Choosing a medical billing services company is one of the most important decisions you can make for your medical practice, clinic, group or hospital.
How quickly claims are processed and how much money is collected on each claim can dramatically affect not only your cash flow, but also your net profit. Collecting just 5% more per claim can add up to tens of thousands of dollars by the end of the year; and shortening collection times from 60 days or more to less than 30 days can mean the difference between being able to pay your bills on time or having to borrow money.
Here are some criteria we suggest using when choosing a medical billing company.
Average Collection Rate
You’re looking at hiring an outsourced medical biller presumably in part because you’re hoping to drive up your collection rate. Make sure that any medical biller is, on average, collecting at a higher rate than your practice is now.
Average Processing Rate For Medical Billing
If your medical biller is slow at handling your claims, it could leave you in a cash flow crunch. Make sure to inquire with a potential biller about how quickly they usually process claims.
Number Of Years Of Experience In The Medical Billing Industry
In a world of startups, the “bright shiny object” can be appealing, but we encourage you to look at how long any biller has been in the industry. Longevity usually points to good results and happy clients.
Quality Of Medical Billing Specialists
Who exactly are you going to be working with? Who’s going to be processing your claims? Ask about not just the company’s credentials but the staff that will be directly handling your account.
Support And Follow-Through
What happens when things aren’t going right? Make sure you have a clear sense of what the company’s support process looks like.
When you’re choosing a medical billing services company, don’t hesitate to ask the tough questions and demand specifics. After all, this is one of the most important practice management decisions you’ll make.
At Clinic Service, our clients receive far more than billing and claims processing. In fact, we can serve as your trusted advisor and coach, helping you identify ways to improve profitability in your practice. We’re happy to share case studies, client references, testimonials, and more, and you’ll be able to see for yourself that we’re are one of the best medical billing companies in the industry.
For more information on our medical billing services or medical billing / EMR and EHR software, please call (303) 755-2900, or e-mail firstname.lastname@example.org.