One of the things that is most dreaded about running a business is billing. It’s a necessity in order to keep your doors open and trying to make a profit. It can be especially frustrating when dealing with different insurance companies, etc. In addition to which, you’re likely having to pay someone fulltime wages and benefits to handle the billing for you. Have you considered ditching the way you’ve been doing it and hiring someone who provides medical billing services? Now might be a good time to investigate it.
Why Hire a Professional Billing Service?
Maybe you’re a brand-new practice. Because you’re just starting out you want to keep costs low. Plus, if you’re just starting out, you or your office staff may not be all that familiar with coding and billing, especially if you offer specialty services and your billing is complex. A professional billing service would be a solution to these problems. Another reason to look into having a service that offers medical coding and billing may be that your billing department has had a high turnover rate, or you can’t find enough qualified people in your area. Still, some people have opted for hiring a service is that they felt their own billing policies and procedures were inefficient and many accounts were past-due or otherwise outstanding.
Whatever the reason, having a company that specializes in handling your billing, coding, or other business management tasks allows you the opportunity to focus almost entirely on patient care. And after all, isn’t that why you got into medicine in the first place?
How to Decide if a Billing Service is for You
Using a known or reputable billing service will give you a good return on your investment, along with lower costs. Plus, you’ll pay a small fee each month in comparison to a fulltime salary and benefits to an employee. But if you’re a hands-on manager who wants to maintain a lot of control yourself, this option may not be for you because you have very little control over things, at least those things that occur on a day-to-day basis.
Other Things to Consider
When thinking about hiring a billing service, find out what the costs are and whether they charge a percentage of what they collect or a flat-fee. Are there any start-up costs or additional fees you need to know about?
Ask for references and see if they’re registered with the Better Business Bureau, and, if so, have a good rating there.
See what kind of training their staff has. If you run a specialty practice, make sure they’re able to handle complex billing situations that come with the territory.
Finally, ask them if they offer anything other than medical billing services. If you can combine those with other administrative-related services, you may be able to save even more money in the long-run.