A medical billing company plays a major in handling healthcare billing tasks. The physicians and other healthcare workers have eased the tasks of keeping the patient’s data in place. Choosing a billing company for medical purposes is not easy, but considering the key factors makes it easier. There are some considerations one should make before hiring a medical billing company. Some of the factors to consider are the qualifications of that particular company to undertake the task.
There are three types of billing companies one can choose from.
Different companies have specialized in various accounting sizes. Some are in a better position to handle large medical practices while others major in minor procedures of lower budgets.
1. Small-scale medical billing services
A small-scale medical billing service is ideal to choose if you have a limited budget. They are ideal for individuals who have lower data volume and data. It is also useful when there is a smaller volume of data. You will be required to ensure that the providers have adequate experience in health care billing. You need to outsource some fewer tasks as they tend to charge per job basis and this can help you save a lot of money.
2. Professional medical billing business
This type of billing company is suitable for individuals with a bigger budget and who desire to get high-quality services. The services they offer are superior as compared to the small-scale medical billing services. The professional tends to focus more on the patient’s care. These types of companies are a little bit more expensive as compared to the others.
3. Physician practice management company
Companies under this category have more staff and they are well equipped in the career of medical coding and billing. The professionals are capable of handling vast volumes of data within a short duration.
Hereby are some of the factors to consider when choosing the company:
1. Experience
Some of the companies are suited to perform certain tasks. Some medical billers maybe specialize in a single area but they are experts in that field. Others may have qualifications in many areas of specialization. One of the most important factors to consider is whether the doctors have the required knowledge in that specialty. The area of specialty can be gynecology, nephrology, or even pediatrics. You need to confirm whether they possess the skills to deliver quality services. You can research to find out how many years the company has been in operation and how many customers have been served during that particular period.
2. Compliance
There is a need to verify whether the company is Health Insurance Portability and Accountability Act (HIPAA) compliant. HIPAA is well known for focusing on data protection and security. It is always advisable to work with an ISO-certified company. This is a great assurance that the company does not engage in any mismanagement and manipulation of the confidential data of the patient. The patient’s data needs to be protected from getting into unauthorized hands.
3. Cost of services
You need to analyze the cost of services in advance before settling for any company. Most billing companies offer packages of services at varying rates. Choosing the package that suits you is the ideal thing to do. This will help you get rid of any financial and operational problems at a later date. There is the need to ask if there is any hidden or additional cost that you may incur in the course of the operation. Some of the companies may allow the clients to negotiate for the price that they can afford. As a client, you can go for the companies which do offer good negotiation prices.
4. The reputation of the company
The reputation of the company helps one get to know the type of company they are dealing with. You should go for a company that has a strong reputation. Reviews from previous clients will help you get to know the company better. Look whether there are any testimonials or references that can attest to the company’s work. You can get testimonials from social media platforms or their websites. Positive reviews imply that the clients received satisfactory services from the practitioners in that particular company. You can also consider settling for a company that has a high rating in terms of service delivery and technology advancement.
5. Data privacy
Medical data is vital and should not be accessed by everyone. Before signing the agreement form there is a need to ask how the data will be secured. A good company will offer data privacy and be responsible whenever the data is breached or lost. When data is lost or breached it can make one incur more costs and even interfere with their reputation. You can ask which kind of security systems are being used to secure the client’s data and keep it confidential.
6. Flexibility
There is a need to know whether the company is responsive enough to deal with emergencies. The company should have reinforcement designed to ensure continuousness of operation in case any risk occurs. The company should also have flexible time so that the client can contact them whenever a need arises.
As a client, you should ask how that certain company manages rejected claims. Research shows that approximately 65% of medical billers rarely resubmit any rejected claims. This may result in a loss of revenue. It is always advisable to inquire about how they deal with any rejected claim. Confirm if they have the resubmission procedure to help solve the issue. You can inquire about their claim rate and also to know whether the company receives many claims or not from their clients. In case the company receives a vast volume of claims, then it’s a sign that the billing and coding are not done correctly in that particular company.
Wrapping up
In conclusion, many factors need to be put in place before hiring a medical billing company. The above article illustrates some of the factors one can consider before hiring one. Each factor needs to be evaluated clearly to avoid incurring additional costs in the later date.
