5 Things to Know When Outsourcing Your Medical Billing Services In New jersey, the healthcare industry is growing at the pace of 2. 4% on the year 1990 - 2010. The medical accounts receivable and coding occupation was listed as one of the top occupations inside healthcare industry through the New Jersey Department of Labor as well as Workforce Development. The major answer why healthcare providers choose to outsource medical accounts receivable services in New Jersey could be because of the high price of hiring and retaining an expert professional.
Outsourcing to your medical billing company is more cost-effective when compared with maintaining an in-house accounts receivable team. However, you need to choose a company with extra caution as your livelihood depends onto it. In addition on the background of this billing company as well as their fee composition, the five things you ought to look for whilst shortlisting a accounts receivable specialist are:
Experience and / or training
Although experience is always an added bonus, you also need to ensure that the professionals hired by the billing company have received proper training. Inquire not just about the company owner's experience but also the staff's background and experience of the billing professionals. Are they committed to keep themselves updated on the continuous and ongoing training of new standards in the industry or not, are a few things to keep in mind. Check for their credentials and the type of education they have received.
HIPAA compliance
It is necessary to check if the company is HIPAA-compliant and if yes, what procedures are in place to ensure strict adherence to the regulations. A lack in security of patient data can land you in trouble and call for unnecessary audits.
Reporting Details
What kind of reports will the company provide you? Will any customized reports be provided, if need be? They should provide basic reports of transactions, payment posting, claims status reports, practice analysis and accounts receivables.
Policies and procedures
Inquire about the policies the billing company would follow in case of emergency, leaves or any other situation. The company should have proper procedures in place in case of an emergency. Another important aspect to consider is if the company will be available to your office as well as your patients..
Claims follow-up procedures & specialty claims
Ask the billing specialist about their procedures on claims follow-up, denials, appeals, resubmissions, and secondary and tertiary claims. If you practice a particular specialty, it is preferred to have a billing company particularly knowledgeable about your specialty.
MedicalBillersandCoders.com has presence across all the major cities in New Jersey such as Newark, Jersey City, Patterson, Elizabeth and Edison. The company has over a decade of experience in healthcare billing services. MBC offers effective New Jersey billing services with HIPAA compliance and extends RCM consultancy services too.
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