Position Yourself for Success With a New Billing Service
We are excited to present this article from Laurie Morgan, consultant/partner at Capko & Morgan.
Medical billing has become increasingly complex and expensive to manage inside a practice. For small and even mid-sized practices, outsourcing has become significantly more appealing. In fact, a study last year by Black Book Rankings found that 90% of its small and solo practice respondents hoped to outsource their medical billing within the next 24 months.
But while outsourcing can help practices get paid more reliably and solve difficult problems like insufficient billing staff support, it’s not an automatic cure-all. Succeeding with an outsourced partner requires smart and attentive management. And, like other outsourced relationships, success begins by choosing the right medical billing partner.
When looking to outsource, it’s important to consider multiple options, and to put the candidates through a careful screening. Among other reasons, your choice of billing partner is important because you want the relationship to last many years – because you don’t want to have to go through another conversion any sooner than necessary. That means you need a billing service that can grow as your practice grows and deal with all the regulatory and payer changes that affect your specialty.
For managers accustomed to having an in-house biller or billing team, there can be a few unexpected pitfalls to avoid in screening medical billing services. For example, with in-house billing, there are many legal and contract issues you don’t really have to worry about, but that are significant to your decisions about outsourcing. You’ll also need to understand very clearly how your team and your new billing service partner will work together, as well as what kind of troubleshooting help they plan to provide.
Knowing what questions to ask to be clear on issues like these, and making an informed choice of a billing partner, is half the battle in choosing a new billing service. For practical ideas to help you plan your assessment of medical billing service candidates, join me for a complimentary on-demand session, “Eight Questions to Ask When Evaluating Outsourced Medical Billing Services”
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