Deciding which medical billing company to work with and what corresponding billing services to outsource is more than just comparing rates. When considering outsourcing you hand over a critical component of your management. It is vital you choose a vendor that you view as a partner, and is invested in the success of your practice.
Here are three things to look for in a billing company:
STEP 1: Look for a vendor with stability.
The truth of the matter is that anyone can set up a medical billing service virtually overnight. You don’t want to entrust your revenue to someone just figuring it out. Make sure you consider vendors with a proven track record of collections for multiple practices and specialties. More importantly, ask specifically about their experience with your practice’s major payers.
STEP 2: Look for a vendor with proficiency in your specialty.
Every medical specialty has its own medical billing and coding nuisances. When it comes to medical billing services, there is no substitute for experience with your specialty’s codes and procedures. Ask specific questions on how the billing company meets the needs of your specialty.
STEP 3: Look for a vendor who develops their own applications.
A medical billing company that develops their own platform is at an advantage as they control the future of their software. This means if you have requests for support, or product improvements, you are likely to get quick results. In addition, if your practice needs training the company is more apt to have trainers and certified personnel already on staff.
Remember a billing company is more than the rate they charge. Screen them carefully and you'll have partner in the success of your practice.
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