Selecting the Best Medical Billing Company for Your Practice (2018 Updated)

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Selecting the ideal medical billing company for your practice can be the toughest job you can imagine. Healthcare providers around the country suffer from typical roadblocks over their services. Physicians, nursing homes, urgent care centers, hospitals, laboratories, DME companies, and other medical service providers have realized the need for outsourcing their billing functions to professional handlers to regain the lost revenue through increased efficiency, accuracy, and reduction in operational costs. No wonder, the lookout for the best medical billing services is one of the biggest pursuits in the healthcare industry. However, you have to face the challenge to find out the one that can provide you the solution you are looking according to your pocket-size. It’s tough but not impossible with the presence of a number of players in the medical billing domain. Rigorous research set on self-defined parameters can do the trick for you. In that line, some common factors considered broadly can help you shortlist companies according to your requirements. However, the first step should be a quick analysis of the common problems your practice face.

Common Problems to Consider

As most healthcare practices run on low margins, short-staffing is a compulsion for them. As a result, the in-house staff failed to work in the best of efficiency owing to overburdened responsibility, ultimately resulting in committing errors.
The liability of adhering to a lot of strict guidelines and compliance also affects the quality and quantity of work. Medical billing is focused on regular negotiation with the insurances due to their reluctance to reimburse citing various reasons. The problem has gone up after the introduction of federal changes like withdrawal of ACA subsidies and the Final Rule mandate.

Parameters to Think

Some basic points that need to be included to strengthen your research:

·         Accuracy and efficiency of service: Choose a medical billing service that helps you in the accurate, complete, and timely payments from third-party payers and patients for better billing collections leveraging latest technological acumen and skilled resources.

·         Excellent references: A medical billing service with experience of working with top names in the industry, providing you excellent referrals to keep your revenue running.

·         Coding: One of the most important aspects in medical billing, accurate coding is the key. Sign a service that can provide you with the required expertise in ICD-10 coding.

·         Dedicated account manager: Give your preference for a service that provides you dedicated account managers, without any hidden charges for any medical billing and collections assistance.

·         Flexible services: Flexibility is the key. Opt for a medical billing service that has the ability to offer you standalone services like prior authorization services and also flexible to work in both the manual and electronic platforms as and when required.

All said and done, get medical billing service that can offer you something better than the rest, an extra edge. For example, a free telemedicine platform with end-to-end revenue cycle management. That makes the difference between the better and the best.

Location: New York, NY, USA

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