CureCloudMD

Best Medical Billing Company In The USA
15 Sep 2022

How To Find The Best Medical Billing Company In The USA?

 

Several healthcare practitioners tend to outsource medical billing services in the USA. With the help of a reliable medical billing company, a healthcare practitioner can easily access a team of expert medical billers, reduce headcount and improve revenue stream.

According to a recent study, a physician spends 35% of the patient care duration preparing documents and providing information for medical billing. Ultimately, it reduces their capacity to serve a larger patient base and revenue growth. Therefore, hiring professional medical billers and qualified healthcare clerical staff helps them invest more time in patient care and execute their tasks easier and quicker.

However, it is quite challenging for healthcare providers to expand a medical billing team for small and medium-sized practices. Also, large-sized healthcare practices struggle with maintaining a massive headcount, increasing the capital investment required to run an in-house medical billing team and losing control over their finances.

Having said that, partnering with a professional medical company is more helpful for  healthcare practices in the following ways;

  • Healthcare practitioners can access professional medical billers.
  • You can invest more time in providing quality patient care services.
  • Physicians, doctors and other medical staff can reduce administration work-stress.
  • With a reliable medical billing company, you can generate more income.
  • Reduce medical billing errors and claim denials.
  • Improve patient satisfaction and help them understand their financial responsibilities easily.

However, finding a professional medical billing company in the USA is not much easier. There are several medical billing companies operating across the nation which also include experienced, amateur, and professional companies altogether. In order to find the best & professional medical billing company, here are the steps you should follow:

 

Determine The Scale Of Your Practice’s Size:

Before starting your search for a medical billing company, examine your practice’s size and business needs. Also, get familiar with your account size and set your goals for the retention and expansion of your medical account collections. Then find a medical billing company that can meet the growing needs of your business according to your practice’s size i.e. they should have sufficient resources for medical billing and coding, a highly responsive workforce and reliable equipment to efficiently proceed with your medical billing & coding services.

There are some medical billing companies that specialize in large healthcare practices, hospitals and medical organizations. On the other hand, some medical billing companies only handle small and medium-sized practices. Therefore, you should only partner with a billing agency that caters to the needs of your practice’s size.

For this purpose, you have to examine your practice’s account size by considering the following factors;

  • Your practice’s size.
  • Your budget.
  • Your accepted insurance carriers.

After realizing your practice’s size, you can choose the following 3 types of medical billing companies;

Small-scale Medical Billing Companies

A small-scale medical billing company has a little team of medical billers and coders who provide services to small medical practices.

  • A small-scale medical billing company can easily provide purpose-built solutions to clinics, independent physicians and small healthcare offices according to their unique requirements.
  • They provide cost-effectively medical billing services that can help you save a good chunk of your investment and still get your medical billing process run smoothly.
  • Such medical billing companies are geared towards healthcare practices with smaller budgets, data volume and number of healthcare practitioners.

Physician practice management company

Most healthcare practices tend to work with physician practice management company because it caters to the administrative needs of small, medium and large-sized businesses. They provide a multitude of services to healthcare practices including medical billing, coding, medical credentialing, patient insurance eligibility verification and other practice management services.

  • Physician practice management companies provide services to practices as small as a clinic to hospitals with more than 200 staff members and to large-sized healthcare organizations.
  • They are well-established and they are well-equipped with all solutions required to smoothly run the business operations of a healthcare practice.
  • They handle almost all of your back-office tasks and improve your finances with all essential solutions.

However, these companies charge a separate price for medical billing & coding services and other services. So the more services you add to your contract the more pricey it gets for a healthcare practice. Therefore, small-scale practices & independent physicians don’t prefer physician practice management companies for medical billing and revenue cycle management services.

 

Professional Medical Billing Company

Partnering with a larger professional medical billing company helps you stay ahead of your business growth. It helps you shed a huge burden of administration and financial responsibilities off your shoulders. While you can give an extended to improve patient’s experience at your healthcare facility.

However, professional medical billing companies usually charge more than physician practice management companies and they require healthcare facilities to invest a larger budget in medical billing and coding services. If you want to work with a professional medical billing company then make sure to ask for details about their plans. Check out if the company features suitable solutions for your practice revenue cycle management.

Make Sure That Medical Billing Company Is HIPAA-Compliant

The Health Insurance Portability & Accountability Act (HIPAA) focuses on the data protection of patients’ protected healthcare information (HPI). A reliable medical billing company always educates it’s employees about data security protocols. So they can keep your data safe from breaches and unauthorized access.

Count The Experience Of A Medical Billing Company

It is very essential to make sure that a medical billing company has a reputable work experience in the past. You should explore the work history of a medical billing company through online channels and customer reviews on different platforms i.e. Google reviews, Linkedin recommendations, etc. Most importantly, you should check out how long they retain and sustain their relationship with their old clients.

The general rule of thumb is to search for the Best Medical Billing Company In The USA that has generous experience in the medical billing field. It means that they have the potential to bring useful opportunities for a larger customer base to sustain their business growth over the years.

 

Look For Transparency In A Medical Billing Company

Security & transparency are the major concerns for healthcare professionals. Please remember that healthcare providers have to share very sensitive data while outsourcing medical billing services. Therefore, carefully inquire about the security and data communication infrastructure of the medical billing company before making any final decision.

Also, reliable medical billing companies always keep their solutions transparent with their clients. Discuss with the medical billing company how will they report to you about the progress of your medical billing services and revenue cycle management.

Professional medical billing companies provide regular reports after a day, week or month (as per their company’s policies). Therefore, you should ask a medical billing company about their reporting system and frequency.

 

Cost Budget Analysis & Software Awareness

Before signing a contract with any medical billing company, perform a cost budget analysis of your healthcare practice. You should adopt a strategic approach when choosing a plan from any medical billing company to evaluate your budget.  Many medical billing companies offer a custom plan for medical billing services so you can select what you want to add to your plan, the more services you add to your contract the more pricey it gets. Choose the right package that fits your budget.

Also, if you’re already using medical billing software or you want to buy a new one then make sure that the medical billing company is well-aware and trained about that billing software.

 

Conclusion:

Hiring a medical billing company is quite a strategic decision. After identifying your needs, find a medical billing company that guarantees security and transparency in their medical billing solutions. They should follow HIPAA guidelines and protect your data from breaches and unauthorized access. Also, they should have a qualified and well-experienced team to handle your accounts, medical claims, and collect reimbursements to meet the financial needs of your healthcare practices efficiently.

Are you still struggling with finding the Best Medical Billing Company In The USA for your healthcare practice? CureCloudMD is a professional, HIPAA-compliant and established medical billing company that has been providing innovative medical billing services for more than a decade to several healthcare providers. Send us an email and get connected with our professional medical billing team: [email protected]

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