The financial competence of a hospital is vital to fuel its growth and keep its accounts breathing. The billing process plays an indispensable role in keeping a practice financially stable. However, keeping up with the consistently changing guidelines and implementation of new policies makes the billing process relatively harder for clinicians to grasp. So, although medical billing is an integral part of a practice, it is impractical for clinicians to carry out the processes themselves, as not only is it time consuming, it deviates a practitioner’s focus from his patients. So, for doctors to narrow their focus on clients and to maximize their revenue, it is crucial to outsource to a MBPO.
Statistics have shown that over the last decade, due to the competence and flexibility of MBPOs, plenty of doctors have switched to outsourcing agencies. Although, MBPOs streamline the billing procedures of a practice, it should be kept in mind that not every MBPO is going to be competent. With constantly changing medical billing practices, it has become hard for MBPOs to provide the best service quality. So, it becomes crucial to investigate a MBPO thoroughly before diving head first into it. To help you get started, here are a few basic guidelines that will help you with the MBPO onboarding process.
1. Price and service comparability
Opting for a MBPO exclusively because it is providing a low price can end up costing you way more than you were planning to save. More often than not, a low cost translates into poor service quality, which is why, you should think twice before jumping at the sound of getting a discount. While low price may not always indicate a low quality, the credibility of the MBPO should be analyzed and its past performance, reviewed. Testimonials from old clients should be taken into account before getting onboard and a list of all the benefits the outsourcing agency is ready to provide you with should be taken into account.
2. Transparency is essential
One of the ways to determine the strength of a client-vendor relationship is to monitor the level of transparency prevailing amongst them. This characteristic of the relationship defines how much confidence is involved, which establishes a ground for growth for the partnership.
Once you outsource your billing to a MBPO, you completely depend on them to execute these tasks for you. Any sort of negligence or embezzlement can end up costing you a lot, which is why, transparency is key between a vendor-client relationship for them to thrive. This transparency and trust amongst the two parties will open new doors for them and the organizations will flourish in their true meaning.
With that said, it is recommended that you research about how much transparency a company is going to provide you with to ensure the financial health of your business, so that you know what you are in for and what you are investing into.
Out of the pool of medical billing providers, only a handful of them provide clients with a cloud-based system which enables them to verify or check any minor or major details around the clock. In addition to just verifying entries, you can validate the summary of payments, claims, commission and collections summary, which makes everything quite easy.
Cloud-based systems have a plethora of benefits, indeed. So, be sure to hire an outsourcing company that offers this characteristic.
3. AI and Medical Billing Collections
AI is no longer a futuristic fantasy. In fact, it is being embraced on a wide scale. The benefits of working with artificial intelligence are many, which makes it crucial for you to adopt this thriving technology which is aiming to change many facets of the healthcare industry sooner than we expect.
Some of the MBPOs have gone so far to incorporate AI to check medical claims prior to entering them. The rules constantly update based on the outcomes of filing claims and the algorithm constantly grows. Incorporating AI into medical billings significantly reduces the chances of a claim getting rejected. This in turn increases the productivity of a practice because a rejected claim can be dire for the financial health of a clinic. So, with the help of AI, you get paid quicker and without much hassle and keeps uncertainty at bay.
4. You would require support
To reach clarity regarding the operations you have outsourced, you would want to have a vocal outsourcing partner who can answer your questions and resolve billing related matters to you. Even though, you are probably going to be provided with a cloud-service, enabling you to check entries, sometimes errors can occur regardless of vigilance and attention to detail. So, in such cases, you would want to have a partner who is willing to resolve your queries and just be helpful generally.
5. Protect your data
Data breach and embezzlement are critical issues that a lot of healthcare practitioners face in this day and age. Patient data is worth a lot more than any person’s credit card information, a study shows. If this critical information lands in the hands of an embezzler then a patient can be subjected to a whole lot of threats. So, before you hire an outsourcing agency to deal with the valuable data of your clients, investigate how they plan to safeguard it from embezzlers. Make a list of questions and set a criterion for the potential outsourcing agencies and rank your options in order of competence.
For a clinician, it isn’t quite practical to juggle patients and medical billing simultaneously, which is why, it is recommended to work with a MBPO to streamline your business processes and narrow your focus on core operations to increase productivity and maximize revenue. MBPOs are intent on assuring that none of your medical claims get rejected. By following the steps stated above, you will easily be able to choose the right MBPO for your practice and your revenue will increase by a tenfold.