When you decide to outsource your Billing & Collections, you need to find a Revenue Cycle Management company in which you have complete trust with your facility’s individual needs and financial future. The right partnership will have a long-lasting positive impact on your facility – reducing billing errors and denials, saving time & money, improving overall cash flow, and allowing you to focus on better patient care.
What criteria are most important when evaluating different billing companies? Consider the following five factors when assessing your current vendor or choosing a new company to work with.
Full-Service Revenue Cycle Management
Look for a billing company that can partner with you to develop billing and operational solutions to give you greater visibility into your revenue cycle. Full-service RCM companies that provide transcription, coding, billing, payment posting, and AR follow up offer significant advantages. Having a company that can deliver an end-to-end solution will maximize the accuracy and efficiency of your entire revenue cycle process.
Examine a billing provider’s knowledge that is relevant to your specific needs. Do they have experience with billing for multispecialty Ambulatory Surgery Centers? Will they review your contracts, fee schedules and analyze your AR? Do they have experience with in-network and out-of-network payors? A Billing company that knows the industry and has the ability to address your specific needs will deliver increased revenue and the highest possible reimbursement.
Understand how a billing company tracks, analyzes, and reports important metrics. What are its KPIs? What are the standards it uses to measure success – claim submission turnaround time, days in A/R, clean claim & denial rates? Does it aggressively & thoroughly follow up with payors to ensure claims are reimbursed at the maximum rate? Tracking these performance metrics is crucial to eliminating billing errors and ensuring full payment for services performed.
Ideally, the billing company should have an integrated workflow that allows you to connect all the pieces of your revenue cycle. Imagine how it would fit into your current operations. What would the learning curve look like for your staff? Is the billing company flexible and willing to adjust their workflow to fit the needs of your center? Having an adaptable billing partner that can work within your current system and mold itself to your specific needs will provide a seamless process that works best for you.
Throughout the evaluation process, ask for assistance and clarification from the company’s customer support team. How responsive and informative are they? Do they offer a dedicated support team via live chat, email, or phone? Do they provide clear answers to your questions? Look for a billing provider that takes your concerns and priorities seriously from the very beginning of your relationship.
Learn more about MedTek’s Billing Services.