correctly follow all state and government regulations on privacy and security. This is not only a good option for a practice, but it will also benefit patient privacy. The billing company should be HIPAA compliant.
8. Procedures on Denied Billing Claims
The medical billing company should have a rigid and practical procedure on following up on denied billing claims. This will help to reduce and fix errors, as well as be sure to ensure revenue is not lost. This will help to reduce and fix errors, as well as be sure to ensure revenue is not lost.
9. Software Compatibility
Look for a medical billing company that will be able to adapt to the software you currently use in your practice. Choose one that can make their software compatible so that there are no technology issues with communicating back and forth. Either way, make sure the billing organization is able work with your software, as this will provide an easier transition and allow for maximum efficiency.
Choose a medical billing company that is willing to work with your practice at all times to answer all questions that arise. While it is important for a company to have the necessary knowledge and technology, the most important thing a practice should look for in a medical billing company is their ability to provide accurate and helpful information if problems every arise, as well as their ability to communicate.
11. Real Time Reporting
The best medical billing companies are able to offer medical billing services with reporting that is real time and helpful to the client. It is transparent and able to be customized to show the information and that the client wants and needs.