27 Apr Medical Billing Companies: What You Need to Know
Elizabeth Woodcock, the founder and principal of Woodcock & Associates, spoke with us regarding what you need to know when choosing a medical billing company. Below is some important information she shared with us.
Medical practices know that in order to be successful, they need highly effective revenue cycle management, but billing is complicated and time-consuming, especially for an independent practice. Worse yet, if the proper time and detailed attention aren’t given to the billing process, your practice could be losing out on significant revenue.
Outsourcing your medical billing can help alleviate the burden of in-house revenue cycle management, and a good medical billing company will help increase your collections, reduce denials and increase your overall ROI. But how do you get started in finding a partner?
Here are some essential tips to keep in mind as you decide which company is best for you.
Tip #1: If it’s too good to be true, it is. Of course cost is important. It is a major determining factor in everything we do. But when considering outsourcing your revenue cycle management, you should not choose a vendor based solely on price. Sure, you’ve heard this before, but you have to put in the investment in order to get a trusted partner in this process. Billing is complex, so you want to make sure that you choose a company that understands the full revenue cycle and has highly experienced billers and coders. Don’t assume you are getting a better deal from a company that discounts certain services because chances are you will end up with less revenue in the end.
Tip #2: Understand the spectrum of what they provide and what you need. Ask the right questions. In order to understand whether a medical billing company is right for you, you have to know what your practice needs and why you are considering outsourcing your revenue cycle management. This will require some self-reflection, but it’s a necessary step in the process. Once you determine you are ready to outsource, make sure you are asking the right questions that will address your pain points. Remember that you want a partner and an extension of your practice, so your questions should reflect that overall need.
Tip #3: Transparency is key. Transparency is one of the most important factors when looking for a medical billing company. You need a partner that will be honest with you about what is and isn’t working and someone who will help you figure out how to fix it. If you are going to make an investment in outsourcing your medical billing, then you need a reputable billing company who will be completely transparent with all of their data, services and reports. This is what it means to be a partner.
So, what are the main points here? When you have made the decision as a practice to outsource your revenue cycle management, it is important that you find the right one. One that will be viewed as an extension of your practice. While price is important, cheaper isn’t always better – it’s often the case that you get what you pay for. Figure out what it is your practice needs to continue its success and then do your research. Ask the right questions and make sure you feel 100% comfortable with the billing company. It is your practice after all.
Elizabeth Woodcock is the founder and principal of Woodcock & Associates, having focused on medical group operations and revenue cycle management for more than 25 years. The author or co-author of 17 books, including the best-selling Physician Billing Process: Avoiding Potholes in the Road to Getting Paid, she is a nationally recognized practice management speaker and trainer. Elizabeth is a Fellow in the American College of Medical Practice Executives and a Certified Professional Coder. In addition to a Bachelor of Arts from Duke University, she completed a Master of Business Administration in healthcare management from The Wharton School of Business of the University of Pennsylvania.