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You have made a wise choice to outsource medical billing. Next step is to find the right partner. More than 70% physician practices see an increased payments and reduced AR if they are able to find the right medical billing partner. That is where we come in to help. Below are key aspects of your evaluation. We have distilled it down to “SERVICE”
Understand what all is included and excluded in the service. Who would be your day to day point of contact? What’s the monthly performance review process.
Understand the expertise by discussing your pain points and asking how would they handle it and what new ideas they can bring to the table.
Reporting and Analytics is very critical for increasing the payments and reducing AR. Ask what standard and special reporting that you would be receiving.
It is a good practice to speak with 2 clients of the medical billing company as references. Confirm the references about the quality of service, communication, proactiveness etc.
Be sure to ask if the medical billing company has a system manager or a team that has knowledge to set-up the EHR/PM system, statements etc. and troubleshoot any technical issues.
Depending upon the size of your practice and scope of services, price range for a high performance billing provider should be between 4-5% of the payments.
The longer the billing company has been in service, higher experience the team members would have. A company with 10 years or more in service is a good indicator.