Did you know that over the past 20 years, $2.4 trillion has been lost in payment errors? Choosing the right medical billing company for your healthcare facility can minimize the margin of these errors. Thus, help your facility grow financially. Outsourcing the billing and coding processes allows healthcare practices to focus more on patient care and medical treatments. This blog will take you into the world of medical billing companies, the benefits of hiring them, and what factors you should keep in mind when choosing a partner for your practice.
What is a Medical Billing Company?
A company that specializes in managing the financial aspects of healthcare services is called a medical billing company. It helps the healthcare facility by making it easier for them to bill the patients and collect payment from insurance companies. Medical billing companies play a crucial role in the lives of healthcare providers. These companies allow a facility to concentrate more on patient care by outsourcing all the complex medical billing and coding processes.
Benefits of Using a Medical Billing Company
Here are some of the advantages of partnering with a Medical Billing Company:
Greater Revenue for Healthcare Professionals
Healthcare professionals suffer a huge loss of revenue due to claim denials. This occurs for several reasons, such as incorrect medical coding, missed deadlines, inaccurate information on claim forms, and many other reasons. According to a report by AARP, one out of seven claims is rejected. A professional medical billing company enhances net revenue collection by correcting all these denials in the revenue cycle.
Every medical billing company uses smart software that helps simplify the process of revenue cycle management. This software reduces the margin of error and ensures the highest degree of accuracy in billing. It prevents human mistakes from affecting the financial performance of the facility.
A reliable medical company is one that is HIPAA-compliant and strictly follows all the regulatory requirements. This adherence to HIPAA rules helps the organization stay updated on state laws and ordinances,industry trends, and the coding system.
Fewer Billing errors
According to a report by the U.S. Government Accountability Office, it is estimated that revenue of $247 billion was lost due to payment errors in the 2022 fiscal year. Hiring an expert medical biller can minimize this loss and reduce the chances of error.
Outsourcing medical billing is the safest path for the preparation of error-free documents and the processing of insurance claims promptly. An expert billing team means error-free coding and billing, better office administration, and the highest financial benefits.
Reduced Administrative expenses
Outsourcing to a medical billing company helps the healthcare practice reduce administrative expenses. The company is responsible for handling all the billing processes, from claim submission to handling claim rejections.
What to Look for in a Medical Billing Company?
A top-notch medical billing company must be aware of the specific requirements of your practice. They must have specialty-specific tools and services to run any practice in a smooth manner. Some companies claim to offer one-size-fits-all software and systems, but with that technology, providers have to sift through relevant information and resources that don’t pertain to their company. The best fit for you is the one that collaborates with your specialization and offers you specific tools and services.
Request a Cost breakdown
In order to keep the cost down, you should ask the company about how they exactly charge you for the services. There are different ways to charge for billing and coding processes. Many companies charge you based on the net percentage of your business. The value is mostly 3–9% of your net income. Others can charge you a flat fee or a flat fee with some percentage of your income.
Updated or advanced technology
The latest technology is essential for the billing and coding processes. A company with updated technology is the best choice for your business. This includes AI-enhanced charge capture that reduces the margin of errors and fraud in billing. Thus, it aids in fast and accurate bills. Cloud-based practice management and billing software allows the company to work remotely but still deliver high-quality results.
Experience in the field
In the world of medical billing, experience is everything. Years of experience give you the expertise and understanding needed for medical billing and coding. As the billing industry is constantly evolving, an experienced company knows how to remain competitive and stay on top. New and emerging companies are more likely to make errors, resulting in claim denials and rejections.
Billers with Expertise
A reputable billing company will provide you with a team of billing experts who have the vast knowledge and experience needed for your practice. The provider’s billing staff is no longer required to manage the high rate of turnarounds. Rather, the billing company is responsible for dealing with every single complication.
Accessible Customer Service
When you hire a medical billing company, make sure that it has accessible customer service. Whenever your staff needs any guidance or help, they must show their availability and assist your team.
Capacity to handle emergency situations
Billing and coding are crucial and complicated processes. A small mistake in the billing can lead to a potential loss of money and credibility. If the company has faced some sort of unexpected calamity, they must have a plan in place to ensure the continuity of operations.
Check the rate of rejected claims
If a company has a high volume of denials or rejections from insurance companies, they are not the best fit for your practice. While deciding on the best billing company, make sure to ask how they handle their rejected claims.
In other words, a partnership with the right billing company has a greater impact on the profitability and effectiveness of your healthcare practice. Understanding what medical billing companies are, the benefits of outsourcing billing processes, and the factors to keep in mind while selecting one are all being discussed. Keep in mind that specialty-specific, updated technology, years of experience, expert billers, accessible customer service, and the capacity to handle emergency situations are all the key attributes to look for in any medical billing partner.
Why is Medheave the Right Choice for you?
Selecting Medheave as your billing partner means you have selected a company dedicated to streamlining your administrative operations, reducing the chance of errors, ensuring transparency in financial performance, fostering greater accountability, and being strictly compliant with HIPAA regulations. Contact us today to learn more about how we can help your medical practice.