Every physician knows that billing is critical to the success of their medical practice. Yet, many struggles with keeping up with the constant changes in insurance reimbursement rules and regulations. This is where a billing service can be a valuable resource.
A quality billing service will have a deep understanding of current coding requirements, payer policies, and government regulations. They will also continuously monitor changes and update their systems and processes accordingly. This will help ensure that your claims are filed correctly and in a timely manner, maximizing your reimbursement.
Before signing up with a physician billing service, here are 10 questions to ask:
- What is your experience in medical billing?
You should ask this question to get a sense of how long the billing company has been in business and how knowledgeable they are about the ever-changing medical billing landscape.
- What is your staff turnover rate?
A high staff turnover rate can indicate that the company is not a stable or desirable place to work. This can have a negative impact on the quality of service you receive. It’s important to work with a company that has a low staff turnover rate so you can be confident in the team’s experience and knowledge.
- What is your fee structure?
Be sure to ask about the fees charged for services rendered. Some companies charge a flat fee per claim, while others charge a percentage of the overall reimbursement. You’ll want to understand the fee structure so you can budget accordingly.
- How do you stay up-to-date on coding changes?
The answer to this question will give you insight into how the company stays current on coding changes. This is important because if they’re not keeping up with the latest coding requirements, it could impact your reimbursement.
- What are your claims submission process?
You’ll want to know how the company submits claims to payers. Do they use an electronic claims system? If so, what software do they use? How do they track claim status? The answers to these questions will give you a better understanding of the company’s claims submission process.
- What are your denials management process?
It’s important to understand how the company handles denials. Do they have a system in place to track and appeal denials? What is the success rate for appeals? The answers to these questions will give you an idea of how effective the company is at getting claims paid.
- What is your accounts receivable (A/R) management process?
You’ll want to know how the company manages A/R. Do they have a system in place to track and follow up on outstanding claims? What are the average days in A/R? The answers to these questions will give you an idea of how effective the company is at getting claims paid.
- What reporting and analytics do you provide?
It’s important to understand what kinds of reports and analytics the company can provide. This will give you insight into your practice’s financial health and performance. Ask if they can provide custom reports or dashboards. It’s also helpful to know if the company uses data to identify trends or opportunities for improvement.
- What type of support do you offer?
You’ll want to know what kind of support the company offers in case you have questions or need assistance. Do they have a customer service team available? What are their hours of operation? Do they offer training? The answers to these questions will give you an idea of the level of support you can expect.
- Do you have references I can contact?
It’s always a good idea to ask for references so you can get first-hand information about the company from their clients. Be sure to follow up with the references to ask about their experience working with the company. When you’re speaking with references, be sure to ask about billing accuracy, customer service, and overall satisfaction.
By asking these 10 questions, you can get a better understanding of the company and its services. This will help you make an informed decision about whether or not they’re the right fit for your practice.
Do you have any other questions you think are important to ask before signing up with a billing service? Let us know in the comments!