10
Criteria for Selecting your Medical Management Partner
Selecting a billing company is one of the most important decisions
you will make in managing your practice. Choose well and it
will give you the serenity of a well run business. Choose
poorly and it will become a constant distraction taking time
away from you to practice medicine.
1. Experience
You’ve made a career of medicine, shouldn’t your
management partner have made the same commitment? Assure yourself
that your potential partner has been in the business for a
long time and will continue to act on your best interests
for years to come.
2. References
Contacting a billing partner’s references is a good
way to judge the quality and reliability of their. Ask for
the number of references that a billing company has been working
with for over five years. Request a list of contacts that
you can call to get feedback.
3. Sound Financials
Is the company you are dealing with big enough that they can
withstand sudden change in the industry without it effecting
their ability to render service? Are they profitable?
4. Patient Care
You may think of patient care as what happens while under
the physicians charge but what happens afterwards? A person’s
lasting impression of your practice will depend on how they
are treated when they leave your office. Is your billing company
able to provide quality communication with your patients?
What percentage of your patient calls reach a billing specialist
on their first call?
5. Financial Reports
Monitoring your practices financial performance will be dependant
on having access to a complete and accurate set of reports.
Among there, you should find;
| • |
Billing, collections & accounts receivable analysis |
| • |
Accounts receivable aged trial balance |
| • |
Collections report |
| • |
Denial Appeals Report |
| • |
A/R Aging by Category |
| • |
Bad Debt/Collections report |
| • |
Charges and payments |
| • |
Patient Analysis |
| • |
Payer Mix Analysis % of Charges |
| • |
RVU based statistics |
6. Quality Coding
With upwards of 30% of initial claims being denied, it is
critical to get your claims correct in the first place. This
will depend on quality coders providing quality coding. Does
you management partner have professionals certified by the
American Academy of Professional Coders (AAPC)?
7. Technology
So much of medical billing is technology related today that
a billing company cannot offer an efficient service without
world class technology. What is the underlying database technology
that you billing company uses? Do they offer complete solutions
including ancillary services like document imaging and appointment
scheduling?
8. Compliance Planning
Does you potential partner have a written compliance program
that is compatible with your own?
9. Quality Assurance
Quality oriented medical billing is about repeating processes
with accuracy and reliability. This doesn’t happen without
well thought out, documented procedures. Does your potential
partner have a written quality assurance plan? Are they willing
to share results with you?
10. Communications
To feel comfortable with a business partner, you’ll
need more than great technology and quality processes. You’ll
need the human touch that says you are in good hands. Are
you comfortable with the management and client services representatives
you meet? Does your potential partner have additional programs
like newsletters and educational seminars to make sure you
are ahead of the game?
