How to compare good billing companies and bad billing companies

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How to Compare Good Billing Companies and Bad Billing Companies?

Outsourcing medical billing tasks is an ideal option for healthcare providers looking to expand their practice and get more free time for patient care.

Effective documentation and timely submission of medical claims is crucial to get accurate medical reimbursement.

Though there are many medical billing service providers worldwide, before choosing any of them to hand over your billing and coding tasks, make sure that you can distinguish between “good” and “bad” medical billing companies. If you are wondering what the terms “good” and “bad” imply. They signify the degree of dedication and sensitiveness to client requirements these firms have. A good company is a reliable company that provides customized services. Choosing personalized medical billing services will help to enhance the revenue cycle of your medical practice.

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Factors to be Considered While Comparing Billing Companies List of services provided: Make sure to get a clear list of the services provided by different companies under medical billing assistance. An ideal billing company will offer a comprehensive billing package that includes step by step processes such as: • Patient scheduling and reminders • Patient enrollment (Demographics and Charges) • Insurance enrollment (For Physicians and offices) • Insurance verification and authorizations • Coding and audits • Billing and reconciling of accounts (Payment Posting) • Account analysis and Denial Management (EOB Analysis)

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• AR management (Insurance and patient) • Financial management reporting Employees: Weak medical billing staff can counteract the best technology and billing processes. Success of the process requires expert billing staff. Established medical billing companies can provide the services of AAPC certified coders and expert billing staff with in-depth knowledge of CPT, ICD-9 and ICD-10 medical coding, medical practice management, insurance industry practices, and the federal laws.

The workforce as well as each function of the billing process has to be taken into consideration when it comes to deciding the ability of the company to maximize revenue.

Experience: The billing company you choose should be highly experienced; it is equally important that the professionals working on your account are also experienced.

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Practice Management System: Your partnering company should provide you with a custom practice management system that specifically suits your needs as regards appointment scheduling, data transfer, patient tracking and reporting. The systems should be user-friendly, easily accessible and highly functional.

Billing Software: Reputable firms stay constantly updated with the latest technologies. They use advanced medical billing software such as Medic, Medisoft, IDX, Practice Admin, Next Gen, Eclipse, Medisoft, Misys, Lytec, E-clinical, Inception, Medical Manager and more for providing accurate services.

Follow-up on Submitted Claims: You must have a clear idea of the follow-up policy of the company regarding submitted claims. Good companies systematically follow up the claims, minimizing delays and denials.

Transparency: Your billing company should make the billing data available any time you want.

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Time and Cost Savings: Services provided by reliable companies can help clients get significant savings in time and money. With their service, you can save up to 30-40% or more of your costs. Such companies will also provide a free billing analysis of your current billing performance.

Security measures: Your patient data needs to be safe and confident. Good billing companies will provide HIPAA compliant services. They provide secure file transfer options and follow confidentiality measures such as: • Periodic backup of data • Secure workstations, storage facility and authorized access • Frequently updated firewalls and antivirus software • Use of password protected lockers • Monthly backups of computer systems • Any spoiled hard copies of patient are shredded on site • Entire workforce trained on HIPAA confidentiality, security, and privacy

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Good vs. Bad Medical Billing Companies – Understand the Differences Categorizing medical billing companies into good and bad becomes easy when you know the features that distinguish a reliable firm.

Any company that does not rise up to the expected level may be a poor performer and it is best not to form an association with such a company. Have a tie-up with a medical billing firm that can offer excellent patient relations when it comes to collections from patients.

Your chosen medical billing company should be able to accommodate any changing billing requirements you may have.