Revenue management is very important for any healthcare provider as it can be the difference between improved service provision and going bust. To enable quality healthcare provision, every medical facility should have a robust revenue management system. However, billing is such a complicated process that requires a lot of time and skilled manpower to handle. That’s why most institutions prefer to outsource medical billing and coding service.
You should take caution when choosing a healthcare billing Services Company as it can have far-reaching implications- both legally and financially. You should look out for these 5 factors before making a decision on which billing company to work with.
- Data security
The biggest data breaches in healthcare have often been with the involvement of third-party contractors. Non-compliance with data security requirements can result in heavy penalties for the institution. Besides that, you also risk losing your credibility and reputation. Ask what policies the billing company has in place to ensure compliance with data security and how often they are audited.
- Easy access to data when needed
Healthcare, like other industries, is increasingly becoming data-driven. The billing company should be able to provide data on request to enable timely compilation of reports. Before engaging a company, specify what data you’ll be needing and how often, and which processes they have in place to meet that requirement. If the process is automated, the higher chances the company has of meeting the timelines indicated. Ask them if the system they use for billing can be integrated with your Electronic Health Records system as this eases data retrieval.
- Ability to keep up with industry trends
The healthcare industry is constantly evolving and new trends and practices come up. Your billing company should be able to keep up with the trends and upgrade their technology and services whenever necessary. This will help you maximize your revenue cycle. For example, a company that offers online medical billing services is preferable to one that doesn’t.
- Provide your staff with training opportunities
The billing company will be working in collaboration with your staff. It is therefore important for it to keep the institution updated with the latest practices and codes by organizing training forums for your staff. This increases efficiency in revenue management between the parties involved. It is important for the billing company to have certified professional coders.
- Experience in the healthcare industry
There are different areas of practice in healthcare- from diagnostic services, physician practice to outpatient services among others. A billing company that understands the different areas of specialization in the healthcare industry is better placed to ensure lower denial rates and therefore, better revenue management. If the facility is a general practice institution and provides various services, the billing company should be able to provide specialized staff for the different service lines.
Always keep in mind that reputation matters. Partnering with a company of ill-repute, no matter how great their services seem, will end up injuring your reputation as well. Before engaging the services of a billing company, you can engage their past and current clients on how they rate the company.