How to Choose the Best Medical Billing Company

Did you know that an estimated 80 percent of healthcare bills have errors in the United States of America? Medical bills are notorious for their monotony, and this opens the door for human error to enter the picture. Many medical practices find the medical billing process to be confusing and time-consuming, stretching their resources thin.

More physicians and practices are making the decision of outsourcing their medical billing needs to a medical billing company. The benefits that come with hiring a medical billing company make the decision a no-brainer, but it’s important to know the proper steps to take in order to find the best medical billing company.

The good news is that you’re in the right place to learn all about finding a medical billing service for your medical business. Keep reading to learn more today!

Find Out Your Practice’s Needs

You need to find a medical billing company that has the resources and capability to work with a practice of your size. You don’t want to work with a billing service that has expertise working with massive accounts if you run a small healthcare clinic. That service will not understand the needs of your clinic on the same level that a smaller billing company would.

A great way to get a better feel for your practice’s needs is to look at your budget and the insurance companies that you work with. You can find medical billing services that mesh perfectly with how your clinic operates. It’s an effective way to boost your clinic’s efficiency.

Look at Past Experience

No medical clinic wants to face revenue leakage as a result of poor medical billing. Hiring a medical billing company is a great way to prevent that leakage, but it’s not guaranteed. You need to take a look at the experience of the medical billing company to ensure that they’re a good fit.

A medical billing company that doesn’t have a lot of experience could result in incorrect insurance submissions. You run the risk of not getting reimbursed for the medical care that you’re providing to your patients. 

Don’t be afraid to ask some difficult questions. Find out the number of years that they have providing medical billing services and the reports that you’ll receive from them. Find out if they can guarantee transparency about operations. It’s also important to find out if you’ll get notified about report issues.

Compare the Costs

It’s important to know the percentage of your revenue that the medical billing company will charge in exchange for their services. Most companies will use this method while others will charge a flat rate for their help. 

Start by deciding what your billing preference is when you set out to hire a medical billing service. Knowing how you want to get charged is a great way to start narrowing down your options. Make sure you list the billing preferences for each service that you’re considering hiring for your practice’s needs.

You should also compare the overall rates of the companies as a way to weigh your options. Most of all, make sure that you’re not compromising on the quality of billing services.

It’s not worth it to cut corners on the cost as this will result in more billing mistakes and more revenue lost. You can check out coronishealth.com to find some of the best medical billing services in the United States.

Look at Compliance Regulations

You should also look for a medical billing company that has a history of keeping businesses compliant with medical billing regulations. The compliance rules are no joke when it comes to the medical billing for your practice. HIPAA violations could end up causing some serious ramifications for your practice and even put you out of business.

Make sure that the medical billing services are aware of the changes to the ICD-10 regulations each year. You don’t want to risk getting penalized because the billing service that you’ve hired is cutting corners. 

Check Company Reviews

Another key step to take before hiring a medical billing company is to check out their reviews. You should avoid medical billing services that have a plethora of negative reviews and complaints. Hiring a medical billing company with a bad reputation could result in harmful consequences for your business.

Look at the reviews that past clients leave, as this is the best indicator of what you can expect from working with this service. Avoid working with billing services that have a history of poor customer service and issues with compliance regulations.

Keep an eye out for reviews that mention billing errors as well. You’re looking for the best billing services in the healthcare industry as a way to prevent billing errors.

Ask About Rejected Claims Protocol

Rejected claims are going to happen even with the best billing service. You need to take the time to ask about the protocol of the billing service when they get claims rejected. Most medical billers don’t take the time to go back and edit rejected claims, meaning that you’re missing out on some serious opportunities to gain revenue.

Asking about the way that the best medical billing company handles rejected claims will tell you a lot about whether you want to hire them or go in a different direction. They should have a process in place for handling these claims and getting them resubmitted on your behalf. This is the only way to ensure that you’re getting the money that you deserve for the treatment that you’re providing.

Find the Right Medical Billing Company Today

Finding a medical billing company to work with offers a ton of benefits, but you need to make sure that you read the online reviews to hire a reputable billing service. Find out about the methods that they use to handle rejected claims, and double-check compliance with HIPAA and ICD-10 regulations. Most of all, make sure that they are transparent.

Check out the rest of our website for more thoughtful and supportive articles like this!