Any doctor, physician, healthcare provider or even a hospital administrator must determine the standards of a medical billing company; one which can deliver quality billing services than any other in-house medical billing. Here are a few simple aspects on which hospital administrators or private healthcare practitioners can review and evaluate the quality standards of medical billing services, such as tracing and resolving denied medical claims, following-up on them, complying with regulations, financial reporting and bench-marking and revenue cycle management for private practice owners.
Having Professional Medical Billing Experience in the US Healthcare Industry
Having professional experience in the US healthcare industry can serve as a key indicator of success. However, one must also look beyond this aspect. For example, if you have a specialized practice such as orthopedics, then you may want to know what kind of experience or knowledge does a particular billing company possesses in that area of specialty. Whereas GreenSense Billing has more than 20 years of professional experience in medical billing and coding, with the expertise to deal with all aspects of medical billing among different specialties.
Use of Innovative and State-of-the-Art Technology in Medical Billing
Outsourced medical billing companies have comprehensive medical billing software which streamlines and executes all medical billing functions. The key to success for these software applications is the extent to which they connect the provider, patient and the biller. As a leading medical billing company in the US, GreenSense Billing takes care of the following aspects such as:
– Ensuring confidentiality and security of patient information with all available security checks and protocols
– Guaranteeing patient data security against all kinds of cyber-attack, including hacking attempts
– Contingency plans and procedures for data disaster recovery
– Certified by the Health Insurance Portability and Accountability Act (HIPAA)
– Having back-up data storage
The Medical Billing Pricing Model
The pricing model for medical billing companies and the healthcare provider matters a lot, to serve medical billing services to hospitals and private practice owners at the right price. Most providers want a price as per their requirements, so medical billing companies can tailor down medical billing service plans for them at an ideal price.
Basically, there are three common pricing models for outsourced billing companies
(percentage-based, fee-based and hybrid-based)
The percentage-based pricing model is when commissions are applied as a percentage of collections or as per the percentage of medical claims processed. In fee-based pricing model; commissions are applied and calculated as a fixed dollar rate per medical claim. Some outsourced medical billing companies adopt a hybrid-based pricing model which is the combination of percentages and commissions, depending upon the carrier or payer of the medical claim.
Acceptance of New Clients
Medical billing companies may have more clients than they can serve. Knowing about this, it is important that outsourced medical billing companies have additional or adequate resources to be able to handle multiple clients and their medical billing. They should have the capacity to micro-manage, dedicate resources and have a sufficient number of employees to work round-the-clock and not compromise on quality standards. A medical billing company can have a standard target to maintain; it can depend upon the number of claims processed annually, the number of resolved claims in a month or even the percentage increase in collections as per the specialty.
Prior to the provision of medical billing services, the medical billing company must always make sure and verify that the patient has active insurance and have the means to verify this information correctly. Medical billing companies with limited staff may fail in the verification of active insurance.