I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
The medical billing process is critical to healthcare providers, allowing them to receive payment for the procedures rendered, pay staff and other overhead costs, and otherwise keep the business up and running. Medical billers are the liaison between physicians, patients, and payers (i.e., insurance companies). Without the billing process, healthcare providers wouldn’t be able to collect payment, so it’s a vital component to the practice. A highly skilled and efficient billing company can ensure improved revenue flow for the medical practice.
Choosing the right billing company is an essential step in maximizing your revenue and building a profitable practice. First things first: You must do your research. Look for a billing company with a strong reputation and is familiar with your practice type and the procedures you perform. You also want to make sure they understand the different medical guidelines and have specialized knowledge about claim follow-ups, resolving claim denials, bill adjustments, submitting appeals, managing collections, etc. The ultimate goal in choosing a billing company is to pick one that is proficient, skilled, and helps you keep the largest percentage of your revenue as possible.
Also, consider the size of the company and your comfort level with the size of your company.
The company can be small, medium, or large, and each company carries its pros and cons:
- Small companies will provide more individualized care, but they have limited resources.
- Medium-sized companies may provide slightly less individualized care, but have somewhat more in terms of resources.
- Large companies may provide the least amount of individualized care, but make up for that with the significant amount of resources they can put towards your practice.
Pricing, of course, is also going to be a crucial factor to consider when choosing your billing company.
Determine if you want to go with percentage-based pricing, fee-based pricing, or a hybrid pricing model. With the percentage-based, the billing company only gets paid if you do. Percentages are calculated by dividing the cost of services by the amount the billing company expects to collect within the contract term. With a fee-based, you’re charged a flat fee for every claim collected. The hybrid model encompasses both percentage and fee-based. Again, each model has its pros and cons, but you ultimately want to pick the model that incentivizes the billing company to capture all the revenue you generate.
Ensure you know all the services the billing company provides–which services include and carry an added charge. Find out if they have a robust reporting system, which helps you accurately track your revenue in real-time on a day-to-day basis, month-to-month basis, and annual basis. It’s essential that they answer your questions and concerns in a timely fashion.
Medical billing companies aren’t one-size-fits-all. You want to make sure you choose the best company for you, as billing will be the foundation for building and growing your profitable practice.
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I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Follow me on social media @DrHassanRehab.