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Questions To Ask Before Hiring The Best Medical Billing Company
Medical billing is a crucial process in the healthcare market that ensures medical facilities receive timely service payments. This includes submitting insurance claims to government programs, patients, and insurance companies to recover the cost of medical services provided to an individual. Medical billing providers can help hospitals, clinics, laboratories, and other medical institutions with their billing processes.
However, many companies offer medical billing services, making it challenging to find a suitable business that can help your medical practice grow. To help you choose the right option, here we have discussed some questions you need to ask to learn whether the medical billing company suits you.
So, read further on how to choose a company that can help you with submitting claims, dealing with accounts receivable, collecting medical transcription, and processing claim reimbursement before you make any decision.
How Long Have They Been Providing Medical Billing Service Providers?
Before you hire a medical billing service provider, you need to know how long they have been in the industry. Do they have any experience? Have they worked with practices with a similar scope, specialty, or size to yours?
Knowing the company’s experience level will help you understand if they are suitable for you. Companies in the field for years know the type of problems commonly occurring in the billing process. They have also made a foolproof system with their years of knowledge and experience to provide the best services to clients.
Most importantly, due to working in the medical market, they know what type of changes can occur in billing and coding laws in the future. This helps them to stay prepared for any issues that can come their way. With the help of an experienced team, you can ensure successful billing results.
How Much Do They Charge For The Medical Billing Services?
You might be wondering how much you need to pay for the services. So, don’t guess it. It’s best to ask your chosen medical billing company before hiring them. Also, ask what services you will receive at the mentioned costs. These questions will help you budget the monthly billing service expenses.
Note that the cost of the services depends on various factors. This includes the size of your business, the services you need, the number of patients you get daily, the medical service provider you have chosen, the types of insurance coverage they have to deal with, and others. Many billing companies take start-up, data conversion, and termination fees separately from the monthly charges.
Companies also sometimes charge hidden costs. Therefore, inquire about these charges before you decide to hire them. Some medical billing companies charge additional fees, such as clearinghouse fees for follow-up patient collection and other billing-associated services.
I'm very thankful for Portiva who I know is looking after my practice while I'm gone the virtual assistants can manage prescription refills, documents they can triage patients and just kind of answer administrative questions and they can handle a lot on their own. But also, they're very good about contacting me if there's any emergency or anything I need to attend to. So I'm very thankful for Portiva they can help almost any provider almost anywhere and it really allows for some good work-life balance as I'm getting to experience right now at my family farm so I'm very thankful for Portiva and I'm very happy to use their services"
Board Certified Family Medicine Physician
Portiva's Virtual Medical Assistant - I have all the support I need. There's somebody checking my email, any patient messages. Patients are still able to schedule and handle any scheduling issues and any kind of billing that needs to still go through. Portiva hands handles it all for me. I have support i have somebody that I can access 24/7 pretty much. It's all very seamless. If somebody has an emergency or needs a medication called in. I know that the va's at portiva will handle that for me.
Board Certified Family Medicine Physician
Is The Company HIPAA Complaint?
A billing company must be HIPAA compliant to perform its billing tasks according to the rules and regulations preventing penalties. However, simply getting a “yes” upon asking whether or not they are HIPAA complaints is not enough.
You need to keep in mind that no company is 100% HIPAA compliant. In fact, there is always a continuum when we discuss whether a company is HIPAA compliant. Therefore, every medical practice should discuss this matter in detail to learn the company’s standpoint.
Before you give your business and patient data to an organization, ask specific questions about their email security, business associate agreements, data security, fax security, equipment destruction, document destruction, and transferring data to the health care service. This will give you an idea of how the company works and what security systems they use for handling patient statements.
What Type of Reports Do They Give?
Don’t hesitate to ask for details. Learning everything about a company before hiring is better to avoid associating with the wrong company. So, find out how many medical billing reports they will give you in a year. Do they send reports on a weekly, monthly, or quarterly basis? Do they send it to you upon asking, or is it a part of their job?
Make sure to ask how you can access the reports. Many medical billing providers send statements through post. Some will prefer to send online account summaries. If you have any requirements, you can discuss them with them to learn how they can assist you.
Lastly, ask them what things will be included in the reports. It’s best to get detailed reports that give you a complete idea of your financial responsibility and future needs, the rate of bills that get approved or delayed, and the healthcare revenue cycle management.
The best part is that you get all the facility and patient information on the patient portal, saving time and energy to find clinical documentation for physical therapy, checkups, or emergency care. This will also help you make necessary improvements and help your healthcare providers eliminate mistakes during the billing process.
Are You Willing to Adjust to Our Processes?
This is another important question, but most business doesn’t consider asking it. The best medical billing services can adapt services based on your facility’s unique requirements and needs. These companies also act as an extension of your RCM team.
You don’t need to remove your current system and completely replace it with the new system that the medical billing firm uses. The leading billing companies provide flexibility, so you don’t have to train your staff extensively, especially the admin team, to use it.
Also, ensuring your chosen medical billers are flexible is important. Sometimes, you need to improve your system and methods to get appropriate results and streamline your tasks to get better results. Therefore, if it’s necessary and worthy, prepare to make some adjustments in your firm.
Are They Qualified And Have The Expertise?
One primary benefit of outsourced medical billing for healthcare organizations is getting a qualified, trained, and skilled team of experts. They should have medical billing software and stay updated with the changing technologies and methods to provide top medical billing services. In the case of in-house services, it becomes challenging to get regular appropriate training.
So, when investing money in a company, it’s important to ask about their level of training. Are they licensed? Are they using all the current reference books and resources such as HCPCS, CPT, and others? What kind of ongoing training do they have? You can also ask how they update their staff with the medical coding and billing laws.
Can You Offer Transparency?
Transparency is one of the most crucial factors when hiring a medical billing firm. Many medical billing service companies will provide you username and password so you can access the system remotely whenever you want. This allows you to run financial reports and practice management at your convenience.
Most insurance billing systems can manage existing reports and create special reports that suit your particular medical facility. This will provide a comprehensive understanding of what you and your accountant will require to create financial reports and ensure they are available.
Listed Medical Billing Companies
What Do You Do For Security And Data Backup?
Data theft is common in medical practices. Hackers are constantly trying to get the facility’s data. In fact, medical records and patient registration information are their prime target. Therefore, you need to choose a medical billing solution that uses high-security protocols and ensures HIPAA compliance.
Also, you need to look for a billing company with a data backup plan. This helps ensure that mishaps like fires do not impact the data. Discuss the quality of the data backup with your chosen medical billing provider and ask them to make adjustments if you want.
Are You Affiliated With Any Professional Organizations?
Is the insurance company or employees working with any professional organization like HBMA? Is your billing firm associated with any authorized institution? These questions are important to ask to learn who can access your information. Also, this will give you an idea about the resources of your chosen medical billing company.
If you don’t want to hire a company associated with others, you can avoid hiring them. Or you can simply discuss your concerns with the outsourced medical billing services provider and see what adjustments they can make.
How Do They Handle Denied Claims?
Although billing companies have the expertise to reduce denied claims due to their experience and skills, you still need to ask about their denial management services. The best medical billing service will help submit electronic claims again until they reimburse your money. They also look into mistakes that lead to denials and ensure that this never happens again.
Knowing their strategy to deal with denied claims helps you understand whether you should rely on them. You will also get an idea of what medical claims reimbursement rate you can expect from them. Most importantly, getting an answer to this question will give you an idea of how confident the company is in reimbursing the money and help in choosing the best medical billing service.
Do they Offer Revenue Cycle Management Services?
Revenue cycle management or RCM includes billing, insurance eligibility verification, pre-authorization, claims submission, and patient eligibility determinations. Hence, an expert providing you with RCM services will be responsible for every task regarding billing. They will also provide you with practice management software to ensure you learn about patient statements, patient collections, and other data related to your healthcare organization.
Choosing a company that offers RCM services and has an experienced and skilled medical biller team can boost cash flow, meet your billing needs, and ensure payer reimbursement. Healthcare providers can resolve all billing problems from insurance coding to claim submission issues with the help of billing companies.
General Questions For You
Frequently Asked Questions
How do medical billing providers help medical practices increase their revenue?
Medical billing providers are crucial in helping medical practices increase their revenue. As healthcare billing continues to become more complex, many physician practices are turning to billing companies to simplify their operations. Medical billing companies offer a range of services to healthcare providers, from essential billing services to complete practice management solutions.
One of the main ways that medical billing companies help increase revenue is by ensuring accurate and timely billing. These companies can help healthcare providers avoid costly errors and missed payments with their expertise in medical codes and billing practices. By outsourcing billing services, medical practices are also free to focus on providing quality patient care, which can lead to increased patient satisfaction and retention.
In addition to billing services, many medical billing companies also offer web hosting, customer service, and software solutions to streamline practice operations. This makes it easy for healthcare providers to manage claims, track patient information, and monitor revenue in real time. And with minimum contract requirements and flexible supplier solutions, medical practices can find the right billing provider to meet their needs.
For those in Florida and beyond, finding the right medical billing provider is critical to boosting revenue and streamlining operations. Whether you’re looking for billing services or complete practice management solutions, compare different suppliers and contact them directly to learn more about their services. With the exemplary billing service in place, your practice can focus on what matters most – delivering quality healthcare services to patients.
What are the key factors to consider when choosing a medical billing company?
Choosing the right medical billing company is crucial for the success of any healthcare practice. Here are some key factors to consider when selecting a medical billing supplier:
- Expertise: Look for a medical billing company that has significant experience in healthcare billing and coding. Ensure they have expertise in handling claims and identifying the correct codes.
- Technology: Every medical billing company uses software to manage claims and revenue. Ensure the supplier’s technology is compatible with the physician’s practice management system. The vendor should provide web hosting services and a network infrastructure that is secure and reliable.
- Compare Services: It is essential to compare the services provided by different billing companies. Look for a company that offers a wide range of solutions, such as claim submission, payment posting, and collections.
- Customer Service: Consider the level of it the billing company provides. Do they offer support for the physician’s billing needs and claims inquiries?
- Minimum Contract: It’s essential to check for minimum contract requirements and ensure no long-term commitment is demanded upfront.
- Location and Address: If the physician’s practice is in Florida, finding a medical billing company with knowledge of this specific location regulations and claim submissions is essential.
- Outsourcing: Determine if the supplier handles billing services in-house or outsources the work to third-party vendors. Knowing this will gauge how they control the quality of work provided.
- Contact Information: Review the billing company’s website for trustworthy contact information, such as phone numbers and email info, which denotes a commitment to transparency and accessibility.
Choosing the right medical billing company is a significant undertaking for a busy healthcare provider. Keeping these essential factors in mind while selecting a medical billing supplier will reduce the risk of revenue loss and increase the potential for efficient practice management.
How do medical billing provider ensure compliance with billing process, healthcare regulations and laws?
Medical billing providers ensure compliance with billing processes, healthcare regulations, and laws by implementing best practices and stringent measures across their service offerings. These companies provide healthcare billing services that compare favourably to minimum contract standards and ensure compliance with relevant regulations, such as HIPAA.
Outsourcing medical billing management can help healthcare providers in Florida reduce the burden of managing complex healthcare billing and claims processes. By contacting a managed billing service provider, healthcare providers can streamline their billing and revenue processes and get back to focusing on patient care.
PM and EMR features are vital components in current medical billing services. These systems ensure patient data is appropriately maintained and billing is accurate and timely. A reputable medical billing provider should have a blog sharing insights on healthcare billing and updates on industry regulations, laws, and trends.
Managed billing services provide a range of features, such as claims management, revenue cycle management, and compliance management. These features are designed to help healthcare providers optimize their billing and revenue-related processes.
In conclusion, medical billing providers ensure compliance with billing processes, healthcare regulations, and laws by implementing best practices and stringent measures across their service offerings. By outsourcing their billing management, healthcare providers can reduce the burden of managing complex billing and claims processes and focus on providing quality patient care.
What are the different pricing models for medical billing services, and which is the most cost-effective for medical practices?
Medical billing services have become a lifeline for busy medical practices across the United States. Choosing the right billing service provider can be overwhelming due to the number of medical billing companies available. When it comes to medical billing, there are different pricing models for healthcare billing services. Here are some of the most prominent pricing models that medical billing services offer:
- Percentage-based fee model: In this pricing model, the medical billing company receives a percentage of the healthcare provider’s revenue as a fee for their services. This pricing model is famous for clinics looking to maximize their revenue while outsourcing their billing management.
- Fixed fee model: The medical billing company charges a fixed fee for its services. This model benefits healthcare providers who can anticipate their monthly billing volume and want a consistent cost for medical billing services.
- Minimum contract model: The medical billing company requires the healthcare provider to sign a minimum contract for their services in this pricing model. This model ensures that the medical billing company receives upfront compensation for their services.
When looking for a medical billing company, comparing the pricing models and services provided by different companies is essential. Managed billing companies in Florida can offer features such as claims management, PM & EMR integrations, and revenue cycle management. These features can significantly impact the effectiveness and cost-effectiveness of the medical billing service.
Overall, the most cost-effective pricing model will depend on the specific needs of the medical practice. It may be best to compare multiple companies, pricing models, and services to choose the most appropriate medical billing service for your practice. For more information about outsourcing medical billing services, check out our blog or contact us today.
Bottom Line: Choose the Right Billing Company for Your Practice
Medical billing providers are pivotal for health care services dealing with payment posting. Billing specialists can make life easy for the staff by providing simple and promising billing solutions.
With the help of top medical billing providers, you can improve your revenue cycle. However, you must hire the right billing company for the best services and results. You can benefit from our above-mentioned questions to get insights into their medical billing process.
Portiva is one of the top medical billing companies that can provide promising results. Our team of qualified medical coders and billers is fully equipped to resolve your billing issues. Our well-structured billing mechanism ensures that your medical practices get timely payments.
We use medical software that streamlines your patient billing process so you can offer the best health care services and patient care. If you want to ask any questions or concerns, we can offer consulting services.