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For people interested in outsourcing their medical billing tasks to a third party, there are many options out there in both breadth and quality of service. So before committing to any one company for outsourced medical billing services, it’s well worth the time investigating each option’s approach and capabilities to make sure you’ll be happy with their service.
The Benefits of Outsourced Medical Billing
Having a dedicated team of billing professionals handling your billing takes the tedious and time-consuming process of submitting claims and processing payments off your practice’s shoulders and ensures your claims are filed correctly and no payments are missed. When partnering with PayrHealth, our team ensures you’re paid what you’re owed by both patients and payors, and handle all communication.
Characteristics of a Good Medical Billing Company
There are many reasons to outsource medical billing services, whether for a better-focused in-office team or for increased revenue and added convenience, but every company that provides these services is different. You’ll be able to choose wisely if you understand the key services that are necessary for a company to be a valuable partner to your practice.
Communication Skills and Response Speed
You’ll start evaluating medical billing services’ competency with your first interaction with their team. Be aware of things like how quickly they respond to your communications, how articulate they’re able to be about their services, and how consistent your experience is with each person you talk to. If people seem unaware of certain aspects of their services or your general business model, it’s a red flag that the service you receive may not be up to the standards of a high-quality medical billing company.
Start-up Speed
Every practice uses a unique set of softwares for medical records, practice management, and billing, and some are more easily adopted by third parties than others. Ask companies up front how quickly they’ll be able to integrate into your systems to begin handling your billing services to find out how wide their experience is with different practice setups. Typically, this takes up to three months before things are running smoothly, so prepare for a slow ramp-up rather than an overnight turnaround.
Another thing you can ask for once you’ve described your practice is a reference for a client who has a similar setup to you. Feel free to contact that referral (with permission) and find out what their experience was getting started with the company.
Service Offerings
As you know, revenue cycle management is a complicated and intricate process that has many moving parts and influences. Companies may say they provide medical billing services but don’t offer flexibility with their service offerings. For example, if you’re looking for a team that can not only input claims and post payments, but also handle coding, make sure to ask about that specifically so you know what you’re getting from your contract with the company.
Reporting Standards
Another benefit of outsourced medical billing is the transparency you get with regular reports and live data accessible 24/7. A good partner will set goals and create financial reports on a regular basis, interpreting their trends and the impact they have on your practice. Think about how you want your financial data presented and how often when looking for a medical billing company — this can help you narrow down those who don’t provide reporting in the way that works for you.
Expertise
Although you may tell a company’s expertise by how long they’ve been in business, another thing that matters is where they’ve done business. The healthcare policies and markets vary considerably state-to-state and even county-by-county. Ask the company where they’ve done business and if they’re familiar with your market and state and local regulations. You should only trust your practice with the service of people who have been in your region and successfully helped practices with their billing.
PayrHealth has been active in all 50 states and has been helping practices of all kinds for over two decades.
Learn More About PayrHealth
With our Revenue Cycle Management solution, you’ll never have to worry about a misfiled or unpaid claim ever again. Your staff will have more time to devote to your primary mission: serving patients as best as you can. And with clear, always-available reports, you get full transparency into the financial health of your practice at any time. Learn more about how PayrHealth can help your practice grow and scale by contacting us today.
