It's critical that the new group of employees you recruit are people you can trust because the billing company you choose will play an essential role in your business. To win your business, many third-party medical billing companies will, however, over-promise and under-deliver
by using deceptive marketing strategies and stretching the truth in their advertising and sales pitches. To ensure that you work with a company you can trust, keep an eye out for the following warning signs
Although many claims seem encouraging, if anything seems too good to be true, it probably is. Sadly, no billing company controls how quickly insurance issues checks. Additionally, they cannot guarantee such high reimbursement rates, particularly with many payers competing for business. By picking the wrong business, you run the risk of receiving payments later or, worse yet, not being able to get paid for the services you perform. When selecting a billing business, you should look for a team of professionals you can believe in and one with experience fixing particular billing concerns.
Consider what issues you are attempting to resolve before hiring a billing company. After that, confirm that the company offers the required solutions by posing precise queries regarding the problems you are experiencing.
If most of your accounts receivable amount falls within the "over 60-day" category, you run a higher risk of not getting paid. The likelihood that the claim will get unpaid increases as time goes on. Aim to receive all payments in less than 60 days to keep your overall A/R amount low. Third-party medical billing companies should guarantee the collection and timely submission of patient and insurance data. By doing this, claims will be submitted accurately the first time, resulting in fewer payment delays and denials. Your billing business should take steps to ensure you are aware of the location of the collection point. The billing provider you use should include weekly reports highlighting patient co-pays and balances to assist you in remaining on top of collections.
Educating new employees can be challenging. To guarantee that the facility personnel is aware of the procedures for efficient insurance payment, your billing business should collaborate with them. They should collaborate with your personnel, for example, to
Keeping your entire crew informed about these straightforward procedures might significantly improve your facility's financial situation.
Payers occasionally refuse billable days because they don't qualify as medically necessary. To avoid losing billable days after hiring a company from third-party medical billing companies, that company's utilization review team ought to collaborate closely with your clinical team. You can get the maximum number of days authorized for the patient by communicating with healthcare professionals on a weekly (or more regular) basis.
If authorized claims are rejected, your billing provider should be prepared to assist you in appealing those rejections. They should assist you in writing an appeal letter to the payer or the state and evaluate your data.
You must ascertain that the services and support a third-party medical billing firm provides meet your requirements before using them. At Intellimedx , we provide extensive services to address these typical billing issues and others.
However, the success and effectiveness of any healthcare practice can be considerably impacted by choosing the best third-party billing business, which is a crucial decision. The most important aspects to consider when selecting a billing partner have been highlighted throughout this extensive guide, including proficiency with medical coding and billing regulations, technological prowess, data security measures, open pricing structures, and reputation in the field. Healthcare practitioners can make an informed decision that promotes faster revenue cycles, lessens administrative stress, and ultimately improves patient care by carefully evaluating these factors and matching them with the particular needs of their practice. Intellimedx provides trustworthy information to healthcare professionals, and this guide will be invaluable in facilitating ideal third-party medical billing companies.