Finding the Best Medical Billing Company For Your Practice

 Take the hassle out of medical billing with a professional billing provider. Get familiar with industry best practices and learn how to find the ideal partner for your practice’s needs. Navigating the medical billing process can be complicated, but partnering with a professional medical billing company can help make it easier. Learn about industry best practices and how to find the ideal partner for your clinical needs.

Understand What Medical Billing Providers Can Do.

A good medical billing provider will be familiar and experienced with the coding and documentation requirements of professional insurance companies and have a comprehensive understanding of your clinical workflow. Look for a company that can handle all aspects of billing, including insurance verifications and authorization, data entry, payment posting, denial management, accounts receivable follow-up, reporting, and analytics.

Refine your search to billing companies that specialize in your field or specialty.

Different medical specialties require different billing and coding requirements. Additionally, some medical billing companies may only be able to assist with certain areas of services, such as primary care, general surgery, radiology, or laboratory billing services. Make sure to narrow your search to those that specialize in your specialty and can meet the unique needs of your practice.

Analyze your goals and compare options for billing rate structures, payer options, and support services from each potential provider.

When selecting a medical billing company, compare the rate structures each offers. Does the company charge per claim processed? A percentage of total reimbursement? Is there an additional fee for the processing of electronic claims? Additionally, you should consider how many and which payers are in the network with the potential provider and compare options for support services such as eligibility checks, patient statements, and prior authorization, just to name a few. These can make a big difference in your practice’s efficiency and bottom line.

Assess how the companies integrate with your electronic medical record (EMR) system or platform of choice (if applicable).

If you have an EMR system, look for a billing partner that is integrated with it. This ensures efficiencies such as reducing instances of duplicate data entry, streamlining data access and transfer among multiple stakeholders, and enabling reporting capabilities to track payment trends and practice performance over time. Look for a proven track record of success on the platform that you use in your practice — this can help ensure smoother operations when it comes to billing.

Research the financial stability of your potential medical billing company by reviewing its track record and references.

It’s essential to know the financial stability and capabilities of your potential billing partner. Review their track record and ask for references from customers who have been successful with the billing company. Talk to them about whether they have seen improved performance since partnering, if payments are on time, what challenges they faced, and how the billing company addressed them. This can help you decide if a billing provider suits your practice’s needs.

For smaller practices, we recommend Sosa Practice Partners. They are a family-run medical billing office that specializes in small practices. Get in touch to learn more.