17 Checklist For Selecting the Best Medical Billing Company - BillingParadise

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Outsourcing Outsourcing your claims to a third party medical billin g service can make or break your healthcare organization.

It’s important to choose your billing provider carefully, and that’s what I am here to explain you how to do today.

17 Checklist you should

consider when choosing a Medical Billing Company

www.billingparadise.com | Copyright ÂŠ 2018 BillingParadise

1. AAPC certified Coders 3 reasons why you must double click on certified coders:  AAPC/AHIMA certified medical coders offer coding specificity.  Clinical documentation improvement forms the fulcrum of current healthcare regulations.  Certified coders usually specialize in one particular specialty. This specialty specific expertise translates to increased coding efficiency. www.billingparadise.com | Copyright © 2018 BillingParadise

2. EHR Focused billers Before hiring a medical biller/ billing company make sure your EHR doesn’t flummox them. Benefits:  Quicker claims cycle & elimination of double work  Better ROI on EHR  Tightly aligned processes

3. Federal government compliance Verify whether the medical company you opt to work with is in compliance with federal norms. Data security promises must be combed through carefully. Benefits:  Minimized risk of data security leaks.  Assured compliance with federal guidelines.  Some companies also offer MIPS, MACRA support.

4. Technology – IT matters To improve revenue outcomes over the long run, working with a RCM company who has technology expertise to integrate patient billing, denial management, AR management, and put together the fragmented pieces of your revenue cycle. Benefits:  Automation speeds up processes and cuts costs  By working with a technology enabled RCM Company you can keep up with changing times www.billingparadise.com | Copyright © 2018 BillingParadise

5. It all boils down to money A survey by Peer60 states that 83% of hospital executives surveyed shared that cost was the major criterion in the revenue cycle vendor decision making process. Benefits:  Different pricing options give you the power of choice  Fixed prices eliminate guesswork

6. Tech enabled AR Management Adopting an AR management software drives down the cost of receivable management. Work with medical billing organizations who offer AR automation support. Benefits:  AR processes are streamlined and accelerated.  An AR system offers value rich intelligence.  Weeds out AR follow-up inconsistencies. www.billingparadise.com | Copyright © 2018 BillingParadise

7. Automate Denial Management Around two thirds of denials are recoverable and 90% of denials are preventable. Look for a vendor who offers a denial prevention and reporting system. Benefits: ď ą Long-standing issues with denials get resolved with automation. ď ą Denial patterns are easily brought to the surface.

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8. Patient experiences Referrals are playing a huge role in bringing new patients to a medical practice. Unfortunately, according to recent studies 70% of referrals go unscheduled due to interminable waiting times. Work with a company that offers patient access management. Benefits:  Better patient experiences result in retention and positive provider-patient relationships.  Improved front-desk revenue capture. www.billingparadise.com | Copyright © 2018 BillingParadise

9. Expand your horizons Most successful healthcare organizations are focusing on expanding their practices to handle the high volume of patients. The medical billing company you work with should provide the ideal foil to your expansion plans. Benefits:  Centralized medical billing and revenue cycle management processes.  The headache of paying multiple vendors is eliminated. www.billingparadise.com | Copyright © 2018 BillingParadise

10. Provider enrollment It is vital to work with a RCM provider who has a revenue centric approach towards provider enrollment. If you can have a dedicated team to handle the credentialing and provider en rollment process , it is half the battle won. Benefits: ď ą Enhanced revenue cycle performance under risk based contracts ď ą Quicker credentialing and provider enrollment processes www.billingparadise.com | Copyright ÂŠ 2018 BillingParadise

11. Strong Contracts = more revenue Payer contracts inform and drive a healthcare organization’s day to day business. Your RCM Company should offer advanced contract management solutions and risk mitigation support as your medical practice transitions towards newer payment models. Benefits:  Strong contracts that improve yield.  Protection against “evergreen” contracts.

12. Transition support A proper transition plan should include a single contact person, a complete audit of your current revenue cycle, training for inhouse staff and appropriation of responsibilities between your employees and the billing company. Benefits:  Avoid temporary revenue loss and fluctuations during the transition phase.  Help in-house team to acclimatize to a new working environment.

13. LRRA (Lost Revenue Recovery Audit) List out your problem areas and ask your billing company to propose solutions in handling similar bottlenecks solutions. There are several RCM companies that offer a thorough Lost Revenue Recovery Audit to identify fissures in your revenue cycle. Ask for reports like:  Claim rejection report  AR report  Reimbursement velocity report

14. State laws - Comply or die trying

The billing regulations for physician assistants (PA) in each State differ vastly. It is important to analyze the context for PA practice within your State’s billing laws. Benefits:  Avoid non-compliance threats and penalties  Stay on top of billing regulations

15. Specialty specific billing Not working with a medical billing company who are not well-versed in billing for your specialty means you are going to leave enormous amounts of money on the table. Benefits:  Avoid revenue risks and medical coding errors.  Specialty-focused services help you capture more revenue as the intricacies of billing for your field is well understood. www.billingparadise.com | Copyright © 2018 BillingParadise

16. Payers specific To gain maximum reimbursement medical billers should have intrinsic knowledge of the payment mechanisms of the insurance companies they work with. Benefits:  An understanding of payer mechanisms quickens contract cycles.  There is more scope to negotiate favorable rates.  Denials can be handled more efficiently if the biller is well-versed with the appeals process. www.billingparadise.com | Copyright © 2018 BillingParadise

17. Medical billing reports Check whether your medical billing vendor offers a solution that will help you track their performance. They must offer a solution that serves as a platform to communicate with your staff to avoid miscommunication. Benefits:  Big picture insights decisions  More transparency

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17 Checklist For Selecting the Best Medical Billing Company - BillingParadise

Published on Oct 16, 2018

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Do you consider these factors while hiring a medical billing company? Outsourcing your claims to a third party medical billing service can make or break your healthcare organization. It’s important to choose your billing provider carefully, and that’s what I am here to explain to you how to do today. Click this link for more info: https://bit.ly/2NIXcnK For more details, Visit website. https://www.billingparadise.com Facebook: https://www.facebook.com/billingparadise Twitter: https://twitter.com/billingparadise Linked in: https://www.linkedin.com/company/billingparadise Google+: https://plus.google.com/107710156406908639530/posts YouTube : https://www.youtube.com/user/billingparadise