Outsourcing your Billing & Collections is no small decision. 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 fit will positively impact your facility by improving overall cash flow, allow you to focus on better patient care, and reducing billing errors and denials.
Consider these questions when assessing your current vendor or choosing a new company to work with.
Do They Offer Full-Service Revenue Cycle Management?
Find 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.
Are They Experienced?
Evaluate the billing provider’s knowledge and consider if they fulfill the relevant needs of your facility. 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? An experienced billing company will be able to deliver increased revenue and high reimbursement based on your facility’s specific needs.
How Do They Measure Performance?
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.
What Will the Integration Process Look Like?
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.
How is Their Service?
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.