What To Look For When Hiring A Billing Company

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It is impossible to overstate the complexities of operating a private medical practice. Not only are you responsible for guiding your patients to a healthy lifestyle, but you are also operating a business. You have to be able to effectively provide care for your patients, while keeping your business profitable. 

This is a very difficult balance to find and maintain. 

To find and maintain this balance it is important to seek help for the things that may be out of your capabilities or comfort zone. This could be marketing, bookkeeping, or in what Mednet specializes in: medical billing and coding

When you look for help, you can choose to hire someone internally or look to outsource the work. Outsourcing something like your medical billing can be scary. After all, your revenue is directly tied to your ability to collect on the medical services you provide. If this is not done correctly, then it could put the future of your practice in jeopardy.

For that reason, you must be very careful when selecting who you wish to outsource your medical billing to. There are some things that you can look for that will make this process a little easier. 

  1. Detail Your Needs – This is really a step that you need to take BEFORE you begin looking to outsource your billing. Prior to beginning your search for a medical billing company, take some time to describe your top 3-5 needs. This will help you filter out the company that is best suited for your practice. 
  2. Services Provided – Once you have your needs detailed, you can then compare those needs to the services provided by the medical billing companies you may want to work with. You should focus only one the ones that meet most, if not all, of your needs. 
  3. Cost Versus Benefit – Some might have cost as the number one thing to look for when outsourcing your billing. We would argue that cost is actually one of the final things on the list. Granted, there might be a few billing companies that might be outside your budget. However, if you factor in the money your practice will save, along with the benefits of working with trained professionals paid to make sure you keep more of the revenue you have earned; you might find that you could end up saving money.
  4. References/Reviews – It is always nice to see if you find some positive reviews or if you can get some direct references. This can help you feel more confident in the decision you are making. 
  5. BONUS: HIPPA/Data Security – Privacy and data security have become so important in our digital world. When evaluating a medical billing company, make sure they are HIPPA compliant and that they are doing everything they can to keep your patients’ data secure. 

It is always difficult to entrust any part of your business to someone outside your organization. Especially something that is so vital to the success of your practice. However, if you take your time and consider the things we detailed above you will greatly increase your chance of finding the right company for you. 

If you would like to see how Mednet can increase your revenue by 20-30%, please contact us for a FREE estimate


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