How to Become a Top-ranked Medical Billing Company?
Outsourcing medical billing services is not a novel approach anymore.
11:31 18 March 2020
Many healthcare practitioners outsource their medical billing services after the transition of ICD-10 codes. These resolution has evolved the medical billing and coding industry and made the procedures more complicated. Therefore, medical billing companies have significant value in the healthcare marketplace.
Top medical billing companies should introduce EHR technology, utilize the right EMR solutions and implement PQRS (physician quality reporting system) to comply with the industrial standards. The healthcare industry is an ever-evolving environment. The changes may occur due to the rise of new ailments, new discoveries of treatment and diagnostic procedures and Government policies. There are several reforms such as the rise in deductibles, the move towards pay for performance model; that warrant a reform to the way you practice medicine that can impact the medical practices.
Therefore, there is an increased demand for professional medical billing companies. Medical billing companies can relieve you from managing the revenue stream of your practice. It also makes financial sense, as a professional in-house medical billing specialist costs you around $ 50,000 per annum while an outsourcing medical billing company comes at a fraction of this cost.
According to the latest Black Book Survey, 50 to 60 % of the physicians are already considering to partner with a medical billing company. This article lays out the strategies to become the top-ranked medical billing company in a competitive environment.
- Provide Robust support:
Top medical billing companies comprehend the problems of healthcare practice and insurance systems. They keep up to date with ever-changing payer payment
Policies and management services for the billing accounts. Third-party medical billing companies always focus on real-time, convenient and effective strategies to leverage productivity.
Usually, top medical billing companies set up to work for large practices with a diverse range of specialist needs. They provide scalable services that can leverage the growth of the healthcare business.
- Comply with Privacy Concerns:
Healthcare practitioners share patient’s demographics and financial data with medical billing companies. Therefore, top medical billing companies ensure 100% security of this vulnerable data. They perform risk assessments to mitigate the chances of any unauthorized access to data.
There are several automated solutions that help medical billing and coding professionals to store, communicate and evaluate data. They help the medical billing staff share data across shores in this environment of ever-increasing focus on the protection of patient health information. Hence, top medical billing companies can drive positive results with the help of advanced solutions.
- Utilize EHR:
EHR refers to “electronic health record”_ also often called as EMR (Electronic medical records) or CPR (Computerized patient record). This term addresses to computer software that medical billing staff use to track all aspects of patient care. Typically this broader term also encapsulates the practice management functions of billing, scheduling, etc.
Physicians usually outsource their billing to their EHR vendors. They find it convenient to find the solution for their several problems under one roof. You should have your own EHR and EMR software to rank among the top medical billing companies. It will help you to address all of the administrative tasks while saving you from the hassle on other EHR vendors.
Moreover, most of the medical billing companies like Medcaremso offer their best EHR Software and Practice Management System (Medical Billing software) for free. It will allow the physicians to have some insight into medical billing services assessment.
- Avoid Bait Marketing Tactics:
Billing professionals should not advertise their services by proposing low rates for bait marketing. These strategies usually do not provide you with full suite revenue cycle management services or have an elevator clause associated with the low rate. Therefore, medical billing companies should provide a fine print in any of their billing service contract.