Many medical practices looking to get the most out of their revenue cycle outsource their billing needs to medical billing companies. There are a number of reasons that outsourced billing can be the right choice for a practice: more and faster successful collections, a reduction in administrative costs and headaches, and the ability to focus exclusively on patient care. When choosing the right outsourced billing provider, you have a significant array of options, so it's important to consider reliability, control, and value.
Reliability: The first concern with any company that you consider when partnering with a revenue cycle management company should be their reliability. Find out how much experience the company has, and what sort of experience its employees have. Learn as much as you can about the billing company's reputation, and ask for references from practices similar to your own in size and specialty. A general practitioner will naturally have a different billing volume and charge per visit than an orthopedic specialist or a radiologist, which will affect the billing company's collection strategy. Learn more about HIS' qualifications, including over 30 years of excellence and a track record of performance and organic growth.
Maintaining Communication: When you turn over your practice's billing to another party, you may feel like you stand to lose some control over how billing is conducted, but that is not the truth. Lost control is only perceived, but is not a reality. HIS has a partnership approach in which we together with our clients so that they know exactly how everything is billed.
Cost: Of course, part of your revenue cycle management decisions come down to cost, and you need to know whether the billing company can deliver on their promised increases in revenue collection. Establish up front if there are any additional fees or costs associated with the billing service. Learn about the company's formalized quality-control procedures, if they exist. Overall, it's important to ensure that the results and quality of service are worth what you're paying.
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Photo Courtesy of Michelle Meiklejohn