Medical billing has changed. And keeps changing. Every time you think you have it figured out, a new roadblock to reimbursement comes along. Finding and retaining qualified billing staff to handle medical billing and collections has become difficult and costly.
A growing number of providers are turning to an outsourced Revenue Cycle Management (RCM) partner to alleviate the administrative burden and overhead associated with the billing process. Practices that outsource their billing can see a 5-10% increase in net collections, not to mention the operational benefits that allow practices to focus on a better patient and provider experience.
Even if you are not currently considering outsourcing your billing, it’s a good idea to assess the strengths and weaknesses of your current processes and staff so that you know where you stand in relation to industry best practices. If the time comes, you will be better equipped to make an informed decision that’s in the best interest of your practice. Check out the free resource below to help you do this:
The ROI of Outsourcing Your Medical Billing
Billing companies vary in the services offered and it's important to have responsibilities clearly defined in any contracts executed. Here are six questions to ask a potential billing company to make sure expectations are clear and to help you choose the right company:
- Who will be responsible for coding, including verifying the correct usage of modifiers?
- Who will take patient phone calls regarding questions on bills?
- Who pays for statements?
- How many statements do you send to a patient before recommending further action?
- Is any work done by third party contractors?
- Is any work done by individuals outside the United States?
There aren’t necessarily any right or wrong answers to these questions, however, it’s important to know what is included in the fees and what may be considered “a la carte.” It’s also important to know what kind of staffing will be necessary to ensure that the billing company receives the information necessary to get your claims paid.
Whether you're a practice owner, office manager or in-house billing manager, download this free guide to get more tips and resources for deciding on whether partnering with an outside billing company just may be the solution you need to get control of your medical billing and revenue: