What Makes a Reliable Medical Billing Company?
There can be no doubt in the fact that running a medical practice is a daunting task. The core product alone, i.e. giving treatment to the patients requires serious expertise. Plus, there’s a myriad of other technical elements of a medical practice that are nigh on impossible to address along side the treatment aspect. Therefore, in order for a medical practice to offer uncompromised services and generate revenues at the same time, a medical practice must hire the services of a reliable medical billing company.
Though the purpose of each function and/or element in an organization might be unique, each element related to treatment or the basic operations complement each other to create positive results. Though it is understood that it is tremendously challenging to provide services and manage billing all at the same time. Also, not every medical billing company can be trusted with this task either. Following are some of the elements to be considered prior to hiring a medical billing service provider:
- First of all, it is instrumental to bear the knowledge of the payment terms and service charges. Mostly, an insurance firm charges a particular percentage of all the payments received by the practice. A reliable medical billing service provider charges between 5 and 7 percent of the net receipts.
- Next up, a practitioner must assess a medical billing company’s management methods. A reliable medical billing service provider would account for the finest details in claim management, coding and payment modalities. If a claim is denied, a company should have the necessary tools and tactics to address the problem in a desirable fashion.
- Furthermore, knowing if the medical billing company has expertise in multiple practice management systems is absolutely crucial. Every medical billing service provider usually is only familiar with a particular practice management system. Though, it is elementary that a company is acclimated to the features and operability of more systems than one in order to aptly answer to the needs of a medical practice.
- Every company from any particular industry is judged by its portfolio and medical billing companies are no acception. You as a practitioner can quickly guage the desirability of the billing company by having a look at its clientele.
- You must also know the time interval after which the payments are received. It is integral that a medical billing company is prompt in terms of receiving the payments. The ideal time is from 2 weeks to a month.
- Most importantly, a medical billing company must be Health Insurance Portability & Accountability Act (HIPAA) compliant. If a company is compliant with the said act, the ought to be no question about their competence and/or credibility.
Finally, to ensure the reliability of the medical billing service provider, one has to be absolutely positive about the company’s transparency. As a practitioner, you hold the right to have access to all types of information that influences you practice directly. A reliable medical billing service provider will allow you that right with no uncertainty.