The right medical billing company can be more than a service provider for your practice; it can be a partner that provides insights and helps to drive profitability. How can you determine if a medical billing company is right for your practice? Keep these 5 factors in mind when researching:
Suite of Services
Before you even begin researching potential medical billing providers, make a list of the services you need the company to perform for your practice. Medical billing and coding may be the obvious first answer, but what else? Would you like your medical billing partner to provide data and insights into your practice based on the billing? Could your team benefit from business automation solutions? Think about how medical billing affects the entire landscape of your business, and look for providers who offer a host of services to match.
It is imperative that your medical billing company have a brand built on trust and integrity. How long has the company been in operation? Are its services HIPAA compliant and do they demonstrate knowledge regarding HIPAA compliance and data security? Does the company offer customer testimonials on its site or in its promotional materials? When meeting with a potential medical billing partner, it is a good idea to ask them to provide further proof of any claims of HIPAA compliance and customer satisfaction. After all, your reputation, and your patients’ privacy, is riding on theirs.
You’ll want your medical billing company to use the most advanced technology available and demonstrate an expert-level knowledge of the possible software needs and solutions relevant to the healthcare industry. Further, do they offer solutions you can deploy in your practice’s business administration to reduce cost and improve efficiency? Look for companies that position themselves as healthcare IT and administration specialists.
Many medical billing companies offer fee-based, percentage-based, or hybrid models of pricing. You’ll want to talk to any potential medical billing partner about their pricing structure and determine how your budget can meet your level of need. Every practice is unique--ask potential medical billing partners if they will provide a customized quote built around your business.
This is where the list you made of your company’s needs will come in handy. Skip the medical coding companies that perform one service and end the relationship there. Your medical billing company should be a partner in your success. Look to see how companies initiate communication--is it a hard sell of their service, or do they want to get to know what they can do for you?
These are just a few topics you should discuss with any potential medical billing company. If you’re researching a possible medical billing partner now, we invite you to check out our Services page to learn more or request a personalized demo with us today.