How To Choose the Right Medical Billing Company
Choosing the right healthcare billing company is a critical decision for any practice. That’s because medical billing companies can make or break your bottom line. Partnering with the wrong company can lead to lost revenue, administrative headaches, and other problems.
But by choosing a good medical billing company, practices can improve their bottom line while giving patients better care options. The right billing company can help:
- Improve cash flow by increasing collections.
- Reduce administrative burden by taking care of the billing process.
- Make sure claims are processed correctly, quickly, and efficiently.
Making the right decision is not always easy. There are many companies out there that offer medical billing services, but not all of them are the right choice for each practice. So what should practices look for?
Consider Customer Service
Responsiveness is one of the most important factors to consider. Practices need a medical billing partner who will answer calls right away and respond to emails within a few hours. A good medical billing company should be able to provide detailed answers to all questions and address any issues right away.
There’s also the location to consider. Some medical billing partners may have only employees from other countries, but practices may prefer working with more local representatives to avoid communication barriers. TRIARQ has a team based in the U.S. that is always ready to help practices and their patients with any issue they may have. Clear communication is important to avoid frustrated patients and practice staff.
Resolution time is another key indicator of customer service. If a practice has a denied claim, they need someone on staff who can help them understand why and how they can appeal the denial. The best medical billing companies will work through this process until it’s resolved.
Medical practices want their payments as quickly as possible so they can use those funds for paying bills or other expenses associated with running their business. The right medical billing company will offer fast claim payment with minimal hassle or red tape.
TRIARQ, for example, has an excellent customer service team that is happy to help with any billing questions or concerns a practice might have. This kind of direct support is essential for a billing partner. If they can’t provide it, that could be a sign to look elsewhere.
Consider the Breadth of Service
Medical practices have several diverse needs, each with its own requirements. For example, some practices may need simple RCM billing services that can handle basic claims and statements, while others require more advanced functionality like electronic data interchange or real-time online access to patient records. The best medical billing software will allow medical practices to choose only the options they need while still offering support for the features they don’t use often.
If a practice needs something a little more advanced than just insurance billing, it can benefit from TRIARQ’s comprehensive revenue management suite. We have a variety of tools that can help you calculate the best price for services, manage cash flow, and even reduce overpayments from insurance companies. This can significantly improve a practice’s bottom line without taking up too much time or money in the process.
These features include:
This is the process of submitting claims to insurance companies on behalf of patients. TRIARQ works alongside providers to identify the patient’s insurance, then submits the claim to the correct carrier. We also handle any communication with the payer and provide reports on claims that have been paid or denied.
This includes collecting co-pays, deductibles, and balance bills from patients, as well as processing payments from patients with insurance plans. Revenue management software can help manage patient payments and provide reports on how much money the practice is owed.
Being credentialed by an insurance company is a necessary step before a provider can actually get paid for their services. Working with a medical billing partner like TRIARQ can help providers ensure they are credentialed and eligible to receive payment from insurance companies. TRIARQ can help providers stay updated on ever-changing regulations and help them navigate the mountains of paperwork.
This is the process of obtaining preapproval for certain procedures and appointments before they occur. Pre-authorization management is one of the most important features TRIARQ provides. We can assist medical practices in setting up their pre-authorization systems and ensure they are properly maintained and updated.
Consider the Cost
Not all medical billing partners are created equal. In a cash-strapped industry like healthcare, it’s tempting to hunt for bargains and choose a partner that offers the lowest price. However, it’s important to consider the long-term costs of working with a medical billing company. For example, providers will want to ask about the cost per claim, average charge times, and customer satisfaction rates among their top choices so that they can make an informed decision about which one is right for their practice.
Many factors determine whether a medical billing partner is the right one to work with, such as:
- Customer service
- Accuracy of claims processed
- Turnaround time for processing claims
In terms of accuracy, providers will want to ask how often errors occur in the billing process and what steps are taken to correct them. A medical billing company that’s able to weed out mistakes effectively will be able to provide lower average charge times and higher customer satisfaction rates.
For instance, TRIARQ offers custom quotes tailored to each practice’s needs. This allows us to provide the best possible rates and turnaround time for each claim.
The Right Medical Billing Company Is Just a Phone Call Away
Medical billing companies have a huge impact on the success or failure of independent medical practices. The wrong revenue cycle management tools can mean lost revenue, administrative nightmares, and other serious problems for a clinic. By choosing the right medical billing company, healthcare practices can restore their bottom line while offering patients better care options.
It’s a matter of finding a company that offers:
- High-quality service
- Competitive rates
- Quick turnaround times
- Easy access to support staff and account managers
TRIARQ is proud to offer medical billing services to clinics and practices looking to grow their businesses and provide better patient care. Visit TRIARQ here to learn more about their services and how they can help.