Paperwork. As a medical professional, it’s probably a word you hate to hear but can’t get away from.
After all, being in the medical business goes beyond diagnosing and treating.
There are many systems that need to be in place to make patient care a seamless experience.
If your goal is to grow your business, ask yourself this question: How efficient and convenient are my processes?
Fortunately, technology in the healthcare industry has advanced to a point that tedious tasks, like medical billing, can be a simple and straightforward process.
Are you on the lookout for a cheap medical billing solution? Don’t just let Google decide which one is the best for you.
If you search for cheap medical billing, you’ll get lots of online comparison sites and ads.
Where do you start to find the right billing provider that doesn’t cost an arm and a leg?
If you’re a practitioner on the hunt for cheap medical billing solutions, this article is for you.
We’ll guide you through what you need to consider when outsourcing your medical billing to the right company — one that will be cheap, convenient, and effective.
First, let’s take a look at the services a medical billing provider should be able to deliver.
What A Medical Billing Software Provider Should Do For You:
Outsourcing your medical billing services and coding to an external provider is often a wise choice for many practices.
There are many medical billers with varying software and applications that can automate your healthcare billing processes altogether.
Ideally, a medical billing provider should offer you the following services:
- Patient Pre-registration
Their systems should be able to import your existing patient records and input new patient data.
- Claims management
A robust medical billing company and its software should allow your practice to coordinate well with health insurance companies and patients when it comes to tracking insurance billing and claims.
- Financial and accounting management
Having troubles with payroll, timesheets, outstanding payments, and online medical billing?
If you’re looking to invest in a powerful medical billing solution, they should be able to handle your accounting and finances for you.
- Organizing billing and collection
The cash flow of your business lies in the hands of an efficient billing and collection system.
A systematic medical billing provider prioritizes the ease and convenience of proper coding, processing, updates, and expenses for your practice.
- Storing patient information while remaining HIPAA compliant
A medical billing provider should be able to store important patient information, such as their medications and medical records while keeping this sensitive data stored safely according to HIPAA compliance standards.
- Customize reports and business intelligence
What is all the data collection and health information management for if you can’t make an accurate and detailed report when you need one?
The ideal medical billing software should have the capacity to produce customized reports on your patients, practice, and business performance.
How To Choose The Best Medical Billing Solution
Choosing a medical billing solution for your practice should be done with careful consideration.
While it may be tempting to go for the cheapest or most popular choice, remember that every software and provider comes with its own advantages and disadvantages.
Some providers may propose a seemingly perfect medical billing software. However, it may also cost your practice more than you’re willing to invest.
Here are some helpful steps to guide you through your decision process:
1. Determine Your Needs
Looking for the ideal medical billing company can become a difficult task if you don’t first consider the size and complexity of your practice.
To help you understand, there are generally three types of medical billing companies that you should know about:
3 Types of Billing Companies
- Small-scale medical billing services. If you are on a tight budget and don’t have a lot of data to manage, a home-based medical billing or online billing software can help you with coding/billing task without breaking the bank
- Professional medical billing. If you have a bigger budget and want special services in your billing software, then choosing professional medical billing providers is the way to go.
- Physician practice management companies Most companies that fall under this category are large enterprises with over 200 staff and well-equipped infrastructure. They command a premium for their coding and billing services.
2. Check Billing Rates
The cost of a billing service is a critical factor, which is why you should know exactly what you’re paying for and if you’re getting your money’s worth.
The price of outsourcing can vary based upon the specific focus and size of your practice.
Some offer a low cost at the start but may also charge unreasonable fees if you want more functionality.
In other cases, billing companies charge providers anywhere from 2-14% of total reimbursement.
Before deciding which medical billing software or company to go with, ask other providers in your specialty a few questions.
3. Reputation is Very Important
Whether you specialize in gynecology, pain management, or pediatrics, every type of practice will have a different demand when automating their billing processes.
That’s why you should find a medical billing company that has already built its reputation in your specialty.
Their systems will be better suited to fit the requirements of your practice — for coding, financial management, documentation, compliance, and more.
Not using a company that has expertise in your specialty may result in coding inaccuracies and claim denials.
Online comparison sites can be helpful, but take them with a grain of salt
Billing software comparison sites can help you get an overview of a medical biller’s services, but it’s best to take their advice with a grain of salt.
These sites may have been sponsored by the billers themselves to show their best image.
Instead, talk to people in your specialty. Ask your colleagues in the industry about their experiences with different medical billing companies.
4. Try It Before You Buy It
Implementing a new system can be challenging not only for you but for your staff as well.
Make Sure You Demo any Software or Provider Before Making a Commitment
Before committing to a medical billing provider, give their systems a try first.
A trial period will help you find out if your existing processes align well with your medical biller’s system.
Ideally, the billing company should also offer your practice a company representative to guide you and your staff through the learning curve.
Here are some key features you should look for:
- Customer service: You need 1 main contact person for questions or issues.
- User-friendliness: The design should be simple and clean. It shouldn’t take more than 3 clicks to get anywhere in the program.
- Reliability: The software shouldn’t have regular downtime or server crashes. Those are signs of poor quality and an outsourced IT team.
- Easy to learn: Make sure it’s extremely easy to use. It shouldn’t take your team 1-2 months to start feeling competent in any system.
Knowing what is most effective for your practice’s workflow is key to finding a worthy investment for your medical billing system.
You’ll likely find some errors and weaknesses, that’s the point. That way you didn’t break the bank and commit to their software and processes yet.
Invest In An Affordable and Effective Medical Billing Solution
When it comes to choosing the best medical billing company to invest in, going for the cheapest isn’t always the best solution.
It’s important to consider your practice’s needs, your budget, the reputation of the billing company, and the efficiency of their system.
Choosing to implement the right medical billing solution can help boost your practice’s patient base, brand loyalty, and ultimately, its future.
Are you still confused about medical billing? Let’s have a conversation! Share your questions in the comments below.