One of the most valuable steps you can take to help your medical practice succeed is to choose the right medical billing solution. If your billing service provider is not adequately equipped to manage the claims process and properly collect payments, your bottom line could suffer. However, finding the ideal service can seem overwhelming. Keeping these factors in mind as you look at different solutions will guide you towards the best medical billing service for you.
1) Experience with your specialty
Choosing a billing expert with credentials in your medical specialty should be your top priority. To significantly reduce errors and denied claims, it is vital to work with a service that is experienced in your particular field. A medical billing service with an intimate understanding of the nuances of your practice type will guarantee that claims are submitted correctly the first time. Specialty providers can confirm that all compliance requirements within your distinct field are met as well. This factor also applies if you currently operate a general practice, because you may eventually branch out into a more specialized approach. If that happens, you'll want to have the reassurance that your medical billing service has proven experience with offering excellent support to specialty practices. Be sure to ask the service how many years of experience the billers have in your specialty.
2) Coding proficiency
In order to ensure that claims correspond to the actual services received by your patients, the appropriate medical billing codes must be selected. Therefore, you should pick a billing service that has a superior working knowledge of the most current version of the International Classification of Disease code, or ICD-10. If the billers are not proficient in ICD-10, the coding could be inaccurate and result in returned claims. Even small coding mistakes can lead to lost revenue for your practice, so it's essential to confirm that the billing service has experts on hand that are extremely familiar with ICD-10. Additionally, you may wish to ask how often refresher training is conducted for the coding software. For the best reliability in your billing processes, don't forget to find out the medical coding skill level that the service offers.
3) Data security
As with most medical information, your practice's sensitive billing data should be kept safe and secure. Vulnerabilities in this area could cause patient information to be stolen and lead to severe penalties for your practice. For this reason, the medical billing service that you partner with must have the capability to protect patient records while in storage as well as during movement from one part of the claims process to the next. Ideally, the service should utilize an updated software system with sophisticated anti-malware programs. Ask how the service will safeguard patient information from any possible breaches and what steps would be taken in the event that the data is inadvertently exposed.
Ultimately, you should look for a medical billing service that provides the right blend of relevant experience, coding skills, and security measures. Although it may seem daunting to select the best billing solution for you, these factors will help you make an informed decision to keep your business finances in line.
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