While there are various advantages to outsourcing medical billing, the key to success is outsourcing the medical billing company that is worth it.
Questions to ask before choosing outsourcing medical billing company.
What Questions Should Your Medical Practice Ask About Outsourcing Medical Billing? Outsourcing medical billing companies come up with multiple software like EHR and services like billing and coding. When it comes to outsourcing medical billing, there are a few things to consider. Before engaging with vendors and picking a medical billing service provider that can meet your demands long-term, your practice should determine its needs, scope, and strategy.
How Soon Will They Be Able to Start Handling Insurance Claims?
In most cases, 30-60 days is adequate time for a company to provide services. However, this is not an exact science, and several variables influence the timetable. It might be a fairly short transfer if you do not need to update your practice management software and if they are familiar with the practice’s software. This case’s primary focus would be creating user credentials and granting software access.
If this isn’t the case, and the practice management software isn’t on the same system, whether data is exported, imported, or manually input will affect the time frame. In addition, linking multiple software with different payers will require enough time to establish electronic linkages with the various payers. Linking multiple software results in a longer implementation timeframe.
The firm you’re evaluating should be able to provide references for businesses with similar implementation plans to yours. Contact those references; if they had a positive experience, it would demonstrate that your partner has prior experience with this project.
What Kinds of Medical Billing Services Do They Offer?
Revenue cycle management is a complicated process that entails many critical duties. It is critical. Each of these tasks must be identified and assigned to either the practice of the medical billing business. Each medical billing arrangement is unique. For instance, your practice may like to enter costs on-site. In contrast, another practice may prefer to have the medical billing company enter not only the charges but also complete the encounter coding. You must explain what you expect.
What kind of training do their employees get?
A medical billing company must train its workforce properly to preserve its core expertise. Confirm that the billing personnel is certified and receive continuous education to retain their credentials before entering any agreements.
Who will be in charge of the current accounts receivable (A/R)?
Before services begin, it’s critical to figure out who will be in charge of the present A/R. Starting over is the best way to reduce the odds of old, unpaid claims falling through the cracks, especially if you’re switching practice management software. Some medical billing companies may take over your present accounts receivable and process your old claims. The practice can alternatively choose to retain this in-house and handle it themselves. In any case, two different medical billing processes will operate concurrently for around 90 days, depending on the overall amount of A/R.
Will there be monthly financial reports?
Medical billing firms will not only supply you with monthly financial reports but will also automate and interpret them for you. The reports will provide monthly financial summaries, highlight trends, and offer advice based on the practice’s outcomes. Financial dashboards should be available 24/7 monitoring, allowing instant confirmation that key performance indicators are being met. KPIs and monitoring standards will be established by a professional medical billing company.
A credible medical billing firm should also be willing and able to respond rapidly to each of these queries and have mechanisms in place to support these critical operations. A good medical billing services partner works well with others and is eager to become a part of your clinic.
What Should Be Kept in the House?
Suppose you’re not convinced that outsourcing all areas of back-office operations is the way to go. Keep in mind that some of you can handle back-office functions of medical billing in-house. (For example, retaining coding and customer support in-house while outsourcing claim submission and payer management to a third party.) Determine which areas you are unwilling to let go of, and then choose a medical billing company that can customize their services to match your needs.
What Kind of Outsourcing Medical Billing company Do You Require?
Are 9-5 customer care representatives and a call-based escalation mechanism sufficient? Is it enough for your company to have 9-5 service personnel and a call-based escalation mechanism, or do you require 24/7, always-on access to customer support and billing specialists? Do you want numerous team leads on your practice’s service engagement, or can one dedicated account manager meet your needs? Before seeking a vendor contract, create your ideal outsourced medical billing model.
What are your revenue and practice goals for your medical practice?
Outsourcing is done for various reasons, including reducing errors and denials, minimizing fixed overhead expenses, and responding to changing needs in their internal workforce situation, to name a few. A medical billing service provider’s team will need to understand your motives, circumstances, and goals to give you excellent assistance, so spend some time figuring out what they are. What Impact Will This Have on Your Patients?
Even if your front-desk staff interacts with your patients considerably more than your billing staff, certain interactions and decisions that your back-office currently makes (such as write-offs and collections) may be transferred to a billing firm. Make sure to put your patients’ needs first in your decision-making process.
What are your concerns about liability?
When it comes to specialized healthcare practices like radiation oncology, hospital-based physicians and radiation oncology freestanding facilities face a slew of compliance and liability challenges daily. With reimbursement demands increasing, the need for an outsourcing medical billing company has never been more important.
Checklist for Outsourcing Medical Billing
When making a decision, use this checklist. To assist your practice in selecting the best medical billing outsourcing services, use this checklist when making your decision.
Outsourcing Medical Billing Companies: 5 Questions to Ask
- How Soon Will They Be Able to Start Handling Claims?
- What Kinds of Services Do They Offer?
- What kind of training do their employees get?
- Who will be in charge of the current accounts receivable (A/R)?
- Will there be monthly financial reports?
5 Questions a medical billing company Should Ask Your Doctor’s Office
- What Should Be Kept in the House?
- How much help do you require?
- What are your objectives?
- What Impact Will This Have on Your Patients?
- What are your concerns about liability?
A healthcare provider and an outsourcing medical billing company can be a perfect partnership when they discuss multiple factors to meet each others criteria.