Is your claim rejection rate increasing in spite of hiring a medical billing company? May it is time to rethink your partnership with it. Read on to know more.
Are you done banging your head due to managing your medical finances? We know that it is quite a pain to do so. Well, in such cases medical billing outsourcing seems like a knight in shining armor!
But here is the deal with it. Recent research we conducted, disclosed that not few, but many practitioners end up putting in too much of their time and efforts and are stressed due to poor management by medical billing companies.
So, the company you hired to save your valuable resources and were paying a reasonable sum for it, was indirectly robbing you off. Well, here is the pain point and we have decided to help you out with that.
Wondering how to get off it? Well, that is why we are here. Did the thought of changing your billing partners ever occur to you?
Still not sure about it?
Well, we have jotted down a few points here that will help you decide if or not to quit your Medical Billing Company.
- The company has no existing clients with the same specialty as yours.
- They refuse to provide you with additional references (other than those already on their list).
- You are not provided access to the lead biller on your account.
- You are not provided daily reports of completed work.
- They do not provide service turnaround guarantees.
- They cannot integrate electronically and accept your charges from your Electronic Medical Records.
Apart from the above-mentioned reasons, here are a few more in brief to ensure no mistake.
Claims Rejection Rate
Instead of decreasing and stabilizing, your claims rejection rate is increasing. It certainly sounds like a dangerous problem! This is absolutely the opposite of what your provider should be providing you with.
Read more on how to reduce your claim denials here.
Unclear and Complicated Billing Reports
If you feel the need to take classes to understand your monthly statement, it may be time to seek a provider who offers simple and accurate reports.
Inquiries, disputes and late collections on the rise
Payors, who previously were prompt in their payments with little or no questions or disputes, are suddenly asking for more supporting material, find more disputed bills and make slower payments. If the more significant chunk of payors seems to be doing the same, the problem is likely with your billing provider and not the payors.
Poor Transparency by Your Medical Billing Partner
If you are not provided access to the medical billing company’s system to look up your patient records, it certainly is a matter of poor transparency.
Not getting the reports you require, hiding information or forgetting to share data are all signs that point to the need to change your billing provider. After all, you cannot work with someone if there is an element of mistrust in the relationship.
Patient Collections have Decreased
Patients generally don’t pay their bills when they are in dispute about the amount billed. An imbalance in the amount paid by the insurance company and the amount owed by the patient will result in a disputed bill with the patient. To ensure that this does not happen, it is essential that your claims are submitted correctly and in time by your medical billing provider.
Resistance to Automation and Technology
Your company does not provide system generated reports. Duh! Are they from the stone age? Also if they use medical billing software that you have never heard about, It certainly is a problem that should not go unnoticed.
Automation and technology have changed the way we function – making things easier while providing maximum performance, speed, and accuracy. If your provider is still using manual methods, or outdated technology, it may be time to look for another one.
If it is difficult to get across your billing provider regularly, or not receiving responses to your queries – you may not be a priority for your provider. It is time to find a willing partner who will give you top priority.
Location of the Medical Billing Company Representative
We agree this one is a bit weird. But it matters, here is how.
If you outsource your medical billing, the people you trust to solve your support issues should know the terminology, local laws, regulations and also be available around the clock. So, if not location, check id the reps are well aware of the above-mentioned matters.
Every eight seconds, a new patient enters Medicare, which pays 20% less than private insurance — a loss of $45,400 per provider per year. Having certified experts on your side to make up for revenue loss is a valuable asset you literally can’t afford to pass up.
Did you finally make up your mind to change your medical billing partner? Here are a few questions you NEED to ask to be on the safer side!
- Is the billing provider the best match for your practice?
- Can and will they grow with your practice?
- Do they have the wherewithal to reach your goals?
This read by business new daily is like a cherry on the top to ensure no mistakes.
Above everything, if you are still banging your head due to bills, we at Qodoro will love to make things easy for you. Get in touch with us here.