Finding a Medical Billing Company For Your Practice
Finding a Medical Billing Company For Your PracticeMedical billing is complicated, but an integral component of running a successful health care practice. Medical billing companies specialize in effectively and efficiently processing the medical billing needs of a health care practice. Although it may seem alluring to do all medical billing in house, in some cases it can actually be more costly, and less efficient for a practice than it would be to outsource a medical billing company. Understanding the specific needs of your company in relation to medical billing can help a company narrow down its options when searching for a potential medical billing company.
What to Look For
There are several different aspects to be aware of when searching for a medical billing company. It is imperative to thoroughly research a potential medical billing company prior to hiring. Ask as many questions as you see fit in order to understand what can be expected from the billing company, if hired. Make sure to request information such as specific performance metrics (i.e. net collection ratio, days outstanding, denial/rejection rate, average number of days in accounts receivable…etc.). It is also helpful to obtain the answers to the following questions before you commit to any medical billing company:
- How many clients do you currently have?
- What size practices are you currently managing and/ or have you previously managed?
- How many years of experience do you have working in the medical billing field?
- How does your company share a patient’s medial data?
- Does your company have a backup plan if there happens to be a security breach? If so, explain.
Any medical billing company should be as transparent with information regarding their services as possible. This will assure a potential client is privy to information needed to make an informed decision. The specific answers to the above questions can also help to weed out any medical billing companies that may not be a good fit.
Why Outsource Medical Billing
There are numerous reasons why outsourcing medical billing may be beneficial. Depending on the needs of each office, outsourcing medical billing may be the most cost effective method to handling a practice’s finances. Medical billing companies have the capacity to provide a plethora of needed services, which can include the following:
- Patient invoicing
- Claim submissions
- Payment posting
- Payment processing
- Carrier follow up
- Detailed analytics
- Patient follow up
It is important to know what your company needs in terms of satisfying its medical billing requirements. The specialists that are employed by medical billing companies are adept in all areas regarding medical billing. Hence, outsourcing medical billing can reduce potential claim denials as well as speed up reimbursements.
Hiring an outside company to handle the medical billing needs can also significantly reduce administrative duties. It will enable staff to spend less time on billing and dealing with insurance carriers, which will in turn free them up to spend more time scheduling appointments, responding to patient portal inquiries, and educating patients about relevant health conditions. This can help to improve the morale of the office staff (as they will no longer have to spend hours on the phone with health insurance carriers), and can also improve patient engagement and satisfaction ratings.
As insurance regulations change, it is imperative that companies understand how each change can affect their practice, in all aspects. Insurance companies are notorious for offering excuses and utilizing loopholes to avoid paying providers what they owe. Accreditations such as CARF and JCAHO are now a common requirement for insurance companies to render payment. These certifications alert the public that a company has been adequately inspected and is considered reputable, meeting the accreditations high standards. The accreditation process can be arduous, requiring a significant amount of time and energy. Our staff offers diverse skills that enable Oracle Billing and Services, Inc. to assist in areas ranging from CARF-Accreditation, Verification of Insurance benefits, Insurance Collection Calls, Drug/Alcohol state licensing, JCAHO-Certification and more. Oracle Billing and Services has extensive experience in assisting companies in the health industry, in understanding the ever-changing regulations as well as providing expert consultation for all areas of operations. Reach out today and schedule an appointment with Oracle Billing and Services via phone at 626-872-7344 or email at email@example.com. We look forward to connecting and helping to bring your company to the next level.