How To Choose The Best Medical Billing Company
Choosing the best medical billing company is crucial in your healthcare practice since your whole revenue generation system depends on it. Your ideal medical billing company should be the one that streamlines your medical billing process, does accurate coding (following the correct ICD-10 codes and HCPCS codes) for the services you provide to your patients, follows all the rules and regulations that keep your practice out of trouble, and makes sure you get maximum reimbursements for the work you put into your practice.
Easier said than done, it is somewhat difficult to choose the ideal medical billing company that fits your needs. Most practices are often found dwelling in a loop of search to find their best medical billing company. However, with proper guidelines, you can easily choose the best medical billing company for your healthcare practice. That’s why we have laid out a few important points and principles you can readily adopt while searching for the right company that offers the best medical billing services.
Your Requirements
When it comes to outsourcing medical billing, the first probable categorization is about understanding your practice, determining your size of operation, and seeing what type of medical billing company would be ideal to sit in with your needs.
When it comes to the size of the operation of your company, your healthcare practice can be a small practice, a group practice, a multi-specialty practice, etc. The common determining factor here is the size of the medical billing company required to handle your billing processes. In that case, your ideal medical billing company can be categorized into three categories.
Small Practice Medical Billing Company
These companies operate on a smaller scale, have fewer medical billers, and only handle a limited amount of practices’ operations. Small practice medical billing companies can give you more personalized care of operations. So, if you are just starting out in the medical industry, or have a small-scale practice that handles patient’s needs, this option would be best for you.
Large/Professional Practice Medical Billing Company
These are the ones that operate on a larger scale and have a number of clients. They have a greater number of employees (i.e. medical billers and coders) that look after the practice’s revenue-generating systems. These medical billing companies are known for their swift operations and fast delivery. So, if you are a group practice or a multi-specialty practice, this can be a viable option for you.
Practice-Specific Medical Billing Company
As the name implies, these medical billing companies handle specialty-specific practices that align with their fields. You can expect maximum personalization from these companies, fast turnarounds, and accurate coding and billing. So if you are a specialty-based practice (i.e. practice that only deals with dentistry, cardiology, OBS/GYN, etc.), this option is ideal for you.
Reputation & Credibility
One thing that differentiates starters from experts is what other people have to say about them. The same case goes with medical companies. Since they are accustomed to allocating more than one healthcare practice as clients, you can look out for what their previous clients have to say about them. You can find these by looking at their testimonials, case studies, and any other form of social proof.
Experience
Medical billing is not always smooth sailing. There can be ups and downs, there can be emergencies, chaos, or anything that could go wrong. That’s why it is important to check out a company that has vast experience under its belt and is able to handle different types of practices as its clients. Now the point here is not about avoiding fresh companies at all costs, but to prefer experienced ones so that they can handle any mishaps or troubles in your billing.
Certifications
That is another way to check a company’s reputation and authority in the industry. If they have been in this field for a long time, and have a credible source to back them up, you can consider them as one of your options. You can find their credibility by looking at their certifications, endorsements, and recommendations sections.
Safety and Security
One of the most important factors to look out for is how the medical company will handle all the sensitive billing data of your patients. Along with credible certifications, you can also check out their testimonials and see what other practitioners say about their data handling, managing, and securing capabilities. Make sure your best medical billing company follows medical rules and regulations assigned by HIPAA compliance to safely execute medical operations.
Customer Support
It’s important to understand this concept in order to avoid ending up with a company that doesn’t entertain your queries. Make sure the company you choose is available for your queries, and questions. Best medical billing companies offer you 24/7 support from their expert healthcare staff. You can ask them anything related to medical billing and coding and they’ll get back to you in an instant. There are very short waiting periods so you end up wasting a lot of your time while getting your query answered.
Pricing
Since finding the best medical billing company is all about assigning them to the billing task to bring in maximum reimbursements with less processing costs, it’s ideal to find a company with the best pricing plans.
The concept of finding the best pricing plans can be subjective since it dep on you what you are looking for. You might be looking for the cheapest option available, you might be looking for a company that provides the best value for money, or you might be looking for a company that costs more but provides super-efficient billing that quadruples your productivity.
Conclusion
The points mentioned above will help you select the best medical billing company for your practice. After all, it is vital to choose the right company in terms of preference, compatibility, results, and long-term partnership. MaxRemind Inc. will be your ideal medical billing company since it excels in all categories mentioned above. You will get proficient medical coding and billing along with other necessary medicare tools like Maximus EHR software, Provider Portal, Max Charting App, etc.
MaxRemind is also capable of providing super-efficient healthcare revenue cycle management (in other words, the RCM process). Choosing MaxRemind will give you a revenue increment of up to 23%!
With a simple registration process, you can sign up for MaxRemind services by clicking here and starting your free trial right away!
