Are you thinking about hiring a Medical Billing vendor, or switching to a new one? We know this is a big decision which can affect your software, revenue, workflow, documentation, and employees. Do not rush this decision or hire someone who isn’t ready to handle the challenges of an ever-changing industry.
So how should you begin? We’ve spoken with RCM experts and here are eight questions to ask when speaking with potential vendors to find the right one for your practice.
- How much will it cost?
- Take the time to discuss start-up fees, termination fees, data conversion fees, and any other additional costs. Be on the lookout for potential hidden fees and ensure everything your business requires has been discussed in detail.
- Can they provide references?
- If they have worked with other clients in the past, ask for a few references. You will want to hire someone that has worked with practices of your size and scope and has experience adapting to industry changes.
- Who owns your billing data?
- Make sure your billing data belongs to you. You should be able to take it with you if you choose to change services or bring your billing in-house.
- Do they have a compliance plan?
- Are they HIPAA compliant? What type of security protocols do they have in place?
- How do they train their staff?
- Make sure all staff is certified and ensure they receive ongoing training.
- Are most of their services electronic?
- The vendor must use current technology and offer online and electronic services.
- Can they guarantee transparency?
- Make sure you understand every aspect of the deal from how often you will receive reports on your financials to updates on the vendor’s progress. If you have specific wishes, be sure to outline them up front and be clear on the expectations.
- Can they handle your current business needs?
- Do not assume that any vendor has a one rate fits all approach. Ask up front and be sure to know if there are services that they do not offer in your plan and what else they can offer for financial growth.
“By utilizing Benchmark RCM, we can rest assured that we can focus on our patients and not have to worry about the financial side of managing a busy practice.”
Barbara Parks, MD
First Health Medical Practice
Benchmark RCM Includes:
•Scheduling and eligibility checking module
•Entering of all charges, payments, and adjustments
•Reviewing and providing advice on coding structure from our certified coders
•Submission of electronic claims through our clearinghouse at no additional cost to your practice
•Resolution of all line-item denials (procedure level) from patients and insurers
•Answering phone inquiries from patients for billing related issues
•Generating patient statements
•Generating and mailing reminder letters after reviewing the patient list with your practice
•Customizable solution based on your practice needs and workflow