One dollar for every $10 of private practice revenue is at risk of not getting reimbursed from insurance companies — often because of errors in the submission process.
If you are experiencing this frustrating reality, you are not alone. But that doesn’t mean there’s nothing you can do about it. Medical billing companies are experts who specialize in getting the most return from insurance companies. But that does not mean all billing companies are created equal.
How to Find the Best Medical Billing Company
The challenge is finding a medical billing company that you know you can depend on. As you search for perspective billing companies, make yourself aware of the general price range when it comes to your type of company or if there is a standard set fee in your state. In addition, here are 8 signs to look for that will indicate a medical billing company will not be good for your practice.
- You will not be provided access to their system in order to view your patient’s accounts. Look for a company that has their system on the cloud. They should then provide you with a login and password so you are able to view all of your patient’s information. You should absolutely be allowed access to all of your patient’s data.
- They have never worked with any other clients in your specialty. Though billing companies will claim they can service any type of specialty, without proper experience there are bound to be multiple things they aren’t aware of when it comes to your company’s billing needs. If they are not already aware of the nuances of your specific area you will have to help them get there. No doubt it is better to go with a company that already has mastered your type of business.
- Evidence of poor organization and long communication delays. Insurance companies require that your claims are filed in a certain amount of days. The billing company you work with has to be able to carry out all of their work in an organized and timely fashion or you could be facing a stack of denied claims coming your way.
- No assurance that they can do something once a claim is denied. Claims are denied all of the time for a number of different reasons. Every proficient medical billing company is aware that it is up to them to follow up on these claims, multiple times if necessary. 90% of the time a claim will be covered with enough follow up after being denied.
- The only references they will provide you with are the ones on their pre-printed list. The references that a company chooses to put on their standard list are the ones they are positive will give them stellar reviews, whether they deserve it or not. When a company is fully transparent and does not hesitate to give you a full list of their clients it will give you the confidence that they have nothing to hide.
- You are not able to interview the lead biller on your account. You should be aware of exactly who it is that is handling the sensitive data that you are passing along to the billing company. You will need to be confident in this person’s expertise and ability to carry out their position adequately.
- They will not provide you with a daily report. A daily report on charges, payments, and any adjustments is a must have. In addition, you should have enough access to the system to simply be able to pull up the report yourself. If you are not able to monitor everything that is occurring within your financial accounts in a timely fashion a lot of damage can be done.
- They do not offer service turnaround guarantees. These guarantees, such as charges being entered in a timely fashion and claims being processed daily, are one of the biggest reasons you are turning to a company for help. They need to be able to provide you with this service or they are not worth your time and money.
Your Medical Billing Company Should Be Part of the Team
When looking for financial support for your private practice, you have to be sure that the services you are receiving are dependable. Look for a company that is ready and willing to give you the support you need and has plenty of credibility to back up their word.
Speaking of credibility, we’d love you to read some of our recent case studies:
- Click here to read about our work with a gastroenterology practice
- Click here to read about our work with a Neurologist
We have dozens of stories that we’d like to share with you and we bet we’ve worked with someone going through exactly what you are experiencing right now. Contact us here for any questions you may have on our company or the medical billing process. We’re here to help!