How is your cash flow really doing? If you have tothink twice about it, chances are you might not be in a great situation. Perhaps it’s time to give your RCM vendor an internal audit.
It’s obvious that every service-oriented medical practitioner wishes to increase the flow of revenue while receiving outstanding service. This is where your medical billing company comes in handy, they should go to bat for you so you can put your mind at ease.
Below are considerations when making the choice to switch.
As a medical practitioner on the lookout for a new billing company, you need to look analytically at the level of service. Your business is paramount and should not be compromised at any stage.
How the firm pursues denied claims – Are you the one to go after denied claim or is your RCM vendor taking up the pursuit.
Analysis and making reports– Since the medical billing company are believed to be experts, they should be able to draw analysis and come up with possible strategies and suggestions on how to enhance your practice
Compliance with regulations– A good billing company, must be able to adhere to norms and rules. When a provider issues out a patient’s medical information to a third party, such provider becomes responsible for the third party’s action with such. Therefore, you need to know the level of compliance of your potential billing company with regulations.
Follow up of bill– A scenario where your patient fails to pay up bills, who does the follow up?
Different payers have various means of payments and coding requirements. Your RCM vendor should know how to navigate all types of scenarios.
Staying up to date – An in depth in-depth knowledge of how to use HCPPCS Level II codes, CPT codes and ICD-10 codes to analyze and report services is essential, especially if you are writing checks every month to streamline your process.
How do they learn – An RCM vendor should be staying up to date in the latest industry trends and have a passion for improvement.
As a physician or a project manager on the lookout for a new billing company, you should consider a firm that can provide top notch software developed to generate revenue at the best level.
Meshing technologies with existing systems – You wouldn’t let a dinosaur manage your growing revenue flow, would you? Then make sure your RCM vendor is using the latest and greatest technologies.
Managing your revenue cycle should not be given to just anyone- In addition to knowing latest codes and how to identify claim discrepancies, any medical billing company you need to hire must have certification from at least one of the two principal bodies
Your preferred choice of billing form must have an extensive list of satisfied clients and proven track records. While some good companies may be good at what they do, medical billing company with several years of experience in the healthcare industry is a plus.
Talk to their clients – What are their current and past clients saying?
Birds of a feather…flock together – Your practice is unique. If your specialty is a physical therapy, family, or other specialties, ask your vendor if they specifically have your specialty RCM experience. Choosing a billing company that has vast experience in your niche will save everyone involved valuable time.
Trust your gut, you know your practice best. If you have to doublethink your decision and something just doesn’t sit right, chances are you may be in need of a company checkup.
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Over To You……