Selecting a medical coding and billing company is very beneficial for healthcare providers. These companies save time by handling the paperwork which you can utilize to provide better services to your patients. Selecting the right company for your medical billing task is always a challenge as healthcare providers.
There are hundreds of companies in the world that are providing medical billing services. The big question in front of you arise is that “how they can find the right medical company to outsource your billing work”.
Well, there are many ways to find the perfect company for your medical billing work but first, you must understand that there are different types of companies present in the market.
We have divided companies into 3 types based on various factors. Before searching for the company first you have to decide out of these 3 types which one fulfills your requirements.
3 Types for medical billing and coding companies are:
1. Small Medical Billing companies
If you have a low volume of data or you are on a tight budget then choosing a small medical billing company will be right for you. These the home-based or startup companies.
There is only one way to find out that the best for you or not is to ask about their experience in healthcare billing. You can also ask about the software they are using.
Strategy to hire them?
The best strategy to hire a small scale company is to outsource a few small tasks in the beginning. Most of these people charge on task base so practicing this can save you a lot of money in the long run.
Before hiring a small scale company the healthcare providers should have to understand that all of them do not provide complete billing and coding services. So, you must ask you the sorts of billing services they provide before outsourcing work.
2. Professional Medical Billing Company
If you want good services and you have a bigger budget then choosing a professional medical billing company would be best for you.
These are the companies which can handle more task that small scale companies. They are more reliable because they have stable setup to deliver work right on time with more efficiency than the small scale company.
Strategy to hire them?
The Best strategy to hire them is to ask as many questions as you can. Ask for their other running and closed projects.
Physician Practice Management Company
Companies will large staff and well-equipped infrastructure fall in this category. They have trained professionals and a well-developed hierarchy to finish tasks on time with 100% efficiency.
They cost higher than small and professional companies but by hiring them you can go hand-free. They can independently handle all your administrative tasks.
Here are the most important factors to consider when selecting medical billing companies?
1. HIPAA Compliance
Health Insurance Portability and Accountability Act (HIPAA) emphasis on data privacy and security provisions. You must ensure that the organization whom you are hiring to take care of your medical billing must comply with HIPAA.
This law meant to protect the confidential information of your patient from going into the wrong hands.
Your medical billing company must be transparent to you. They must provide accurate reports on time. They are handling your medical billing process you have all the writers to ask them whether your business is doing good or you need a few changes.
They must share all the information honestly as their growth of the business is directly proportional to the increase of your medical practice.
3. Service Cost
When it comes to the service cost you have to be clear how much you want to spend on your billing. Ideally, you must spend 6% or less than that of your total billing amount.
The deal has to be very clear between you and your medical billing company and it’s important to know the addon charges like patient collection fees, termination, and data conversion.
4. Turnaround Time
Knowing the time when your medical billing company going to process your receivables is very important to manage your finances.
Usually, Medical billing companies process receivables any time between 14-30 days. This time frame is set by the payer or you at the time of the contract.
Read More: Best Medical Billing Companies in India
5. System Versatility
Everybody tries to avoid this headache. You would like to work with a company that is capable of handling different hospital management systems.
There are many systems available in the market, some of the famous systems are Nextgen, brightree, webpt, etc. Most of the health systems rely on these softwares for their medical billing process, and you must select a company that is capable of handling most of them.