Outsourcing to a professional medical billing business to handle your practice's compensations can be both a blessing and a curse. In most cases it will save you significantly in payroll, personnel time, and administration headaches, however it can also feel like you're giving up all control of your income. As practices consider their alternatives for managing medical billing, it's important they find (and keep) a comfortable sense of control over operations. Here are a couple of mechanisms of control your medical billing business ought to provide to show you that the work is getting done efficiently and efficiently.
Consistent reporting Consistent reports must be conventional for any medical billing business and are your foundation for control over practice incomes. They ought to be provided a minimum of when a month and include tracking of transactions, A/R, handled care and capitation usage, and individual provider reports for practices with multiple physicians. Any medical billing company worth your time ought to likewise be able to reply to reasonable requests for adjustable reports also. Reports must be clearly made to offer you a concise understanding of the successes and imperfections of your practice and medical billing company.
Comparative Analysis Monthly and routine reports are helpful in examining what has occurred over a provided period, however relative reports will really show the ebb and flow over the longer term. You will have a higher understanding of your practice and the performance of your medical billing business if you have the ability to plainly see improvements to your cash flow gradually identify durations of lagging profitability. See to it your medical billing company has the ability to furnish you with relative reports monthly, if not at least quarterly or annually.
Efficiency Metrics Performance metrics will commonly be developed into a medical billing services agreement, but you need to have a mechanism in place for measurement. An example of a strong efficiency metric would be: 98 % of all claims submitted to the provider within 48 hours of receipt. This is an achievable measurement in most cases, and almost all medical billing software can report on submission date for contrast versus the date of service. Routine check of efficiency metrics will offer practices further control over daily operations and tasks - and not simply regular monthly trends from the periodic reports.
Reimbursements Sent to the Practice When working with a medical billing business, there are a number of ways in which payments can find their way to your bank account. First - not constantly the number one selection for that heightened sense of control - payments can be sent straight to the medical billing business. While it would be uncommon that a medical billing company would do something illegal with the payment (and for very little long term advantage), some practices feel this distributes too much obligation. Another choice is to establish a lock box at a local bank. Lock boxes ensure an included sense of security as all mail is received, opened and sorted by bank personnel - but they add typically unneeded steps and time to the procedure. The most common choice for higher control over your payments would be to have all repayments sent straight to the practice. The medical billing company can remain to update A/R based upon copies of EOBs if needed, however you never ever need to worry about lost or misdirected checks if you are receiving them straight.
Client Information While the EMR revolution is constructing, numerous practices are still moving enormous quantities of paper. If you are among these, you will have to communicate your patient details to the medical billing business in such a way that you retain copies or originals of encounter documents. Typically, encounter details is sent out through fax or mail mail. If mailing patient encounter details to your medical billing company, consider maintaining the originals and sending out only copies. Though unusual, there is always the possibility that it might get lost in the mail, or the medical billing company might lose a record. Also, with an advanced medical billing business you will discover scanning or imaging of all files that come into the office is not unusual - and they can generally send a regular monthly CD back to your practice for an extra, electronic copy of patient info.
Access to Data More sophisticated medical billing business can also offer practices access to data through VPN (Virtual Private Network) connection or through web website. Such systems are capable of providing real-time, or near-real-time, access to information and permit client practices to view everything almost as it takes place - including everyday reports, condition of claims, patient balances, etc. Keep in mind that such services do not come inexpensively; they require regular maintenance by very smart personnel.
Agreement Terms Finally, if your billing service does not offer you with an escape of their contract - be it with 30, 60 or 90 days notification - then think about the relationship carefully. Are you getting locked into something you might not be satisfied with just a month down the road? Your medical billing company should have a reward to keep you pleased as a client. The service provider whose going to give you the "out choice" with brief notification is more than likely more positive of their services than the one looking for to tie you down for 6 months or a year.