Everything you need to know before Choosing Desired Medical Billing Company for Your Practice

Tips for Selecting Desired Medical Billing Company for Your Practice
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Transferring your revenue cycle management in to a medical billing business is the best option for protecting the financial stability of your practice. However, selecting a medical billing service could result in more hassles than rewards. Medcare MSO is a top medical billing Company that provides all-inclusive healthcare billing, coding and medical. When we spoke with potential clients, we encountered a variety of challenges encountered by healthcare professionals when choosing a medical billing service.

Evaluate Your Practice’s Pain Points

If you’re looking for external assistance in health billing and insurance for your business, you’ll notice certain issues which are causing a huge impact on your practice’s revenues. Make a list of all the problems and determine if the medical billing service can offer solutions for those issues. Some of the major issues facing every healthcare facility include finding and keeping experienced (and experienced) personnel, costs for training as well as the inaccessibility of a licensed coder, paper-based claims, difficulties transitioning from paper-based claims to electronic claims, lack of knowledge of practice management software, denial of claims, not receiving reimbursements, and many more. When you’ve got the list of your personal preferences and issues, you’ll be capable of communicating them to prospective medical billing companies.

Questions to Ask Prospective Billing Companies

How often do you submit claims?

If you submit claims quickly, you will get paid quickly. Therefore, ask the medical billing company what is their process for submitting claims on behalf of your practice? Ideally this must be less than 24 hours. However, some companies could take up to five days to file an application. Experts in billing and coding at Medcare MSO submit claims within 24 hours after the patient visit information is shared with medical professionals. 

What is your clean claim percentage?

The mere submission of claims isn’t sufficient for a claim, as all the information provided in it could be correct i.e. clear claim. It is quite evident that any business should not have more than 80 percent pure claim rate. The industry standard is 90 percent. Medacre MSO achieves more than 95 percent of the claim ratio for all of our clients.

How do you deal with rejections?

Making any mistakes when filing insurance claims could result in rejection of claims. It is a common practice to receive five percent or more of claims being rejected because of demographics for the patient and insurance information is updated, with a focus on the way that medical billing Company handle rejects. Medcare MSO checks the provided details about the patient and their insurance with the payer database prior to submitting the claim.

Are you able to employ certified specific medical coders for your specialty?

Find out whether they have certified coders have currently on staff and the number of coders they will assign for your particular account. Be sure to ensure that these certified coders have a good background in the field of medical specialization.

Medcare MSO adds certified coders to your account. Medcare MSO changes the number of coders you have on your account according to the load.

Which software for billing do you prefer?

Are you going to continue using an internal practice management system (PMS) or is your vendor using their own? If the billing service will work on the current system, you should inquire which company will be responsible for the cost of the clearinghouse and whether there are any additional charges you’ll be paying. If you plan to use the PMS provided by the vendor, make certain to include rules in the contract that states that you have rights to your billing information and reports. Medcare MSO has expertise in all of the leading medical practice management billing softwares which is why you can continue billing using the current program. It also assists in resolving old claims that were denied or rejected or never submitted previously.

Who is responsible for queries and concerns?

It is quite easy to determine who to contact should you have any queries or concerns regarding the process of billing for medical services. Medcare MSO assigns an account manager to your practice. They are the primary contact point to address all of your questions and questions. The account manager is aware of the activities on your account, and will share any required documents or reports to ensure a thorough understanding.

What kinds of reports do you offer?

The billing service promises to manage all billing processes for your practice, medical reports are an excellent method to know what’s going on in your practice account. Medcare MSO provides a range of custom reports based on the requirements of the client. The most commonly used billing reports that are shared are AR ageing, trends in payment as well as insurance and patient collections, KPI indicators analysis of payers, as well as rejection reports.

What can you do to help me increase my practice?

The ideal billing service provider will not be only competent to manage your payment and claims, they must also be able to guide you and assess the performance of your business. Medcare MSO has been providing full medical billing solutions for more than 20 years, helping businesses in expanding their operations and ensuring legal compliance.

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