Choosing the right medical billing and collection company to manage your accounts receivable is not always an easy choice. There are some key factors that make a difference in how well the company will do in managing you’re A/R. When interviewing perspective billing companies, make sure you take good notes, then do a side by side comparison to determine which medical billing company checks off the most boxes and fits your needs the best.
1. Do they have dedicated staff to handle your billing?
We are not a typical medical billing service; we provide personalized service through our dedicated staff. Our highly experienced staff will send claims daily and will follow the claim until it reaches maximum reimbursement by the insurance companies.
2. Do they have experience in your specialty?
If you are a specialty practice with complex billing guidelines or requirements, make sure you share this information during your interview. We firmly believe that it is just as important to the practice as it is to our company to be the “right fit”.
3. Do they answer their phones when you or your patients call?
Our office is open from 7:30 a.m. to 6 p.m. Monday through Friday. One of our experienced staff members is available at all times to take your call. Our management team can be reached at any time by mobile phone or email.
4. How quickly do they file claims for processing?
Many payers have very strict filing deadlines, claims must be filed as quickly as possible. We file claims within 24-48 hours of receipt Monday through Friday. All rejections are immediately worked and reprocessed. Each claim is then confirmed received within the first 14 days after submission.
5. What is their follow up process?
Any medical billing service can file claims, however, insurance companies routinely deny, delay, or misplace claims. It takes continuous “follow through” to ensure that you are receiving maximum reimbursement for your claims. We make our initial follow through within 14 days of submission to ensure the claim was received and is not pending for any information or documentation. Then we continue with routine follow up every 30 days or earlier depending upon filing deadlines until the claim is adjudicated.
6. Do they identify and report “root cause” issues causing claim rejections and denials?
If the billing company doesn’t share “root cause” issues with you, you will never know there is a problem. If the problem is large enough or exists long enough, it could cause a real issue with your cash flow. We believe that communicating the “root cause” issue and recommending possible solutions is imperative to the success of both the practice and to our company. Improving the internal revenue cycle process strengthens the practice by significantly reducing rejections and denials which in turn increases cash flow.
7. How do they handle denials and appeals? Is this part of the service offered?
Appeals and denials can be very time consuming. Some billing companies simply send them back to the provider to be worked. We have a very robust denial management process in place to ensure that all denials are worked timely to avoid any appeal filing deadlines. We take the appeal process very seriously and ensure that every document is completed accurately and timely. All required documentation is submitted along with the claim and the claim is flagged for diligent follow through.
8. Do you have complete transparency and visibility into your accounts receivable status on a frequent basis?
Where ever possible we file claims directly out of the client’s system and document our follow up in each patients’ account. This is a huge benefit to the client because it gives them real time access to status on claims and visibility into what is happening on a daily basis. We learn your system so you don’t have to learn ours.
9. Do they provide weekly/monthly claim analysis reports?
If you have to wait until the end of the month to find out how the medical billing company is performing, it may be too late. We partner with our clients to ensure we are performing at the highest level. We provide weekly/monthly analysis reports on a number of key indicators and prevention tactics. An ounce of prevention goes a long way.
10. How are their services priced? Are there any hidden or additional monthly costs?
There should be no hidden fees and, if your contract is based on a percentage, it should be of what is collected and not billed. We offer either a percentage based contract or a flat fee per month contract depending on the type and size of the provider.
Hospital Receivables Service, Inc. offers full medical billing solutions for all medical practices including MD offices, ancillaries, and hospitals. We provide billing, insurance collection, early out collection, and bad debt collection. All collectors are properly trained, compliance is enforced, and there is a full time fraud examiner on staff.
Contact Kerry Jackson today at (972)406-6702 or firstname.lastname@example.org to see how we can maximize the return on your medical billing and collections.