These days the healthcare providers are outsourced heavily their medical related billing services to the professional companies. This is to ensure prompt and accurate medical billing & subsequent collections. Several nursing homes, hospitals, physicians, laboratories, urgent care centers, DME firms and numerous entities related to healthcare are in need for impeccable professional handling for focusing on revenue recovery via operational cost reduction and optimizing operational efficiency.
Such medical providers are indeed faced with challenges, of which identifying the best medical billing and management services in the domain that can offer top quality solutions within the budget. Researching the different companies is of utmost importance as well as to set certain parameters to select the desired service.
Common factors to be taken into consideration
- Efficient and accurate: There is a genuine need to choose medical billing services which can ensure 100% efficiency on all billing collections. It should be complete, accurate and timely payment to be derived from patients and 3rd party payers. They should also use the latest technology for optimizing system efficiency.
- Strong references: The key focus here is maximizing revenue and more business generation will be necessary to achieve this particular aspect. Again for more business, there will be required more references. Hence, medical billing company should have good reputation and experience in the domain, so as to derive fabulous referrals and reviews from physicians.
- Proper coding: The top medical billing companies will know the significance of coding in medical billing in today’s age of EHR and EMR technology. They can offer necessary expertise with ICD 10 coding. Since there are absent in-house experienced and certified coders, the practices tend to suffer from various coding issues such as:
- Balance billing: Such coding errors generates as the balance bill that is sent to patient after price negotiation of insurance company with care provider along with hospital charges to be covered within the patient’s policy.
- Unbundling: It involves different billing code listing to charge for those services which fall under a single billing code. It results in inflated bill, since the item gets billed separately instead of package rate.
- Dedicated accounts management: The service should offer experts who are dedicated towards the collections, without charging extra. Accounts managers also should be communicable easily during emergency.
- Duplicate billing: This is another common type of billing error, which involves generation of multiple bills for similar services or procedures.
- Flexible services: At times, there might be needed single service such as prior authorization. Hence, select services which can provide standalone services when desired. For RCM whole package or for other packages, there should not be additional charges. It needs to be flexible to work for both manual and electronic platforms according to requirements.
Any type of errors; be it human or electronic will only nag the practice and will reduce the desired output. It is only a reputed and well established medical billing company that can safeguard the provider from committing such errors, thereby saving from unnecessary losses of money and time.