Competitive Comparison:  The potential medical billing company should perform an evaluation of your practice, to determine the your needs  and how to charge for services desired and rendered. It is important that the billing services are customized to your individual needs. This ensures that you will not be charged for services you do not desire.

 

Company Ownership/Management:    It is important that the ownership and/or primary management of the company is performed by key people who have medical billing experience in an out-sourced setting. The key management staff should be available to meet with you on a regular basis.

 

Compare Billing Staff:   As a potential client, do not be afraid to ask about the billing company's staff. Is the company adequately staffed? How are they trained? What is their educational background and experience, and what is the turnover rate of staff. One of the key reasons to out-source, is so that you do not have to worry about these issues in-house.

 

Attention to Detail:   An efficient medical billing company will reduce the amount of claims that are denied by submitting the correct information in the first place. An efficient medical billing company will follow up on all outstanding claims on a regular basis and will answer patient billing inquiries. As a potential client, do not be afraid to ask them how they accomplish the above. An efficient medical billing company will have written policies and procedures covering every aspect of the billing process.

 

Reason to Believe:   If your potential billing company says "we are the best", ask them what sets them apart from other billing companies. Instead of saying "our muffins are the best", they should be able to say our muffins have more flavor because we use fresh ingredients and more chocolate chips. Ask for testimonials and clear explanations.

 

Compare Technology:   The software used by the billing company should be state of the art. The technology should be nationally known and highly respected in the medical billing industry, thus assuring that upgrades are available based on changes by third-party payers.

 

Compare Reporting:   As a potential client, do not be afraid to ask what aspects of the billing process are measured. The client has every right to know how their practice is performing, whether it is from a financial or a productivity point of view. In addition to the billing company preparing standard and/or customized reports, based on the client's needs, key management should be available to evaluate and explain them to the client, as well as provide detailed explanations and action plans to deal with problem areas.

 

Access to Data: The client has every right to have access to their database. Be concerned if the potential billing company does NOT want you to have access to your database.

 

Compare Pricing:   Most medical billing companies charge on a percentage of monthly collections. This percentage varies among specialties and average claim amount and claim volume. It is important to note that the LOWEST cost billing company is not necessarily providing the best value. Maximizing reimbursement takes time which in turn costs money. If a rate sounds too good to be true, it probably is. The possible savings of a lower rate are negated quickly if revenue drops.

 

Compare References:   What do current clients think about the quality of service? Just as important, which clients have terminated their contracts, and why? Does the billing company apply the same standards of service regardless of the client's size and specialty?

 

Data Security and Protection:   Do not be afraid to ask if your data is protected. Is there a regular backup process? What are the intervals and where is the backup data stored? Ask for a written copy of their data backup plan.