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.
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.
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.
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