Mistakes to Avoid When Choosing a Medical Billing Service Provider
Your healthcare service provider is responsible for providing high-quality services to your patients. Making the strategic decision to have a contract with the medical billing service provider is supposed to improve the efficiency of your practice, not add stress to it.
When you select medical billing service providers for your independent lab to manage your claims submissions, you effectively hand over control of your inbound cash flow to them for the duration of the contract. Many service providers claim to provide high-quality services at reasonable prices, but there are some red flags to watch out for when evaluating the service providers. Keep reading this blog to know what mistakes you should avoid while selecting a medical billing service provider for your lab.
Examine Their Performance
Don’t get dazzled by the numbers/performance of medical billing service providers. When selecting the provider for your independent lab, the primary thing you keep in mind is their accurate claims filling. Accurate coding is the heart of efficient claim filing in medical billing processes. Delayed claims filing results in untimely billing practices and are the most common medical billing error. Deadlines are critical in the claims filing process because they determine whether the claim is accepted or rejected. In the latter case, the organization’s cash flow suffers, and profits are reduced.
Performing Follows Up
Another important factor when selecting a medical billing service provider for your lab is whether they follow up on their tasks. This is because when medical billers do not follow up on outstanding payments consistently, money hangs in the balance and cash flow suffers. Problem claims go unnoticed and have a negative impact on the bottom line. Hence, the medical billing service provider should do regular analysis, aging reports on outstanding payments, and keep track of the overall billing process for a smooth flow.
Incorrect Coding
When choosing the best medical billing service provider for your Independent lab, you must consider the accurate coding of the service provider. Sometimes, codes are not double-checked for accuracy, resulting in denied claims and decreased cash flow. It is not easy to keep up with updated regulations and double-check the patient’s clinical processes to ensure they match the correct codes. The service providers should adopt better billing solutions and procedures to perform accurate coding.
Enhanced Customer Experience
Ensuring customer satisfaction should be on your priority list. When selecting the best medical billing service provider, ensure that they accommodate all the needs of their customers and provide good customer service. The service provider should handle their tasks properly, executing patient check-ins and check-outs and maintaining the records of the patients systematically. Go through customer testimonials to know the reliability and functionality of the service provider.
Examining the Cost of Their Services
The cost is the most important factor to consider when choosing the medical service provider for your independent lab. Most service providers charge a minimum monthly percentage based on the amount of practice collected each month. This percentage represents the service providers’ net collection. A good medical billing service provider typically charges between 4% and 8%. It is considered expensive if they request more than 6%. Before signing the contract, ensure that all hidden and additional charges are clarified. Typically, these fees include patient collections, data conversion, termination, and startup fees.
Their References
References are critical for determining whether a service provider is a good fit for your independent lab. Get feedback from regular clients or users of a medical billing service provider to see if they’re doing a good job and have experience in the role you’d like to assign. Compare the service providers based on their previous projects to find the best one. Examine whether these service providers have previously worked in practice similar to yours.
Transparency
Transparency is essential when choosing the right medical billing service provider. A good medical billing service provider will be open and honest in their dealings. The clarity will enable you to generate a timely financial report. Moreover, the service provider would never make any decision without informing you first and offering you regular reports on the work done on your behalf.
Credentials
A glowing recommendation from a trusted colleague may persuade you to hire the service provider. However, before making any firm decisions, you should double-check the details. Learn about the company’s policies and safeguards for adhering to federal, state, and HIPAA regulations. Do they conduct self-audits? If so, how frequently? Is employee knowledge regularly tested? Your medical billing service provider should be able to advise you on the best financial decisions for your practice.
When you hire a medical billing services provider, you entrust a vital part of your business to a third party. This can significantly impact your reputation and should be approached with caution. A good medical billing service provider is like a dedicated business partner who is as invested in your medical practice’s success as you are.
Security
Your main concern is the privacy of your patients, as your patients entrust you with personal and sensitive health information. While maintaining this trust is critical for your company, another reason to seek out a reliable medical billing service provider is to ensure compliance with government privacy laws and HIPAA regulations.
Innovative Lab Solutions provides a comprehensive range of billing services to assist labs in meeting their financial and billing objectives. Get in touch with us to get reliable billing servies and more. We handle the entire billing process, allowing our clients to focus on tasks critical to their success.
