List Of Modifiers In Health care Billing 87675
Considerations In Hiring A Medical Billing Service
As a physician, your greatest fulfillment comes in treating your patients. However, without good cash flow it can all be made less satisfying and can even end in financial disaster. Not anyone can do a good job billing for your services. Choosing the right company to bill for you is something that should be done with special care as your practice depends upon it.
In this present climate of denied payments and confusing coding, it can be very beneficial to use an outside service. Your overhead is cut by eliminating in-house billing staff or, even better, it frees up those employees to allow your office to provide better patient care. When choosing a medical billing company, some goals need to be set. You can benefit from outsourcing your medical billing , but how to make that choice?
Here are a few things to look for in choosing a medical billing service
Training and Experience. Though a new service fresh to the marketplace can give you individual attention because of a dearth of clients, an experienced established business is the way to go. Ask what the education level is of the individuals that will be doing your billing and coding. How were they trained in billing and coding?
How much knowledge do that have in coding? Though, as a physician it is your responsibility, a knowledgeable out source provider can find hidden gems that can mean more money in your pocket. They can spot errors and advise on corrective action.
Is the billing company HIPAA ready? What steps have they taken to create a HIPAA compliant policy and environment for their company?
Request references. A medical billing company worth its salt has satisfied clients who will like to tell you of the successes and increased revenue they have realized through the service.
Ask questions such as "How will you follow up on claims?. What type of appeal system do you have in place?"
Ask what type of reports you will receive for your practice. Can they provide specialized reports for you? How frequently (monthly, quarterly, annually, etc.)? You should be provided with the following basic reports:
Accounts Receivable - aged by either date of entry or date of service
Practice Analysis - overall reporting of the practice charges and receivables
Transaction Report - general report of payments, charges and adjustments
Claims Report - to show claims submitted for a reporting period
Managed Care - reports to show loss of revenue, adjustments, timely payment and referral tracking
Are they able to work with your practice management software? Can they make rcm claims recommendations of software that will meet new government required CCHIT guidelines? By what method are they going to access your information? Do you really want a company that has access to all of your files? Is scanning and sending an option without them tiptoeing through your records?
Insofar as coding is concerned, are they up to date on the latest changes and additions?
How exactly do they go about collection? Do they simply bill three times or do they go after the debtor vociferously. Do they spend time on accounts that need special attention?
We're talking your cash flow here. Is there a security backup plan in place? Multiple servers?
Do they have the ability to provide you with a dedicated team so you don't get a different person each time you call? Do you get someone who knows you and your practice? These are important considerations as time is money and it is a pain to have to start over and explain a situation from the start.
What are their hours of operation? Are they available when you need them? Can you depend on that? Speaking of hours, how fast is their turn around time?
What it is going to cost you for their services is a big issue. The national norm is about 8.5 percent on total collections. Will they consider a price reduction if you are a practice that bills high amounts each month? Do they have a start-up fee and what does that start-up or set up fee include? Be aware that it is practical for a billing company to evaluate your practice and needs before they quote you a fee for services.
Do they offer physician credentialing services to save you the time and effort in applying as a provider for a new insurance company?
Always keep in mind that this is your practice and your cash flow is the life's blood of your business. You depend on the revenue coming in. Can they give you some indication of how their services will increase your bottom line?
A medical billing company should increase your reimbursements. They should be more efficient and effective than an in-house program. They should make you more profitable. Cardion's physicians often realize a 26 percent increase in revenue. Do your homework and you will end up with more money in your practice pocket at the end of the month.
