Medical billing experts specialize in integrating technology and experience to swiftly and efficiently secure maximum revenue for providers while minimizing costs and stress
A highly qualified healthcare billing service should be experts in health management services including AR management, medical billing and collections, coding, claims appeals, payer contracts and negotiations, credentialing and enrollment, practice start-ups, dashboard analytics and be focused on providing clients with prompt, maximum payments while maximizing practice and provider revenue.
Qualifying Healthcare Billing Services for Your Practice
To secure the best billing service for your practice, it is important to ask the right questions and get the right answers for your specific business. There are also general questions that should be considered when interviewing billing services. Aside from questions regarding costs, precise services offered and professional experience, the following inquiries are suggested:
Questions to ask a Healthcare Billing Team Service:
• What are your average days in AR?
The benchmark should be less than 23 days.
• What is your bad debt percentage (collection agency referred patients)?
It should be less than 2%.
• Is at least 70% of your AR should be in 0-30 days and 85% in 90 days or less?
• What is your trended average payment by procedure and by insurance payer?
• Are they paying according to contracted rates?
• Is every patient seen being billed to the payers and billed timely?
If it takes longer than 48 hours to submit the claim from the date of service, you are below benchmark.
• Who owns the billing data?
• Are you HIPAA compliant with security protocols in place?
• How often and by what means will there be communication between your service and our practice and who will be our primary contact in the service?
• What is the extent of your electronic capabilities in each of the services you offer?
Questions a Healthcare Billing Service should ask Prospective Clients:
The billing service representative should make inquiries of prospective clients in order to provide them with the best information on billing trends and coding compliancy issues andto submit a specialty analysis of the practice which should include an assessment of each element of its revenue cycle.
• Is your practice comparable to other practices with your specialty?• Does your practice have measurable performance standards?
• Are you achieving the optimum revenue cycle?
• Are your claims accurate, compliant and timely?
• Have you had time to focus on building your practice?
• Do you have concerns on the quality of billing that you’re not sure how to resolve?