10 Things To Consider When Working With Medical Billing Companies
As of 2022, a quarter of adults with health insurance now owe over $5,000 in healthcare bill debts. Ineffective billing can cause delays in payments and incorrect amounts being billed. This can lead to frustration for both parties and uncollected debts.
Choosing the right medical billing company to handle these debts effectively is important. But, with so many medical billing companies to pick from, you want to make certain you make the right choice.
You want to know that your medical billing company will be able to manage the day-to-day processes of complex medical billing and medical coding.
Are you interested in finding out more on this topic? Keep reading below to discover 10 things you should consider when choosing and working with medical billing companies.
1. Take the Experience of Medical Billing Companies Into Account
Medical billing and medical coding practices are always evolving and adapting to the ever-changing modern landscape of medical care. So, you don’t want to trust your medical billing to just any company. You need to entrust your medical billing to a company with experience.
Newer medical billing companies may not be up to date with all of the newest changes to medical coding. This can cause issues with incorrect billing. A more experienced medical billing company can easily adapt to these changes over time.
Experienced medical billing companies are better vetted to process even the trickiest of claims and provide a higher level of service. They have what it takes to do medical billing and medical coding efficiently and deliver the best possible results.
2. Read Other Client Reviews of Medical Billing Companies
Reviews from other customers who use a medical billing company are one of the best ways to find a quality medical billing company. Current customers give open and honest reviews of their experience with a medical billing company. So, you know what you are getting with them firsthand.
Look at the businesses that have used these medical billing companies and compare them with your own. Find the ones that are most similar to your own medical practice. You’ll know they are able to handle complex medical billing claims and medical coding procedures that are involved with it.
Medical billing software reviews can also help you determine the best software for medical billing for your medical office. Areas such as processing time and response, as well as the accuracy of the claims, are some of the most important areas to investigate.
3. Examine Medical Coding Versatility
With so many different fields of medicine and their specialties, each facet of a different medical practice will also differ in its medical billing practices. You don’t want your medical billing company to have a one-size-fits-all approach.
Medical billing companies should be able to tailor their billing approach to each of the different medical specialties effortlessly and accurately. They need to be able to navigate the complex world of medical coding across all the areas of the medical spectrum, including the ICD-10.
From Endocrinology to Oncology and everything in between, the complicated coding process will go smoothly no matter what area of medicine your medical practice is in. This will give you peace of mind knowing that your medical billing will be handled with the utmost care and precision.
4. Knowledge of Different Insurance Protocols
Along with the medical coding aspect of medical billing, a good medical billing company has extensive knowledge of working with different insurance companies. Not only are there several different insurance companies, but there are also different levels of coverage with each insurance company.
Knowledgeable medical billing companies will know how much each out-of-pocket cost a patient will pay at each of the different coverage levels. They should also know how much insurance will pay for each billing cycle. As well as the maximum out-of-pocket costs per year for each level.
This prevents overbilling or double billing, or insurance rejecting a claim that should have been covered. All of these problems can frustrate patients and reflect poorly on your medical practice. Choosing a medical billing company with the proper knowledge of insurance protocols will ensure accuracy.
5. Ensure Medical Billing Companies Follow HIPAA Compliance
Each patient’s billing account contains a great deal of personal and private information. The Health Insurance Portability and Accountability Act (HIPAA for short) established in 1996 helps keep this information safer.
Under HIPAA rules, patient information must be protected and stored securely in an encrypted database. This prevents outside forces from hacking into the system and accessing this important data.
Good medical billing companies will have all the necessary systems in place to protect this precious data. They keep their HIPAA compliance up to date. They create a sense of being trustworthy with sensitive patient data such as social security numbers and payment information.
6. Consider Medical Billing Turnaround Time
In the modern era, efficiency and the time it takes to achieve results are two very big parts of doing business. Patients are, in essence, your customers. And like every area of customer service, they want something done right the first time and they want it done fast.
When billing takes too long, it can cause issues. Patients will feel like receiving a bill too long after an appointment is unprofessional. They may argue that it shouldn’t have to be paid since your office was unable to send it out sooner.
A quicker turnaround time shows proficiency and can lead to faster payments of your patients’ bills. Medical billing companies with fast turnaround times allow for more efficient medical billing processing.
7. Evaluate the Overall Accuracy of Medical Billing Companies
Accuracy is everything. This goes for medical billing companies, as well as medical billing software. Just one wrong push of a button or the use of an incorrect number or code can throw off the whole thing.
If your patients receive incorrect bills they will take it up with your office staff. Your patients will believe every bill they receive to be inaccurate because of one slip-up. They may think your medical practice is trying to overcharge them on purpose and second guess everything.
Medical billing companies should strive for exceptional levels of accuracy. Don’t settle for any medical billing company that is just “good enough.” When it comes to your medical practice, accuracy in medical billing is a key factor.
8. Find Out How Medical Billing Companies Manage Unforeseen Health Crises
2020 started with the COVID-19 pandemic outbreak that is still going on in much of the world today. Now it appears that Monkeypox is also taking over as the next major health concern.
Not only does this change the landscape of healthcare in general, it also changes the billing codes and the laws associated with them. For example, Telehealth became a wider used form of integrated healthcare because of the pandemic.
It allowed health practices to conduct on-screen remote appointments between healthcare providers and patients to maintain regular visits. Special laws had to be passed to permit Telehealth visits. It also changed how medical billing companies billed these visits with insurance.
Medical billing companies must always prepare for the next health crisis and adapt as needed.
9. Explore How Medical Billing Companies Navigate Claims Denials
Even if everything appears to be on track for insurance covering a procedure or service, a claim can still get denied for some reason. Medical billing companies must have the know-how to expertly handle the complex domain of the insurance claims denials process.
It should not just be a matter of saying it was denied and that’s it. A medical billing company should do everything it can to find out the reason for the denial. And to relay that information back to the medical practice in a timely manner.
If there is anything the billing company can do on their end to expedite this process or resolve it in any possible way, they should do so. Don’t settle for a subpar attempt on their part.
10. Inspect the Cost Transparency of a Medical Billing Company
Transparency refers to the up-front costs associated with the medical billing company’s policies. Beware of any medical billing company that says one thing about their costs and then pulls a bait and switch tactic once you’ve already committed to their billing service.
You will want to know that there are no hidden costs or extra charges. If there are additional costs for any add-on services, they should be listed clearly.
When working with a medical billing company, trust between both the company itself and your medical practice is essential. You don’t want to be lured in by a “too good to be true” introductory price only to get gouged later on.
Find the Right Medical Billing Companies with Medical Billing Service Review
Working with medical billing companies can greatly improve your medical practice’s relationship with your patients. Getting the most accurate medical billing done fast keeps patients up to date with their accounts. It also takes the strain off of your medical office staff and helps improve efficiency.
If you are looking for medical billing services, Medical Billing Service Review can help. We’ll help you find the best medical billing company services or medical billing software. We provide quotes and information for medical billing services.
Contact Us today for quotes on medical billing services and medical billing software for your medical practice.