No matter the size of your medical facility, you are likely to rely on the use of outsourced contractors to function. Even the largest hospitals can rarely manage to fulfill every task with in-house staff, which is why they must rely on the expertise of trained external providers.
One such function is that of medical billing. The market for medical billing service companies in the US has exploded into a $23.1 billion a year industry, as medical billing becomes ever more complex.
If you are looking for companies that provide medical billing services, it is important to choose right the first time around. With that in mind, here are the essential factors to consider when choosing medical billing services for small practices and large ones alike.
- Value for Money
If you are trying to find the best company for medical billing services, the cost is likely to be your first, second, and third consideration. It is no secret that healthcare sector margins can be razor-thin for smaller practices, which is why you need to ensure maximum bang for your buck.
Fees for medical billing services typically come from commissions and can range from anything between 2% and 9% of the total bill. However, some companies also charge a flat monthly rate for their service. The important thing is to find the balance between cost and the savings that a service can provide.
- The Reputation of Medical Billing Services Companies
When selecting a full-service medical billing company, it is worth noting that there are literally thousands to choose from. This is where the insights of industry experts and former customers are essential.
Fortunately, you can easily access expert reviews of medical billing companies online, allowing you to see what kind of experience a company may offer. Always consult the opinions of others before settling on a service provider.
- HIPAA Compliance
No matter the size of your medical practice, ensuring that you are fully compliant with all HIPAA regulations at all times is crucial if you want to stay on the right side of the law. The medical billing process is affected by HIPAA regulations in virtually every single aspect.
Therefore, it is important that you can confirm yourself and with your lawyer that a potential service provider will keep patient data secure and is fully aware of their HIPAA obligations. You cannot afford to get this one wrong.
- Capabilities and Specialisation
Finally, it is important that a medical billing service company can actually offer what you are looking for. If you have a very specialized medical practice, you need a billing company that has experience in your field and is able to accurately bill for the services that you provide.
They should also have detailed knowledge of the insurance market and rules governing the medical services that you offer. Most importantly, a billing company should be able to demonstrably offer you cost and efficiency savings, to ensure that the fee you will pay for outsourcing is definitely worth it.
Boost Your Bottom Line Today
Finding the right medical billing service companies for you is just one essential way to secure your bottom line in 2021. For more advice on sustainable business finances, no matter your industry, we have got you covered. Make sure to consult our Accounting and Finance guides for all of the information and advice you could ever need on staying in the black.