The financial success of any healthcare practice is related to how effectively the compliance, collection, and follow-ups are handled throughout the medical claims process. Medical billing is extremely complex and time-consuming, requiring considerable oversight from your medical practice team. Electing to outsource your billing to a firm can mean more quality time spent with your patients. But now the question you face is: how do you know if you’re choosing the right firm?
No two billing and coding outsourcing firms are the same. As the healthcare market becomes more complex and competitive, it’s becoming increasingly crucial to choose the right firm for your needs.
We’ve compiled some key traits to look for when choosing a quality outsourced medical billing solution.
Transparency
False promises, claims generation delays and irregular follow-ups from medical billing firms can create major upsets in the financial health of your practice. Only choose to work with companies that are completely transparent about their policies, regulations, and history so you can understand and trust that they are a reputable company with a history of success.
Additionally, firms that utilize cloud-based technology to allow you to view your financial data whenever you need should be your first priority. Cloud-based firms provide an opportunity for clients to view their data in real-time, including denials, charges, collections, filed claims and payment summaries.
Technology
Pay close attention to a medical billing and coding firm’s technology. What technology are they using? Is it modern, capable technology that blends different practice management solutions to effectively manage your unique financial needs?
Most importantly, when deciding between firms, ask questions about how each firm’s current technology will help streamline your current business model. If your practice is fully digital, is this firm capable of onboarding your data effectively (and without snags)? Or, if your practice uses paper charts and documents, how will a firm handle that data and develop a secure and compliant process for your sensitive information?
Security
If choosing to use a cloud-based medical billing firm, make sure they are using every possible metric to secure your data, whether while in transit (moving across networks) or at rest (stored).
Because patient data is highly-sensitive, HIPAA compliance is crucial. Ask potential firms about their HIPAA compliance so you’re aware of your patient’s future security with this firm. Without question, do not settle for firms that can’t prove, with documentation, their level of compliance for risk potential. Also, do not use firms without a reliable track record of trained professionals handling compliance policies.
Competitive Pricing
Choosing a firm for its low price-point may seem like a wise financial decision, but what possible services could you be losing out on for that lower rate? Conversely, choosing a firm with a higher rate might not translate to better, more robust services.
With any financial decision, spend time analyzing the value and cost of each potential firm. Compare each firm’s rate and offered services and find the best value for your unique healthcare practice. Don’t get sacked into a higher (or lower) rate that isn’t delivering the metrics you need for financial success.
Prepare Questions For Outsourced Healthcare Solutions
Finally, prepare any questions that might not be immediately answered in an FAQ or email introduction.
Ask questions about
- follow-ups
- price points
- compliance policies
- security/encryption
- claims
- willingness to adapt to your processes
- payment turnarounds
Whatever you’re curious about, this is the opportune time to ask before signing paperwork you might not fully understand. Doing the upfront work of asking important, relevant questions specific to the improvement and performance of your revenue cycle management, will ensure you’re happy with your medical billing and coding firm in the long-term.
At MEREM Healthcare Solutions, we want to be your strategic healthcare solutions partner in making sure your billing, coding, auditing, and other needs are met. Contact us today to learn how our knowledgeable and experienced professionals can help assist specialty providers and practice owners with issues associated with EMR and medical billing.