<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=254852510804694&amp;ev=PageView&amp;noscript=1">

Jan 28, 2022 5:42:29 PM Practice EHR

Medical Billing Services: How to Switch Without Leaving Money on the Table!

Should you be looking into switching your medical billing services provider?  The relationship between medical practices and their medical billing company is like a marriage.  They are solid long-term relationships that often remain intact longer than they should because no one wants to deal with the painful separation.     

All partners should actively share the responsibility to ensure the practice's success. If the practice is financially successful, the medical billing services company also benefits. It is unreasonable to expect the billing company to submit claims efficiently without accurate patient demographics and insurance information. The practice must complete chart notes timely and should timely communicate any changes to contracting issues or new providers. The practice must also timely handle requests for medical records, appeals, and corrected claims when necessary. Outsourcing medical billing and collections can bring a higher skill level and dedicated resources to the team, but it still requires the active involvement of both partners. There are many factors to consider when determining if it is time to dissolve the current relationship.

The following are frequently forgotten or need to be given adequate attention.

  • The current relationship is broken if those scenarios and contributing factors are not reviewed carefully, as it can lead to repeating the same mistakes.
  • Adequate attention should be given to whether the medical billing software is integrated into the existing electronic health record (EHR). Without integration, additional thought must be put into daily communication between the two partners.
  • Every new billing relationship will mean a new enrollment with the payors.  Are you financially prepared to weather a window of delayed payments?
  • No one leaves a relationship without some baggage.  Who will be responsible for resolving the residual accounts receivable (AR)? 

Evaluate Reasons for Change 

When the revenue falls flat or declines, it is easy to blame the medical billing services company. The percentage of collections will always be advertised as so much higher somewhere else. Be sure the root problem lies solely with the billers rather than with a change in your payor mix to plans with lower reimbursement rates. If the dip in revenue results from a change in your service mix, patient mix, or even the financial demographics of your local area, it is unlikely that a new medical billing partner will restore the practice to the good old days.

Remember, the EHR is there to bring more efficiency to the practice. Scanning daily superbills/charge tickets and excel sheets for daily copayments to be posted by someone else undermines efficiency. Redirecting the patient standing in front of the front desk to call the billing office for their account balance also undermines efficiency. An integrated EHR software can provide the expected efficiency and transparency to the relationship. 

Consider the Reality of Transitions 

Most payors will accept a dual enrollment for claims submission, but few allow more than one clearinghouse of record for returning the ERA. Even the best planning may leave a gap between the ex-vendor and new vendor remits. It is essential to anticipate the gap and have a contingency plan for receiving remits from a former vendor and posting remits received in the new clearinghouse to charges posted in the old system. Enrollments may delay claim submission or require the billing team to wait for remits to reconcile with the EFTs in the bank.   

Don't Leave Money on the Table While Switching Medical Billing Providers

The 'wind-down' period defined within the contract may provide sufficient time to resolve all outstanding receivables completely. Accept the reality that few billing services will adopt the existing accounts receivable. Companies rarely migrate financial records into a new system. Fewer vendors will allow unlimited access to their system once the contract has been terminated. We should discuss a detailed plan to ensure that the responsible person appropriately collects all revenue.

Every relationship has challenges, growing pains, and even minor annoyances.  Eyes wide open remains the best advice when searching for the best medical billing services company for the practice.  Honestly evaluate the needs and reasons to change; anticipate the realities of transitioning from one vendor to another, and don’t leave money on the table due to lack of planning.  

We would love to share more with you about Medical Billing best practices and how we can help your practice optimize your medical billing process.  Contact us today for a free demo on how we can help you streamline your medical billing practices, improve patient collections and help your medical practice not leave money on the table during the transition.   




Topics: Revenue Cycle Management, Medical Billing, Medical billing services

NEXT UP Rectangle-blue Rectangle-green Rectangle-orange

7 Reasons For Insurance Claim Denials and RCM Services

7 Reasons For Insurance Claim Denials and RCM Services

In the complex world of healthcare and medical billing, insurance claim denials are a major roadblock for medical practices. These denials can...

Important EHR Features to Improve the Patient Check-In Process

Important EHR Features to Improve the Patient Check-In Process

The concept of Electronic Health Record (EHR) has revolutionized the healthcare sector with its helpful features. By 2021, 96% of the acute care...

What Do You Need to Know About Telemedicine?

What Do You Need to Know About Telemedicine?

Telemedicine has revolutionized how practitioners interact with patients and provide optimal patient care. According to a study, telemedicine...

Best Solutions to Improve MIPS Reporting

Best Solutions to Improve MIPS Reporting

The Merit-based Incentive Payment System (MIPS) is a reimbursement program that rewards high-value and high-quality healthcare performance with pay...