How to choose the best Medical Billing Vendor for your practice?

Deciding to switch from in-house to out-house Medical Billing Service is a step that has future implications for your practice growth and revenue. There are certain aspects that you consider before making the switch, which include the capacity of your practice to maintain an in-house billing department and readiness to adopt ICD-10 among others.

Once you decide to switch to the other side of the spectrum, you have to choose the Medical Billing Vendor that can help you maximize your revenue and increase cash flow. This may not be an easy task, as there is plethora of medical billing companies ready to sell you their services. So, how do you pick the one medical billing vendor that will meet all your billing needs?

The best billing vendor will be able to reduce your receivables and decline rate, and increase your insurance payments. Your medical billing vendor should:

•  Reduce your claim denial rate. The vendor that has an in-house clearinghouse will be able to scrub your claims properly before sending them to the insurance company, thus, reducing the chances of denials or rejection.
•  Save you money after outsourcing. Your vendor should be able to appoint you a dedicated billing agent, who will look after all your billing needs and keep you updated.
•  Be ready to adopt ICD-10 when it is implemented. Their billers should be adept in the new, complex coding system, which is essential for successful processing of claims.
• Be HIPAA Compliant. The company should be trusted to secure your financial information and have security to avoid breaches.
• Able to cut down the time in-house billing takes to reimburse claims.
• Offer you the services to follow-up on your patient collections.

The underlying purpose of these services is to enable physicians to focus more on their patients’ care than worry about their practice business.

CureMD offers its clients best outsource billing experience. According to a research published by CureMD billing experts, 87% of their clients reported increase in cash flow. To view the research, please click on the following link.

Must Read: Top reasons to Outsource Medical Billing