Why Choosing the Right Medical Billing and Coding Company is Important

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There are innumerable medical billing and coding companies. To maximize your reimbursements, you have to partner with the right service provider.

There are innumerable medical billing and coding companies. To maximize your reimbursements, you have to partner with the right service provider.

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  • 1. Outsourced Strategies International                        1­800­670­2809 Why Choosing the Right Medical Billing and Coding Company is Important Every physician seeks to improve the quality of patient care. However, medical practice is just like any other business and needs to maximize revenues to stay afloat. Proper medical coding and billing practices are the lifeblood of a healthcare facility, but ensuring proper reimbursement for services rendered is not easy, more so if the physician is managing billing tasks in-house. Outsourcing billing and revenue management is the ideal solution. However, the key to success lies in choosing the right medical billing and coding company. Here are some important pointers that can help make the choice: Professional Team - When you decide to outsource a company for these services, it is essential to select a professional firm with a team of experienced medical coders and billing specialists. Ensure that the team comprises AAPC certified medical coding specialists who are proficient in ICD-9-CM, CPT, ASC coding and HCPCS codes and standards, insurance and governmental regulatory requirements, and payer-specific coding requirements. Coding services should ideally cover hospital / in- patient coding, emergency room e-code evaluation, medical coding audits. Expert billing personnel would be well-informed about the services covered by various healthcare plans and would also be able to work on the latest billing systems or software. The right team can submit claims accurately and ensure timely and proper reimbursement.
  • 2. Outsourced Strategies International                        1­800­670­2809 End-to-end Services: Look for a medical billing company that offers a full array of medical billing services - from patient scheduling, demographics, insurance enrollment, insurance verification, insurance authorizations, and billing and reconciling of accounts to EOB analysis, and AR management. This will ensure proper billing practices as well as denials and collections management necessary to recover unpaid or underpaid claims. Technology – With the aim to deliver top quality services, reputable companies utilize advanced billing and coding software. They can even work on your software. Experience with the latest technology allows them to offer efficient solutions. Timely Reports: It is important that you are kept informed of the measures taken to improve your revenues. The right medical billing and coding company would provide you with weekly and monthly reports on the progress with your accounts receivable management. Pricing: Reputable service providers can ensure competitively priced services which are at least 30 – 40% lower than the current market rates. Partner with a company that provides services at such affordable rates and has no hidden charges. HIPAA compliance: Ensure the confidentiality of your data by outsourcing to a HIPAA complaint medical billing company. Check to see if they have all the necessary security measures in place to ensure the safety of patient information.
  • 3. Outsourced Strategies International                        1­800­670­2809 The right medical billing and coding company would work as an extension to your medical practice. Choosing a company that fulfils all these conditions would go a long way towards ensuring the financial success of your medical practice as well as provide you with more time to focus on your core tasks.