To Outsource Your Billing or Not?
Over the last decade, the number of medical practitioners venturing into independent practice has surged significantly. Since the effort to solve the global healthcare problems requires many inputs, this increase is justified. However, for many independent medical practitioners, integrating medical practice with the technical know-how of medical billing is a huge task to handle.
When it comes to medical billing, preventing claim denials, improving the eligibility pool, managing appointment scheduling, and electronic processing payments are the crucial processes requiring expert attention. The entrepreneurship side of independent medical practice is not without its challenges.
Underpaid, rejected, and denied claims cost independent medical practitioners as much as $100,000 every quarter. So, as an independent medic, choosing an excellent medical billing company is your best solution for revenue leaks.
Before you select medical billing company as a financial partner, here are the most important criteria to check for;
- Comprehensive Billing System in Specialty Practice
Demand to check their billing algorithm and coding system for services offered in specialty care. Healthcare providers are constantly experimenting with new service models, making it hard for a single billing system to properly code for bills and handle their payment collections. Any medical billing system on your list must have an algorithm that codes differently for laboratory services, geriatric services, out-patient care, in-patient care, and other …. Of your specialty. Getting a comprehensive billing system reduces the risk of administrative and billing errors.
- Updated Compliance with Existing Regulations
Your revenue cycle management receives the needed boost if hands by a medical billing company complying with the existing regulations on medical billing. To safeguard your financial outlook and avoid legal problems, your selected billing partner must be HIPAA-compliant. An ISO-certified company complying with the provision of the Health Insurance Portability and Accountability Act makes sure your finances are safe and expertly handled.
- Tech Solutions and Software Suite
With over 70% of all admitted patients currently banked and tech-savvy, you would expect your favorite billing partner to have invested adequately in technology. The best medical billing companies out there use patient-centered billing software with features that allow appointment booking, referral requests, electronic medical data storage, and flexible payment methods. A one-stop billing software manages your client pool better and improves your turnover rate.
- Responsiveness and Personnel Training
A responsive billing partner prioritizes your client pool, solving technical problems arising as bugs, software crashes, and errors in procedure coding. Speed and availability are factors determining if your selected partner can handle a large pool of clients as your business expands. Responding on time to client complaints and the capacity to swiftly solve these problems boosts the reputation of your business.
- Denial Management Protocol
How do companies on your list structure a protocol for denials management and handle underpaid claims? In cases of emergencies and failed eligibility verification, teaming with the right billing partner reduces your losses and plugs any weakness in your RCM. Support offered in cases of claim denials also impacts your financial projections in the long term.
Outsourcing Your Billing and Coding Service to XyberMed XyberMed provides an efficient representation to independent medical practitioners, handling coding and billing with a suite of HIPAA-compliant tech solutions. We offer your client pool flexible payment options, making sure your revenue projections remain intact every quarter. With over five years of specialty billing representing more than 1,000 independent practitioners, we lead the global assembly of medical billing companies you should consider.