It is one of the most difficult puzzles for physicians to solve (to decide) whether or not to
outsource physician billing services. Choosing the right medical billing company to
handle physician revenue cycle management is the most important decision that has a
huge impact on your practice’s revenue. As the speed of claim submission process and
revenue collection management dramatically impact the acceleration of cash flow.
Physician billing services play the role of backbone for a physician office.
Collecting just 5% more per claim can add up to tens of thousands of dollars by the end
of the year. Shortening collection times from 60 days or more to less than 30 days can
create a difference between being able to nurture your financial health or having to
borrow money in order to sustain your medical business.
Therefore, physicians should carefully research a medical billing company that can optimize revenue cycle and ultimately drive business success. Physicians should follow the following criteria before outsourcing physician billing services.
- Estimate Their Average Collection Rate:
If you decide to partner with a reliable medical billing company that can prevent your practice from getting drowned into the lake of bad debt then presumably you have already imagined that they will scale up your average collection rate. Therefore, you should estimate the past performance of that billing company and make sure that this company is collecting at a higher rate than your current practice.
- Ask For Average Processing For Medical Billing:
If you find out that your medical billing department is inefficient at handling physician revenue cycle management services and it could leave you in a cash flow crunch. Then make sure to inquire with a potential medical billing company that can quickly process medical claims and ensure smooth cash flow across your organization.
3. No. of Industry Experience:
In a world of startups, the “the brightly shining” packaging of a product can be appealing but I recommend physicians to look for the number of years of experience of the company in the medical billing industry. The longer the company has strived to sustain the quality of their services, the more reliable they are. Longevity of any company usually translates the standard of client retention and quality of services for a company.
4. Quality Standards Of A Medical Billing Company:
It should be the most primary concern for you as a physician while hiring a medical company for physician billing services to estimate the quality of the services before partnership. You should be aware of the fact that the billing company is well-versed with the nuances in optimized cash collection management services. Acquire complete information that can provide you insights into the quality standards of the company.
Make sure that a trust-worthy partner is going to process your claims to maximize revenue generation speed. You should know in advance who is going to be processing claims. Don’t just acquire the company’s credentials but also ask for the information of their staff who are actually going to be responsible for your account receivable management services.
5. Extent Of Customer Support Services:
Ask the company how it will provide back support when things will turn into the wrong direction. Make sure you have a clear image of the extent of customer care services of that company.
When you are going to choose a medical billing company then don’t hesitate to inquire tough questions and demand custom-tailored revenue cycle services. It should also provide complete transparency throughout the whole billing procedure. After all, it is the most important factor that can help you improve your decision-making capabilities.
Physicians should look for some specific traits in a medical billing company before outsourcing physician billing services and claim processing. In fact, they should prefer such billing partners who can serve as your trusted advisors and provide careful coaching. They should help you identify useful strategies to improve profitability in your practice. Assess their industry experience and search for their customer’s reviews, client references, and testimonials. It will make you able to partner with the best-run business medical billing company in the industry.