Is your outsourced billing provider really delivering the best value for your money? Use these 5 questions to find out.
You already know that managing a complex maze of insurance and billing is not what your behavioral health facility should be focused on. That’s why you hired an outside billing company. But are you really getting the kind of performance that lets you make better decisions, reduce your risk, and increase your revenue while reducing costs? Here are five questions to ask your billing outsourcer to help you find out whether you’re getting the value you deserve.These are questions for which your provider should be able to provide supporting data and analysis that confirms that you’ve selected the right medical billing outsourcing company.
- How do I know if our facility is getting its money’s worth?
Your provider should be able to show you performance metrics such as how it has improved the length of authorized stays, increased the number of overturns of denials, accelerated verification of benefits, and shortened the time to claim payout.
- What new and innovative technology are you using to automate and streamline the billing process?
A good provider will be using advanced technology to improve accuracy and productivity while reducing costs. Ask your provider to show you how its software is helping improve your outcomes.
- Is my facility a priority for your company and can you prove it?
For some billing outsourcers, it’s all about volume. Depending on the volume coming from your facility, you may not be that outsourcer’s top priority. Some ways that a provider can demonstrate that your business is a top priority is by assigning a dedicated account manager, designating a claim follow-up team, personalizing reports, conducting in-person training, and interacting frequently with your entire team.
- Can you provide a cost/benefit analysis showing a comparison of in-house billing versus your outsourced service?
Every facility questions whether to outsource billing or not. Does it save you money? Does it improve your business metrics? Does it reduce the effort for your staff? These are questions for which your provider should be able to provide supporting data and analysis that confirms that you’ve made the right decision.
- How do you deliver transparency and accountability for the billing process?
The billing process should not be a black box, where you lose all visibility when you outsource it. Your provider should give you access to all of your claims and you should be able to see what’s happening at any point in the process. Reporting and analytics from your provider should give you in-depth insight into key performance areas to help you make better decisions.
Would you like a free assessment of your billing and insurance management process to learn how you can improve cash flow and increase your revenue?
