Each year provides new challenges and lessons, but these also lead to many opportunities for positive change.
As you plan for the future, one thing you should ask yourself is, “Am I getting the results I want from my vendors?” That is certainly true for those who work with medical billing companies.
If you have doubts or concerns about your claims, revenue, or other billing services, now is the time to switch. To help you in this evaluation, we’ve compiled a list of considerations to ensure your facility is set up for success.
Provider “Red Flags”
Before you decide to switch medical providers, you’ll want to first evaluate your current services for indications that it’s time for a change. Here are a few signs to look out for:
Poor Communication: When was the last time you were in contact with your provider? Do you have to wait days for a response to your questions, or are they providing helpful information before you even have to ask? As their client, you should be a top priority, and less-than-optimum communication reflects poorly on the prioritization of your facility’s needs.
Lack of Competency and Transparency: If your practice isn’t getting the results you need, this is an indication that your medical billing revenue is being undervalued. Your medical billing provider should be displaying expertise and efficiency in everything they do. When your revenue is on the line, provider competency and transparency is a top priority.
Outdated and Inefficient Services: Staying up to date on coding laws, standards, and revisions is essential. In an industry that is constantly changing, absent-mindedness and slow response will lead to compliance and quality issues. This point can also be argued if you see multiple claim rejections. If you aren’t getting the most out of your medical revenue, that’s a sign it’s time to switch.
Benefits Outweigh the Challenges
Changing medical billing providers can be a cumbersome process. But, think of it like changing banks. You don’t do it often, and it takes some careful consideration and investment. But once you do switch, you’re better prepared for the future.
It’s a big step -- but can benefit your practice tremendously. When considering a new provider, here is what you should look for:
- Support throughout the entire billing cycle -- your provider should have expertise in physician credentialing, medical coding, data input, filing claims, appealing rejections, payment posting, and bill collections.
- Specialization -- does the provider have experience in your field of work? For example, many areas are unique (such as anesthesia) and require additional knowledge to get the most out of your revenue cycle.
- Software and Security -- technology is essential in performing these services. So you can remain HIPAA-compliant, make sure a potential new provider is using state-of-the-art software and securing your data.
Making the Switch
Outsourcing your medical billing and coding to the right provider is one of the most significant financial and practice management decisions you will ever make. If you want to get more out of your revenue cycle or are interested in learning more about how and why to switch medical billing providers, contact Medical Business Management today! With 30 years of experience and countless satisfied clients, we offer free consultations to help administrators like you get the most out of your revenue.
