Medical billing is the workhorse of the medical services industry. A medical biller ensures that patients' claims are accepted by insurance companies, so the Healthcare provider can get paid.
There are several benefits of outsourcing your medical billing processes. What are the most important things to look for in an outsourcing partner and how do you choose the right one for your health practice?
Choosing the right outsourcing partner is essential to making your process more efficient and ensuring a steady flow of revenue to your practice. Here are 4 things to look for in a partner:
HIPAA (Health Insurance Portability and Accountability Act of 1996) is a law that protects medical information through data privacy and security provisions. This legislation has increased in importance in recent years, as data breaches against healthcare providers and insurers grew.
Choosing a HIPAA-compliant healthcare solutions partner ensures that the company pays attention, and is dedicated to protecting patients' health information and rights.
In addition to HIPAA, it's a good idea to confirm that your outsourcing partner upholds other medical laws, regulations, and guidelines.
Cost of services
Cost is a very important consideration for any service. How high or low you can go will depend on your company's budget. Too high, and you risk ruining your budget. Too low, and you risk poor quality service.
When deciding on the price of services, look beyond just the monetary figure and personal costs. Look at the overall package you are interested in. Think of the level of expertise the outsourcing company offers, as well as the technology they use.
Sometimes it's okay to pay a higher monetary figure, as the value you're getting more than justifies the cost. Outsourcing can save up to 70% in labor costs, and will drastically improve your team's productivity.
Reputation and history
In business, reputation is everything. It is a well-known fact that people judge businesses based on past performances. That's why customer reviews and case studies are so important.
In the medical field, you are being entrusted with patients' most sensitive health information. And that matters. Trust must be built between patients and providers.
This trust must also extend to whomever healthcare providers choose to partner with. When choosing a medical billing partner, a complete background check is a basic requirement.
This level of trust allows partners to take better care of your team, while you focus on your patients.
All relationships are built on openness and honesty. At least they should be. And this is true for healthcare providers and their medical billing partners. To facilitate trust between you and your medical billing partner, transparency in their business processes, open communication, and continuous process improvements should be encouraged.
That simply means you have valuable insights into the way they do business. Also, you should ensure that, with your medical billing partner, you have complete access to sensitive information at any given time. Ensure there are minimal to no restrictions.
When you are aware of exactly how your medical billing partner does business, it makes the process more efficient. You know what to expect and by when. It is also a good idea to make sure your outsourcing partner is in compliance with Global standards and have relevant ISO certifications.
So there you have it. Your guide to choosing the right medical billing partner for your healthcare practice. Made a choice yet?
Infinit-O is a trusted healthcare solutions partner that can help you build and operate a dedicated team of well-trained healthcare professionals, especially for you and your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom line cost savings. With access to excellent healthcare talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, HIPAA- and GDPR-compliant, so your company’s and patients’ data are safe with us.
When you’re ready to grow, think Infinit-O!
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