17 Jan What to Ask When Choosing a Billing Company
There are many things to consider when you are trying to decide whether you should hire billing staff to help manage your revenue cycle, or outsource your revenue cycle to a firm that specializes in revenue cycle management.
Outsourcing this critical piece of your practice can provide you with a return on your investment, as billing companies have the infrastructure in place to sufficiently address all of the necessary details to support an optimized revenue cycle. You should do your due diligence and vet companies to ensure they’ll not only do a great job for you, but also to ensure they’re the right fit for your practice.
Charge Capture and Coding Are the coding team audited for both accuracy and speed? How does their team stay up to date on guideline and policy changes? What percentage of charges are manually reviewed, and how does the clean claim rate measure up?
Follow-Up Will the billing firm handle denial follow-up and claim resubmission, or will you have to retain staff in order to do so?
Communication Will you have regularly scheduled touchpoints to monitor progress? Will team leaders provide feedback on areas of potential improvement in your workflows? What level of business insight and analysis will the revenue cycle management firm be able to furnish?
Transparency What reporting will be available to you, and how clear is it? Are the revenue cycle staff available to answer questions that arise, and how openly are those questions answered?
Customer Service How are patient collection processes handled? Is there a dedicated in-house team? Will the revenue cycle firm handle patient inquiries, or will that fall upon your staff?
These are just a few things to consider when you’re thinking about outsourcing your revenue cycle. Are you wondering if it’s worth making the switch? We’d be happy to answer any of these questions- just reach out to us at firstname.lastname@example.org and we’ll get you connected with one of our account managers who can help you decide if outsourced billing and revenue cycle services are the right solution for you and your business.