If you’re too busy to manage your billing and coding, hiring a third party provider may be necessary. However, outsourcing can be intimidating when you have to hand over your medical billing and coding.
There are several questions you need to ask before you sign an agreement. To get you started, we’ve compiled a list of questions you can use to pick the best medical billing company for your clinic.
Are they HIPAA compliant?
Getting a “yes” is not enough. The company needs to be both HIPAA compliant and have compliance officers doing periodic compliance checks. You don’t want claims and patient data being handled poorly, so make sure to ask specific questions about the company’s business associate agreements, email security, fax security, data security, document destruction, and equipment destruction.
How many years of experience do your billers have?
Unexpected issues happen every day. Companies with more experience have seen these issues before and know how to handle them. They also understand the extensive list of physician shorthand codes that can throw off inexperienced individuals.
Who can I call for references?
Just like hiring a new employee, take the time to call each company’s references. Review their client retention rate. Ask whether or not former clients would recommend the billing services.
What types of reports will I receive?
Ask to see a sample of daily, monthly, and quarterly reports to determine if they’ll work for your operation. If they don’t report financial information, you run the risk of overpaying, mishandling insurance charges, and overcharging your customers.
Is your service affiliated?
Medical billing companies are often associated with local, state, and national associations. You want a billing company that stays informed about regulatory and industry changes.
What is your fee structure?
Transparency is key. Establish a comprehensive understanding of what you and your accountant will need by way of financial reporting and make sure they’ll be available. A reputable vendor will always be upfront about their dealings.
Can you guarantee transparency?
Most importantly, what is the cost of service and average time of receivables? If a company has lower fees, check to make sure they still provide everything the higher priced companies do. Negotiate for the percentage of revenue they collect on your behalf. Most companies charge around 9% or less, while anything greater is considered too expensive.
With these questions at your fingertips, you’re ready to choose the best company for your practice. And when you’re ready to get started, give us a call at (800) 215-2507.