Medical billing is a tricky job that accounts for intense labor, huge investment, and valuable time. The new healthcare reforms that revolutionized the US healthcare industry in recent times have complicated medical billing operations. Because of this reason, healthcare organizations and independent practitioners face a hard time tackling billing operations while focusing on patient care. The best solution would be to outsource the medical billing functions to an experienced medical billing company. But then comes the million-dollar question – how to choose the right medical billing company? This article will elaborate on how medical practitioners should choose their partner in 2023:
Right Price for the Right Service: In order to save money, some healthcare practices might choose a medical billing company that promises low costs. It is wrong as low costs can sometimes mean compromised quality. For instance, a medical billing company advertising 95% first-time claim acceptance level with a 3% revenue collection might seem a good deal, however, the outstanding 5% will pile-up as AR, left uncollected. Therefore, choose a partner that offers un-paralleled medical billing services and analyze if the price is right before signing a contract.
Research: It is a good practice to do intense research on a medical billing company before partnering.Things to check include, years of experience in the industry, history of conduct, specialty services offered, and achievements. These factors determine the name & fame of a medical billing company.
Discuss: Once you have determined which medical billing company to choose, discuss everything beforehand. Important things to discuss include, pricing, charge percentage returned to a collection agency, average AR days, value-added services, compliance policies, and data security. In addition, ask if they are on par with the current healthcare standards.
Technologically Sound: Gone are the days when medical billing companies performed manual data entry and sent out faxes. To ensure productivity and profitability, it is essential every billing company implement an EHR centric software platform. Using cloud-based revenue cycle management software systems is the current trend. Therefore, choose a medical billing company that has AI (Artificial Intelligence) software and automated systems, complying with the present standards.
Transparency: Always choose a billing company that is transparent with all the processes and doesn’t keep you in the dark. Since most of the medical billing companies use cloud-based systems, Providers, and healthcare organizations can easily access any claim at any time. Right from the charge summary and AR summary to payment information and adjustments, all reports should be transparent for Practitioners to review at any given point of time.
These are the important factors for a healthcare organization to consider while choosing a medical billing company to outsource in 2023.
About MGSI:
MGSI, one of the most sought-after medical billing company, is in par with all the aforementioned factors. This company has been offering exceptional medical billing services to its clients for more than 27 years. Based in Florida, MGSI is an A+ rated company with Better Business Bureau. It is HIPAA compliant and LIVE certified, ensuring high levels of patient data and network security. To learn more details, log on to www.mgsionline.com.