01 Jan Should a Medical Practice Outsource its Medical Billing?
When you think about the daily operations of your medical practice, do things run smoothly, as they should? What is a typical day for you and your staff like? Are your patients receiving the care and attention you want to provide? Are medical billing and collections as planned? Are collections efficient and the cash flow healthy?
If your answer to most of these questions is ‘no’, it is time to check where are things going south? It may also be time to consider medical billing and collections outsourcing.
There are many factors to be considered when you choose a medical billing company. Remember that medical billing, collections and revenue management outsourcing can address several headaches in your practice. However, billing companies vary in claims processing and overall efficiency. So, if you outsource medical billing and other tasks to a professional company, remember to check their experience, accuracy and references, among other things.
The medical billing company’s staff should have the latest knowledge of all medical billing codes, especially your specialty, as well as a strong understanding of Medicare and Worker’s Compensation regulations.
Speed and Accuracy
Both accuracy and speed are critical in medical billing and claims processing. Skilled and experienced medical billing companies can submit correct claims in a timely manner than your in-house staff and they will be paid more quickly and efficiently.
The medical billing company should have an experienced medical billers and coders who can follow up on any pending or denied claims. This is where many medical practices lose a great deal of revenue since in-house staff is not able to keep up with denied claims and accounts receivable. A trusted professional medical billing company is able to develop unique relationships with the practices they work with. Check whether the company you are considering are able to provide you customized services based on the needs of your practice.