Transitioning Successfully to a Medical Billing Company

Sometimes the solution to optimal revenue flow and a streamlined practice is in hiring an outside billing company.  Hiring an outside billing company can seem intimidating and stressful, but the process certainly does not have to be.  Here are a few key strategies to ensuring a successful transition to a new billing company:

  1. Clear Communication. Before a transition even begins, provide clear communication on what your goals for your practice are and how the billing company can help you to achieve those goals.  Open lines of communication will help the billing company to know what you would like from them and what the company can expect from you.
  2. Transition Time. Transitioning from in-house billing to an outside billing company takes time, patience, and preparedness.  Realize that some insurance companies, such as Medicare and Medicaid, will require re-credentialing to establish the new billing location.  Allow ample time for this.  It is possible that slight, initial changes in revenue flow will occur, but that these will ease and improve with a successful transition to a new billing company.  Allow the new billing company time to become acquainted your in-house staff and how your practice is run.  The more familiar the billing company is with day-to-day operations, the better service the company can provide for you.
  3. Establish Workflow. Since the billing company will not be in-house, providing a means for effective two-way communication is essential.  How will data be transferred?  Is document sharing optimized for efficiency?  Who will be the appointed in-house representative of communication between the office and the billing company?  How will this communication occur?  Determine immediately how such things as demographics, charges, and payments will be transferred from the practice to the billing company.  Utilizing web-based programs can provide the most efficient workflow, but this may not be optimal for all practices.
  4. Provide Access to Information. The medical billing company is working with you to optimize revenue.  To do so, the billing company must have access to data, such as medical reports, charges, and patient demographics.  Provide the billing company with ample access to online-payment services, such as Emdeon or Payspan.  Also allow the company access to insurance websites for information on claim status, eligibility, and remittance advice.  All of these things will help when working follow-up and denials and ensuring that essential time and revenue is not lost.
  5. Turn-Around Time. Establish with the billing company a desired turnaround time on data entry, claim submission, and payment posting.  Turnaround time not only depends on the efficacy and experience of the billing company, but also on the efficacy and organization of in-house staff.  Identify when and how office staff will provide demographics, charges, and payments and communication this with the billing company.  The faster information is received by the office staff, the faster it will be processed by the billing company and, thus, revenue will stream into the practice at a quicker rate.

The choice to work with an outside medical billing company is not an easy one and one that takes great trust in the company you have chosen.  Working collaboratively with a knowledgeable and experienced medical billing company, such as Medpro Services, will make the transition far less daunting.

 

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