Proper medical billing and coding management is an essential part of any successful orthopedic practice. The health industry is a complex labyrinth, with many orthopedic surgeons finding it difficult to follow up on their claims and bill payments. Luckily, the practice administrators can turn towards orthopedic medical billing services to speed up their cash flow and boost their bottom line.
Outsourcing to medical billing companies enables medical facilities to focus on patient care while taping into sophisticated systems, streamlined processes, and technological expertise to grow your practice. Here are five tips to help you find a medical billing company.
1. Determine Their Experience in the Orthopedic Specialty
There are multiple opportunities for errors while filing billing and coding claim forms, especially for specialized services. How long has the provider been in the industry? You may also need to contact the medical billing solutions provider to verify that their platform will work for your sub-specialty. Find out if they are knowledgeable in the current medical coding system, medical terminologies, and reimbursement processes. Check out the continued measures that they take to ensure the continued education and training of their employees.
2. Check the Orthopedic Medical Billing Services Offered
You may need to assess your current billing system and compare it with the services the new billing and coding company will provide. Their website is an excellent place to find out the service packages offered. You may need a firm that will pursue denied claims, follow up on billing, medical coding review, comply with regulations and generate periodic reports on services rendered. Pick orthopedic medical billing services that fit the needs of your practice.
3. Ask About Provided Training
One of the aims of medical billing solutions is to help your team accomplish more tasks in less time. Your front desk staff may require training on the billing software that the provider interlinks to your system. Most medical billing service companies are eager to gain access to claims and start seeing payments without proper training. It may breed incompetence that will threaten your revenue collection in the long term. Find a vendor that is willing to train your employees on explaining insurance, collecting co-pays, deductibles and verifying patient demographics.
4. Factor in the Cost
The pricing model will vary from one orthopedic medical billing service provider to the other. You may need to pick from vendors with a percentage-based model or floor rate for collections that do not exceed an agreed amount. Another popular pricing option is a base rate or flat fee for all collections, regardless of the amount. Compare all quotes, finding a model that is cost-effective and within your budget.
5. Confirm the Security and Compliance Measures in Place
The National Health Care Anti-Fraud Association estimates that $68 billion is lost to fraud annually nationwide. To avoid becoming a victim, you need a medical billing provider that has invested in systems to safeguard your patients and staff data. Verify that the company is OSHA- and HIPPA-compliant.
Orthopedic medical billing services allow you to place your bill collection and coding concerns in the hands of experienced professionals. This allows you to concentrate on your key functions and service provision. To learn more about Arizona medical billing solutions for your practice, reach out to Sentinel Billing.