Medical billing and coding are necessary tools in the medical field. This is because medical billing services are used to record and process health care costs. These costs are usually associated with treating a patient by a medical professional. The right medical billing service will provide you with the support you need to run your business effectively. This article will highlight some of the factors you should consider when selecting a medical billing service.
First and foremost, when selecting a medical billing service, make sure they have experience in the types of services your practice offers. While it’s essential to look for a medical billing service with a proven track record, it’s also essential to make sure the company has experience servicing practices like yours.
The billing partner is the person or company your patients will go to when they have questions about their medical bill. The billing partner is not only responsible for processing your insurance claims but also for sending you the bills and collecting payment. Because of this, the billing partner must have a strong reputation in the industry.
Some signs that the billing partner has a strong reputation include the ability to receive high praise from their clients and a low number of client complaints.
One of the most critical aspects of finding an exemplary medical billing service is checking to ensure the experts possess knowledge of ICD-10 (the new diagnostic code system introduced in 2017). ICD-10 is a massive undertaking for medical practices and billing specialists, so having the right company on your side can save you time and money.
An excellent way to test if the company you’re interviewing with understands ICD-10 is to ask them what code a specific diagnosis or procedure should be assigned under ICD-10. If they aren’t sure or believe it should be different from what it is, they aren’t the right company for you.
Another important factor to consider when selecting a medical billing service is how long they’ve been in business. Like any business, the longer a medical billing service has been around, the more experience it will have.
However, just because a company has been around for a while doesn’t mean they are skilled at what they do. Ideally, you want a medical billing service with a proven track record of success, not just longevity.
There are several ways to test the experience of a medical billing service. The best way to do this is to look at the range of clients they have served. A good way to do this is to ask how long it would take for them to bill and collect $1 million in medical bills. If they don’t have a clear answer, or it takes them longer than a year to obtain the $1 million in medical bills, that should raise some flags.
With the rising healthcare costs, small businesses and practices are being hit hard. Because of this, it’s essential to make sure the company you choose has a reasonable staff size.
There are ways to test the staff size of a medical billing service. The best way to do this is to make a list of the company’s services and then guess how many providers they employ. From there, add up the numbers of each service and write that number down.
You can also go to Google and type in the names of the services and then look at the number of listings that pop up. If the majority of the first few results are for a medical billing service and they have many employees, then that should raise some flags.
Finding the right medical billing service for your practice doesn’t have to be a difficult task. By following the steps mentioned above, you can ensure you select the best medical billing service for your practice. However, before making the final decision, speak with a handful of different medical billing services to get a better idea of what you are getting yourself into.