Have you ever thought about hiring an offshore medical billing company but aren’t sure if it’s the right step for your practice?
Perhaps your company is having difficulty reworking denials, or you have a higher-than-expected percentage of claims being returned due to incorrect coding or patient data.
Every practice has different challenges, but almost every medical enterprise could benefit from assistance in lowering the charge-off ratio and improving reimbursement rates.
Undoubtedly, hiring an offshore medical billing company can assist you in meeting those objectives. But simultaneously, it is critical that you conduct thorough research before signing a contract for services. An inexperienced medical billing agency, or one that does not provide ongoing training and development, may actually halt your efforts to improve reimbursements.
Here are the 5 signs that signify your partnership with a good offshore medical billing company:
Specialty Practices Support
It is critical to ensure that the offshore medical billing companies under consideration are well-versed in your specific practice. Specialty services have different billing codes and documentation requirements than general services provided by family practitioners and PAs. It is always recommended to work with an offshore medical billing company that specializes in your type of practice because these companies provide ongoing training to ensure that their employees are aware of new mandates and regulations. Specialty providers also have personal relationships with insurance companies and compliance monitors, so they know how to avoid costly mistakes that could limit or result in an outright denial of your reimbursement.
Adequate Technological Function and Capabilities
When you entrust your billable charges to an outside medical billing company, you must ensure that the technological equipment they use is compatible with the Practice Management and EHR software you already use or plan to deploy. Streamlining operations is critical if you want to save minutes that add up to hours, lowering payroll costs and cost per visit. When fully integrated PM and EHR systems are used in conjunction with outsourced medical billing companies, the potential for cost savings is enormous. Interoperability-enabling technology assists medical practices in identifying and correcting potential billing errors more quickly and easily, saving the practice time, money, and staff stress.
Experience in the Medical Billing Industry
We understand that every medical company has to start somewhere, but entrusting your revenue to a brand new medical billing company is not a good idea. Especially now, when the healthcare industry is waiting to see what changes will occur in the market. So, in addition to providing 24-hour support and service, look for offshore medical billing companies with a proven track record, verifiable references, and evidence of experience working in your medical specialty. Inquire about how the company manages risk prevention and online security on a proactive basis. The offshore medical billing company you select should have a forward-thinking vision with strategies and solutions for today and tomorrow, as well as a scalable technology network, which brings us to number three on the list of must-haves.
Communication and Transparency
Finding time to train your in-house staff may be difficult, particularly if your practice is expanding. That is why partnering with an offshore medical billing company that is committed to assisting your team with a smooth transition is critical to success. Your billing partner’s self-education and training tools can mean the difference between relieving staff burdens and adding another point of contention.
Is the company’s response time guaranteed, even after hours? How frequently are software updates released, and what kinds of reports can your practice expect each month? You should also make sure that there is a policy in place that allows key personnel to contact authorized workers at the billing agency in the event of an emergency or if you require an immediate response.
Extensive Training and Resources
The best offshore medical billing companies provide their employees with ongoing, in-depth training. Rules are constantly changing, and CMS and other insurance agencies adjust their expectations. It is also critical that you collaborate with an offshore medical billing company that offers adequate training and professional development opportunities to front-line and back-office practice staff. To improve your RCM, your billing partner should be able to provide staff with webinars, live cloud-based training, on-site workshops, and alike.
Whether your practice is experiencing rapid growth or you are looking for ways to make your practice more efficient so that you can begin efforts to bring in new patients, it makes sense to consider outsourcing medical billing services. Outsourcing to an experienced agency such as Info Hub Consultancy Services (ICS) has numerous advantages, as long as you carefully vet the companies for your contract.