Three Medical Billing Outsourcing Myths
Three Medical Billing Outsourcing Myths
Myth #1: You will have a higher rate of reimbursements, if you only work with an established medical billing outsourcing company. Their longevity points to a wide range of experiences and expertise, to handle the complexities of your billing problems.
However, a company’s length of service in the medical billing industry is not the only measure of reliability or expertise. There are “toddler” medical billing companies which are owned and managed by executives, or medical billing experts who’ve branched out from the older firms. They bring their experiences and a significant amount of knowledge to the new business. To get a better assessment, you should request the prospective firms for a list of their clientele and to talk to these clients yourself.
Myth #2: All medical billing companies provide the same services, collect the same amount of money and charge the same amount of service fees. There exist factors in the business to make your choice of which medical billing company a crucial decision. There are for instance, differences in the number of patients, managed care contracts, and payor mix. Your billing partner can help by first analyzing your strengths and weaknesses, and helping you improve on these areas. A good billing company pays strict attention to the details of your practice. They may not come cheap; but they will improve your reimbursement success rates.
Myth #3: A reliable billing company has a CIA. A company’s possession of the Corporate Integrity Agreement (CIA) with the government does not make them immune from audits and investigations. Besides, the agreement is valid only for the specific time agreed upon with the government. Be sure to ask your prospective billing company about: how and when do they process refunds? Do they audit the patients’ chart, before sending out a reimbursement claim? Do they have a system of following up rejected medical claims? Otherwise, they defeat the purpose of their role in your business and ultimately will not achieve the goals that you have in mind.
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