Medical billing services play a very important role in making sure that the transaction between the payer and provider is a smooth one. Their purpose is to make sure that the client pays the right amount, while at the same time making sure the practice has billed the correct amount to the client, and the correct codes have been submitted to insurance! Sounds like a lot of work, doesn’t it? Well – it really is, which is why it is really important for practices to make sure they know how to best choose a medical billing service to work with.
The problem right now is that the big question is whether or not to outsource. Doctors are debating whether to allow a third party to handle the ever so important task of billing/coding because they have no idea whether the company they choose have the experts and resources in place to do a good job.
So – all that being said I think we should look into the how and when of medical billing in hopes that it will help you make the right decision for your practice.
When to Select a Medical Billing Service?
There are a few factors to consider before deciding when you should outsource your practices’ billing services:
• Cutting Cost: This is obviously one of the most important reasons to consider outsourcing your medical billing – but first you need to assess the cost of available billing services. If the cost of getting a medical billing service is higher than the revenue the practice can generate, then clearly it’s not right for you (at this time). Medical billing services should be viable and transparent so that physicians can understand and trust that they will not be loosing out on their earnings
• Inefficient Billing Process: If you are finding that the number of collections is decreasing and the time to collect the money is increasing, then it is time to find a medical billing service. Medical billing companies are more organized and can get the job done better than in house staff.
• Staff Turnover is High: There is always the possibility that your billing team could see a lot of staff turnover, in this case it really is better to opt for a specialized medical billing service. This is mainly because you will waste time and money constantly training replacement’s – and each new staff member will take time to get used to the job and be as efficient as possible.
• New Business: If you are just getting your practice started is makes sense to choose outsourcing. There are so many things you will need to worry about as a business owner, so having another company in place to take care of billing will significantly decrease your stress levels and help your business run more smoothly.
Selecting the Right Medical Billing Services
Selecting the right medical billing service can seem like it is overwhelming because you really need to make sure that you are getting the best services for the lowest price. Also, the medical billing service provider needs to be flexible and adapt to the kind of practice that you have.
Here are a few things to ask when shopping around:
• What kind of technology and software are they using?
• What pricing and payment options do they provide?
• What is their capacity to take up new clients?
After all is said and done there are probably many reputable companies that can help you make the most of your practice by taking over your billing. That being said – we are one of those choices, and would love to be considered. We have been helping medical professionals for the past 6 years, providing comprehensive services that enable doctors to focus on the well being of their patients while maximizing revenue.
Give us a call at 1-201-585-7306 or visit our website to get your free live demo today!