Managing a complex maze of insurance and billing is not what your behavioral health facility should be focused on. Because of this, you hire an outside billing company. But are you really getting the kind of performance that lets you make better decisions, reduces your risk, and increases your revenue while reducing costs? Here are five questions to ask your billing outsourcer to help you find out whether you’re getting the value you deserve. These are questions your provider should be able to provide supporting data and analysis that confirms that you select the right medical billing outsourcing company.
Is your outsourced billing provider really delivering the best value for your money? Use these 8 questions to find out.
- How do I know if our facility is getting value with outsourcing?
- What are the benefits of using your third-party billing company versus my in-house billing?
- How are you using technology to automate and streamline the billing process?
- Who owns your billing data?
- How is my facility a priority for your medical billing company?
- Does your billing provider give a summary of your current ‘Accounts Receivable’?
- How do you deliver transparency and accountability for the billing process?
- Does your billing provider offer ‘Denial Management’ on your existing claims?
How do I know if our facility is getting value with outsourcing?
Your provider should be able to show you performance metrics. Metrics about how the billing provider has improved the length of authorized stays, increased the number of overturns of denials, accelerated verification of benefits, and shortened the time to claim payout. Consequently, if your provider isn’t able to show this to you, you should question their honesty in revenue cycle management.
What are the benefits of using your third-party billing company versus my in-house billing?
Every facility questions whether to outsource billing or not. Will a third-party billing provider save you money? Does outsourcing improve your business metrics? Is outsourcing your billing reducing the effort for your staff? So, if your provider is unable to provide supporting data and analysis that confirms that you are making the right decision to use a third-party billing company, you should be looking for a new third-party billing company.
How are you using technology to automate and streamline the billing process?
A good provider will be using advanced technology to improve accuracy and productivity while reducing costs. Ask your provider to show you how its software is helping improve your outcomes.
Who owns your billing data?
Your billing data should belong to you, and you should be able to take it with you if you choose to change services. If your third-party billing provider is holding your data hostage, you should start looking for a new medical billing company.
How is my facility a priority for your medical billing company?
For some third-party billing providers, it’s all about volume. Because of this, depending on the volume coming from your facility, you may not be that outsourcer’s top priority. Some ways that a provider can demonstrate that your business is a top priority is by assigning a dedicated account manager, designating a claim follow-up team, personalizing reports, conducting in-person training, and interacting frequently with your entire team. If you are missing these key elements, call us.
Does your billing provider give a summary of your current ‘Accounts Receivable’?
Keeping your monthly Accounts Receivable under 1.5 times the monthly charges is the ideal target. As the Accounts Receivable days increase, cash flow to your healthcare organization decreases, thus lowering your means to pay or hire better staff and physicians. Also, it affects your group practice’s ability to invest in current-gen tools and technology. Check if your billing provider can help you with you getting your current Accounts Receivable summary.
How do you deliver transparency and accountability for the billing process?
The billing process should not be hidden from you. Losing all visibility with an outsourced billing provider should be a red flag. Your medical billing provider should give you access to all of your claims and you should be able to see what is happening during the process. Therefore, reporting and analytics from your provider should give you in-depth insight into key performance areas to help you make better decisions.
Does your billing provider offer ‘Denial Management’ on your existing claims?
A dedicated medical billing company is more capable/efficient at managing payer denials than a medical practice. Because of this, your third-party billing provider should provide you with dedicated platforms to process your denials.
Do You Feel Like Your Facility Should Be Getting More?
If you have questions about the quality of your outsourced medical billing provider, contact us. We will be happy to provide you with answers and show you how we can improve your revenue.