6 Must-Haves for New Medical Practice Billing Services
Not all medical billing companies are equal. The wrong partner could lead to a higher staff turnover rate and more practice overhead due to increased hours spent collecting from patients. To put it frankly, choosing the wrong healthcare billing company could mean the difference between profit and going out of business. But this doesn’t mean medical practices need to spend their valuable time doing the billing themselves.
It’s important to find a company that will take care of all the details so that practices can focus on growing their practice and providing quality care. A medical billing partner can help healthcare providers find the right billing software, set up a claims management system, and manage their staff. They also work with insurance companies to ensure that patients get reimbursed for their care.
Here are 6 things to look for:
1. A Large and Experienced Team
A large team is crucial for a new medical practice because it allows for a greater number of billing specialists, meaning more time can be spent on patient care. It also means that more people can pick up the slack if something goes wrong.
The larger the team, the more likely it is that one employee can pick up where another leaves off and make sure that the billing process runs smoothly. A large team also means more employees to handle any customer service issues that might come up during the billing process.
Remember that experience counts for a lot in medical billing services. A medical billing company that has been in business for a long time will have a better understanding of the industry, which means they’ll be able to provide a more comprehensive service. They will also have more resources at their disposal, which allows them to offer more benefits and perks than a new company might be able to afford.
2. Robust Technology
The technology used by a medical practice’s RCM billing services needs to be robust, reliable, and flexible. It needs to be able to handle all the different claims from different insurance companies.
The software should also allow office staff to easily access records so that they can quickly find information about a patient or their insurance coverage. The software should also provide a way for the practice’s staff to calculate payments due for each patient.
At TRIARQ, data analysis and insights are our bread and butter. With our background in the electronic medical records space, we understand the importance of having a medical billing system that can help doctors and staff make sense of all the data they have access to. We are constantly developing new features and enhancements to our software, so it’s always evolving.
3. Patient Payment Tools
One of the main reasons most medical practices don’t have a smooth billing process is because they don’t have the right tools to handle their billing. The tools needed can range from simple billing software that can handle all the practice’s billing needs to complex tools that allow the practice to manage its collection process.
Rather than attempting to source these themselves, practices can reach out to a medical billing partner that already has the right infrastructure in place. This can allow practices to focus on providing medical care while letting their partners handle billing and collection.
4. Personal Service
Things happen fast in the healthcare industry. Practices need billing partners who respond quickly to their requests and are available when needed. In addition, a medical billing partner can be the practice’s eyes and ears on the ground, helping them stay abreast of industry changes that may affect their practices.
Medical practice billing partners also need to understand the urgency of some billing situations, such as when a patient needs to be seen by a specialist. A medical billing partner can make sure that this happens in a timely manner, which may mean getting the referral to the specialist before the end of their office visit.
When practices have strong relationships with their billing partners, they can trust that their bills will be processed correctly and on time. This is an important part of running a successful medical practice, as it allows everyone to focus on patient care rather than billing issues.
5. Credentialing Services
Most practices understand credentialing is a complicated and often frustrating process. Bur credentialing is necessary for a successful administrative office. Without safe and secure credentialing, insurance companies and payers won’t be able to process claims and reimbursements. Having a credentialing partner on the team can help staff get through this process quickly and efficiently.
In addition, more efficient credentialing can help healthcare providers keep their appointment schedules full, which helps improve their bottom line and the quality of care they provide. It’s an excellent way of improving patient satisfaction and loyalty.
6. Authorization Management
Doctors want to provide the best care for their patients. But they are really busy, and sometimes they order tests that aren’t necessary, which is one factor driving up the cost of care. To help them and their patients, the billing partner can review the requests to make sure they are both necessary and covered by the patient’s insurance plan.
This level of authorization management can take a lot of the stress and workload out of the doctor’s day and help them save time. The more time they have to spend with their patients, the better.
Find a Medical Practice Billing Service That Works for You
It’s not enough to find a billing service that’s competent and affordable. A practice needs one that will work well with its needs. The best way to do that is by asking a lot of questions about the revenue cycle management tools they use. Talk to the billing service about their rates, services, and payment terms. Ask what kind of support staff will have access to and how quickly they can get started.
There’s no need for a practice to handle its own medical billing. It may sound like saving money, but in reality, dealing with insurance companies and patients could end up costing more. Medical billing services are there to help, so why not use them? Contact TRIARQ to speak to a representative about the services they offer.