Medical Billing Services: Top 10 Questions to Ask Yourself When Shopping

Your “buyer’s guide” to medical billing services, and the important questions you should be asking prior to hiring one, answered below:

1. Are they good at what they do?

It’s important to know the track record of medical billing services when making a decision.  What do they claim that they will achieve for you?  One metric to keep in mind is what percentage of claims will pass the first time they are submitted.  A high percentage ensures that there will be minimal denials and follow-up, which indicates a well-run and knowledgeable staff.  Another number to pay attention to is how soon EOBs will be posted after they are scanned in to the staff.  Any given time over 24 hours is too long for what competent, effective medical billing services should provide.

2. Do they know my field?

Many billing services encompass all of the medical field, including general physicians, dentists, and medical professionals. When a billing staff must focus on multiple disciplinaries, their speed of work can be hindered. Contrastingly, when a company focuses only on one area of the medical field like specialty medicine for instance, they are ready to take any task that comes their way because it is the sole form of billing that they do.

3.  Are they cost-effective?

The typical range that a medical billing service will charge is 5-14% of claims. If they’re asking double digits, you’re paying too much.  The very lowest you’ll find is 3%, but in these cases you will usually be treated as a number, for such companies work with high volume and provide sparse customer service.  eMedic Billing operates at one of the best rates out there at 4.75%, and the president Alex is always just a phone call away.

4.  Can I trust them?

You never quite know what (and who) you’re getting with medical billing services, and if you can rely on them, and trust that they know their stuff.  Alex makes himself very available not only to his clients but also the public, as he offers plentiful amounts of tips on his YouTube channel here on billing for medical professionals.

5.  Would the advent of universal healthcare render medical billing services obsolete?

On the contrary, collecting from government programs like Medicare makes up a lot of business for billing companies.  Medical professionals will still need to collect from a third-party, whether it be private or governmental.  If anything, the need for medical billing services will increase as healthcare coverage becomes more available and accessible to anyone who needs it, whether it be via employer benefits, government programs, private plans, market exchange, etc.

6.  Is there any risk upfront?

Some medical billing services lock you into long-term contracts, have sliding scales based on total revenue, and don’t let you try out the service before diving full in.  It’s important that you feel comfortable with the company you choose, and be able to do it risk-free.  Look for medical billing services that offer free trials with no upfront contract and month-to-month service.

7.  Can’t I do this myself?