Medical Billing Services | Medical Billing Company Checklist

The EMR Billing Specialists

Are you Receiving Billing Reports on Time?

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If your answer is no, here is why you should demand for one. Getting involved in the business side of medicine can be a nightmare, if you’re a busy doctor shuttling appointments. But going by the recent unhealthy trend of doctors being in the limelight for faulty billing, staying unaware of the financial state of your practice can be a costly mistake.

 On your Feet all day long but not Earning Enough…

Your appointment scheduling are choc-a-bloc and there is hardly enough time to breathe or do the laundry, but that just one indicator that you are running a successful practice. The other more important factor being how much you are earn at the end of the day. Entrusting the entire billing tasks to your in house biller or vendor can be prove to be a risky proposition in the long run.

All Fingers Point to the Physician !

It is unfair and crazy but every time there is a blooper it is the physician who is held at gunpoint. More often than not it is not planned embezzlement but simple oversights that can put your practice in the hot water.

Get that Financial Reporting System in Place !

The major hurdle for doctors and billers in setting up a reporting system is the lack of knowledge in implementing one. To start off create a dashboard of your key metrics. It can be revised, later on, to accommodate newer benchmarks and performance indicators set by you.

Here is what a Basic Checklist should consist of…

  • Ar reports that mention clearly the number of days in AR.
  • Insurance payment turnaround report.
  • A list of the contracted allowable for payment by insurers.
  • Monthly production and collection list.
  • The net collections of your practice.

Get it off the Ground, Today ! 

Demand for a financial report from your medical billing company or in-house biller to put your practice on the right track. It will help you analyze the financial performance of your practice, curb unhealthy trends, and finally know what your biller does !

Important Decision Making Factors to choose a Medical Billing Company

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Tick all your Boxes before Making that Call !

To trust someone with your medical practice’s future is not an easy choice. But a choice that medical practitioners and practice managers are forced to make. Due to evolving guidelines and the need to be on top of them, physicians all across the country pin their hopes on medical billing companies Not spending enough time on checking the facts can dash hopes and lead to bitter arguments.

A quick checklist of what you need to keep in mind before making that call.

Know what your Bill is !

You don’t want to receive a fat bill whether you get paid or not. Option for a billing company that charges a percentage of your collections. Ensure that the percentage is fixed. This will drive your biller to collect more and also save you from spending dollars when you aren’t earning any.

Truth is in the Details…

A lot many physicians just ask for the names of a few clients and projects, the firm’s handled before, and leave it at that. It is always advisable to shoot a mail or make a call to existing clients to cross verify facts. Like they say, the proof is in the pudding.

24×7 is not Enough !

A 24×7 firm that never sleeps looks good on paper. But the focus should be on what difference that can make to your practice? Whether it will help in quickening your workflow or not ? Ask for a detailed, blow by blow account, of their work process.

Be in the know…

It helps to always be at the driver’s seat. Somebody else to work on your claims and make that long calls to insurers is wonderful. But that doesn’t mean you loosen your tie and take the backseat. It is the physician who is held responsible for billing errors. Ask for regular work reports and fix up the cracks instead of falling through them.

Scout for Someone who understands your EMR !

Most healthcare providers use an eclinicalworks emr billing services or ehr system and have gone the electronic way. Whether you use an emr or planning to make the transition, ensure that your biller understands the workings of it. This will help in cutting down mundane tasks such as pasting records.

Go beyond what the brochures claim, and invest a little time on choosing a concern that is the best suited to your needs.

How can Multispecialty Hospitals Tackle the Challenges Ahead?

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A busy multispecialty hospital resembles a war-zone. The audit issues, billing hassles and operational pitfalls faced by multispecialty hospital are more difficult to manage than the challenges thrown at single specialty hospitals. Office managers of multispecialty hospitals feel that they’ve bitten off more than they can chew. Keeping in line with almost unfair demands and regulations can be a nightmare.

 

Frequent Audits give Sleepless Nights  !

Facing billing audits can scare the daylights out of physicians. CMS has placed the onus on healthcare providers to create and maintain evidence based precise billing information. In a large scale set up the costs and infrastructure needed to maintain accurate medical documentation belongs to the realm of wistful dreams.

The billing regulations for each specialty, varies and a little slip-up can lead to the hospital being booked for fraud and abuse. But this not the only roadblock multispecialty hospitals face.

 Zeroing in on a Compensation Formula that works for Everyone…

Well, coming up with a compensation formula that makes everyone happy can be an uphill climb. Multispecialty hospitals have on board, specialists from different medical specialties, surgeons and imaging technicians. To come up with a compensation formula that is fair and in compliance with all regulatory controls, in today’s tough healthcare climate is almost next to impossible. It requires enormous amount of time and understanding to whip up a solution that makes everybody smile.

Is it the Best time to become a part of Multispecialty Groups ?

Surprisingly yes! According to the Great American Physician Survey an increasing number of physicians prefer employment than to start a practice of their own. This attitude shift is attributed to the responsibilities a medical practice owner is likely to face.

Working with Off Shore Firms…

Outsourcing medical billing needs is one way of ensuring profits and operational ease in a multispecialty set up. Hiring, training and monitoring large team of billing and coding professionals can only add up to expenses. To scale down on the efforts and money spent on the everyday workflow of a hospital, outsourcing is the preferred choice.

It will give doctors more time on their hands to fix a workable compensation formula, keep regular tabs on their workflow and keep abreast with changing guidelines and reforms. As most medical billing companies work round the clock the response time for additional documentation requests is swifter and being swift is best way to handle the challenges ahead for multispecialty hospitals.