When searching for a new medical billing company, what questions do you need to ask?
There is a sea full of companies out there, and a boatload of risk unless you have the right healthcare revenue cycle management company uniquely qualified to work with you. For starters, narrow your search down by looking for one with niche specialization in medical coding, billing and collections that’s been around for many years and also offers services tailored to your needs including a no-risk transition of your A/R to avoid any possibility of revenue falling through the cracks.
The following questions are recommended as a guide to help you begin the process of making that all important healthcare revenue cycle management decision – a decision which can make or break your practice.
- What about the risk of transitioning my A/R from one revenue cycle management process to another?
The response you get to this answer is a critical one. It’s important to eliminate the risk of transitioning your A/R during a transition of healthcare revenue cycle management. A unique service called Revenue Bridge has just emerged, establishing the industry benchmark for a no-risk method of keeping A/R flowing at optimal levels by bridging the gap and offering medical practices 100 percent assurance of complete revenue cycle management during the critical interim transition period. - How much experience – and what type – do they have in the medical billing field?
Experience matters, especially when it’s from an industry insider with special expertise for many years in revenue cycle management. - Where is your work being done?
It’s important to make sure you understand where these services will be performed and by whom, because location can impact the quality of work. It’s usually safest to go with the traditional office with in-house staff and face-to-face accountability with company management. It’s surprising to learn just how easy it is for medical billing to be sent to a facility thousands of miles away, often without the client’s knowledge. - How do you ensure the highest levels of safety, security and compliance?
Because anyone can say they are HIPAA compliant, you still want to make sure that your new healthcare revenue cycle management partner has a complete understanding of the HIPAA requirements and goes the extra mile to ensure safety, security and compliance. - What are their specific processes and procedures?
There must be a mutual understanding of what responsibilities each party will have in the partnership and the specific steps each will take throughout the process. - How will a new company know my true revenue potential and help me optimize it?
It’s important to know your true revenue potential and how much a new medical coding, billing and collections company can move the needle for you. There’s a new tool called the MedRev Index, provided by revMD.com that reveals a practice’s full revenue potential in just moments. This algorithm-driven index serves as a benchmark that compares revenue performance with others in each medical specialty and generates a meta average indicating the level to which your revenue cycle management can be optimized. - Is ongoing education available for myself and my staff?
Whether educational resources are available to staff on an ongoing basis is a clear indicator of their investment in your team. This aspect of the services provided is important since industry changes happen frequently. - What are the costs and fees for your services?
There are several different approaches to rate structures and fees in the medical coding and billing industry. A full and clear expectation on the rates and how fees are calculated should be known before practices enter into an agreement. Your best bet is to look for a service that sets its fees up front and in writing to avoid potential surprises in the partnership. Assured Return is a no-risk method of revenue cycle management. Clients pay the percentage that aligns with their bottom line gain. It offers clients a win-win, guaranteed. - How do they keep my practice informed of your activity and our progress?
All or most companies should provide your practice with standardized regular reports-at least on a monthly basis to keep you informed. A comprehensive reporting tool called RCM Console, gives practices total control with 24/7 real-time updates on revenue performance. Customize reports, schedule them daily, weekly, monthly, track results on demand and access them anywhere.
There’s one revenue cycle management firm with the niche specialization and history of proven success that can provide thorough responses to all of these questions.
revMD.com is the results-proven alternative for healthcare revenue cycle management, with a niche specialization in medical coding and billing that generates unprecedented results and builds profitable medical practices. Leveraging a history of industry wide success spanning 25 years, revMD.com partners with medical practices throughout the U.S. to optimize revenue for hospital based and practice based physicians. For more information, visit www.revmd.com.