Top Queries When Hiring a Medical Billing Company

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hospital revenue cycle management

The healthcare landscape has changed considerably over the last couple of years. Whether practices lost revenue due to a reduction of in-person visits, the goal at this point is to figure out ways to lessen expenses, increase staff and maintain a positive cash flow. You must find ways to decrease the cost and add staff to the team while increasing revenue.

Hiring an experienced hospital revenue management service team can help you with your concerns. You need to be sure that the medical billing company could be the answer you are looking for.

To ensure you are hiring the right hospital revenue cycle management, there are several questions that you need to keep in mind, especially when making this critical decision.

How long has the company been in business?

You must understand how long the business has been handling medical billing. As a part of the inquiry, you need to ask what the customer retention rate is and the average length of time they have been handling the procedure.

What’s the cost?

Cost is definitely at the top of everyone’s mind, especially when you plan to outsource from a hospital debt recovery service. Standard in the industry is basically a percentage of net revenue collected, generally under 8%. In addition, you must inquire about any start-up fees, data conversion fees, termination fees, and any other surprise or hidden additional costs.

What are the services they offer?

The service provider you plan to choose must ensure seamless hospital revenue cycle management service. However, ask them whether they do only medical billing or are they an actual revenue cycle management company that does everything. The key areas here include eligibility verification through collecting on account receivables.

Some companies charge extra for patient collection follow-up and other services. Meanwhile, you make sure the service provider is clear about whether they’ll work in your EHR or you’ll have to change the software.

Will you have access to billing information?

The billing information is just yours, and you should be able to access it at any time.

Does the organization stick to HIPAA compliance?

Data protection of the patients must be the priority. Therefore, you must ensure compliance with stringent software and encryption practices that minimize the risk of patient data loss.

How transparent is their performance?

A professional firm will provide reports. However, if so, what they are and how often they will be a concerning factor. Can they customize reports based on the needs? Whether they communicate with you through the process is what matters. Your roles and responsibilities in the medical billing process can be significant.

How do they handle denied claims?

With hospital revenue cycle management, a medical billing company will lessen the number of denied claims due to their expertise. But denials will occur. So, the company must find ways to handle these issues.

Do they offer the same level of service during peak hours?

Healthcare debt collection ensures that you receive the same level of service on a regular basis. A cross-trained team that can offer a consistent service level will provide a seamless approach.

Conclusion

Healthcare firms need to stick to the latest approach. It’s more about developing a meaningful strategy. Driven by a powerful vision, the hospital revenue cycle management empowers doctors to focus on delivering the best patient care. A professional firm will focus on leading in revenue cycle and operational leadership for healthcare organizations of all specialties.

At Vital Solutions, we take pride in delivering experience and unsurpassed business solutions, further meeting the needs.

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