What Type of Medical Billing Company Do You Need?
If you’re a healthcare provider, you shouldn’t underestimate the benefits of offering reliable medical billing services.
A consistent medical billing system allows you to make timely claim reimbursements, reduce billing errors, and maximize your revenue.
Many healthcare providers are opting to outsource their medical billing operations.
And for a good reason!
For instance, if you’re a physical therapist, hiring a physical therapy billing company eliminates all the billing pain points allowing you to concentrate on your patients’ needs. The result is improved patients satisfaction levels and an increase in your cash flow.
If you’re considering outsourcing your billing services to a medical billing firm, you couldn’t have made a better decision. But before you go looking for a billing partner, you must understand the types of medical billing companies and the organizational needs they serve. This knowledge will help you make the right choice on the best company suitable for your practice billing needs.
So, here are the three types of medical billing companies classified according to the services they offer...
1. Light Service Medical Billing Companies
Many medical billing software vendors offer light level billing services. If you outsource your billing needs to this type of company, be prepared to perform code validation, eligibility checks, processing rejections, and authorizing claims.
Since these medical billing companies offer limited services, the healthcare facility should have an in-house billing expert to perform front end billing services.
2. Full-service Medical Billing Companies
A medical billing company that offers full-service billing help will handle all your medical billing needs. These companies are often outsourced by medium and large health care practices that want to focus on their patients’ needs wholly.
Full-service billing companies start their engagement with medical practices at the early stages of the revenue cycle. The company will also provide the health care facility with technology and tools to perform eligibility checks and collect patients' demographic and insurance data at the check-in points. The company also trains the practice on how to avoid billing errors.
3. Boutique Medical Billing Companies
A boutique medical billing company offers services for limited medical specialties. These small billing firms have expertise in a few medical fields, and they also provide more oversight than the other two types of medical billing companies.
For instance, if a dental practice is looking for a dental billing company, then a boutique billing company specializing in this area would be the best choice.
Boutique billing companies also provide higher-level services in addition to the billing services. Examples of these higher-level business services include following up on accounts receivables.
How to Choose the Best Billing Company for Your Practice
Outsourcing your medical billing needs to a reliable billing partner will ensure you’re compliant with regulatory services, and it will also enhance your reputation and revenue.
Here are tips that can help you choose a good medical billing company that is reliable and also offers services that align with your practice needs.
—Consider your facility needs
Since different medical billing companies offer services depending on the practice billing accounts sizes, you must know your facility’s size, acceptable insurance providers, and budget.
You should also consider if you require a more personalized one-on-one billing service or you have an in-house billing expert who can help with some of the billing tasks.
—Consider the company experience
Check out if the billing company has been in business for some time. If you can find a billing company with experience in your medical specialty, the better.
Medical billers that have an area of focus are the best as they’re experts in that specialty. This means fewer billing and coding errors since such a company will have experience in this area. You’ll also find that such companies will have worked with other practitioners in your field.
—Check for compliance
Check if the company you intend to outsource your billing functions is ISO-certified and HIPAA compliant.
This will ensure the services they offer meet the HIPAA specifications. It also means that they have the required security measures in place to ensure your patients’ confidential data is safe.
—Consider the company reputation
Evaluate the medical billing company’s reputation by checking its online reviews.
Since it’s possible for a company to have fake reviews, you should also contact the company’s past clients to know how the firm conducts its services.
—Communication is key
A billing company that takes forever to respond to your mails or return your calls is probably not the best for your practice.
A good billing company should be available and responsive during and after offering the billing services. This builds trust between the two of you and also ensures the company doesn’t inconvenience you or your patients.
—Get a cost breakdown
Ensure you’re aware of the billing company’s charges before you enlist their services. Ask for a cost breakdown in advance that matches your billing needs.
You should also consider if the company has flexible payment options and billing schedules.
In closing, finding a reputable medical billing partner can ease your billing struggles. The above tips will help you decide on the best medical billing company for your practice.
Did you find this article helpful? Share your thoughts with friends...