There are several things to look for and questions to ask prior to moving forward with establishing a relationship. Cost of the service is important, but you will want to know what you can expect from a billing partner.
Selecting a revenue cycle management company that provides an effective, transparent process is key to maximizing your financial return.
Electronic Health Record (EHR) centric software platforms are becoming imperative to ensure long-term practice productivity and profitability. The integration of practice management, billing services and EHR software into a single vendor solution is the trajectory of the industry.
There is a tremendous difference between medical billing companies using manual processes (data entry, facsimile transmissions, etc.) and medical billing companies using cloud-based revenue cycle management software. Think of the way on-line banking has changed the way bills are sent and paid? You now receive a monthly email from your energy company containing your invoice and with a click of a button you are able to pay that invoice directly from your checking account. Both parties have reduced the time and cost of the process while increasing the accuracy by eliminating external variables. This same methodology applies to your revenue cycle when you select a partner that offers a comprehensive cloud-based technology solution.
With the proper solution, your office is connected remotely to the billing partner; streamlining workflow. Eligibility is verified prior to patients being seen; coders have immediate access to patient information, insurance data and clinical notes. Denials are received quickly and remain top of mind for research, modification and timely resubmission. Additionally, using a cloud-based system, your data is transferred/saved in accordance with HIPAA compliance regulations.
Don’t make your Billing Company selection based purely on price. A truly robust, full service medical billing company with experienced staff and the necessary technology is able to support a higher premium for their services because as a result of their investments, their total client collections are noticeably higher and are realized in a shorter period of time.
Ultimately, you want a partner who offers billing and coding staff who are professionals in their field, enabling them to be highly productive with reduced error rates.
Also, be sure to ask if there are any fees in addition to the % of revenue being charged. Often times, companies have an “a la carte” menu of services and pricing.
It is imperative to select a billing company who provides you unfettered access to your data. Once you have made the decision to outsource such a pivotal function of your business, it’s important to have 24/7 access to your data.
You want to ensure you have access to:
- Charges
- Payments
- Aging Summary (AR Reports)
- Visits
- Procedures
- Denials
- Collections
- Adjustments
-Write offs and or Refunds
The key to successful outsourcing is a combination of experienced people with cutting-edge technology. Look for a billing company with verified success and experienced employees. A billing company that understands the value of advanced revenue cycle management software is an invaluable asset to your practice.
