Medical coding is a crucial component of the healthcare system. Entrusting this task to a specialized medical coding company can streamline your practice, ensuring accurate transformation of diagnoses, procedures, and services into universal codes. This partnership not only alleviates non-medical burdens but also boosts revenue. Rely on a reputable medical coding company to alleviate stress and reduce healthcare debt.
A medical coder’s job is to look over and assign standard codes using the CPT, ICD-10-CM, and HCPCS Level 2 classification system. Medical billers on the other hand follow up the claims documented to health insurance companies for payment of healthcare services given.
Now, the most important question is, “how to hire the best medical coding company”? There are varieties of medical billing companies and proper questioning and inquiries will make it easier for you to select the right one. Careful selection is important due to the significance of billing and coding in the healthcare system. Here are a few crucial things you should keep in mind before hiring a medical coding company to fulfil your needs.
1. Service Cost:
How much does it cost? It should be the main concern for their provided service. Usually, the percentage is decided against all receipts. If the percentage is fixed around about three to four percent, it’s all right but more than that will be lofty. Check the charges of other companies too as you are thinking of increasing your revenue. Any additional charges should also be discussed before hiring. For example, data conversion, termination, and fees of a start-up. You must keep in mind that you are spending an amount on the billing company.
2. Services Experience of a Medical Coding Company:
Check the experience of the company in a relevant field whether they have experienced staff for handling medical coding and collection systems before contracting to regulate your finances properly. For example, some of the companies have more professional and qualified staff that allows medical billers to apply charges and respond efficiently in the past. Moreover, insurance payment practices are handled effectively. There is no match of experience even certified coders and billers require experience to get in shoes. Understanding physicians coding and billing accordingly demands experience. Companies that have recommendations can be easily chosen without any discomfort. So, it is important to get information about the company based on past projects.
3. Number of Follow Up Claims Every Month:
Before hiring, it is important to know that the company would be able to handle a large amount of data without any complaint and with positive feedback. Medical coding companies are responsible to handle highly analytical data with care by using specialized software.
4. Customers satisfaction:
You must check customers’ previous reviews about the coding company as documentation is not a single factor. You must check that the company has an experienced staff that handles their customers appropriately. Moreover, how can any type of complicated cases and rejected cases be handled by them? Additionally, you should have information about the percentage of approved cases.
5. Presence of Transparency:
Transparency of the hiring company is a very critical and crucial factor while dealing with data processing and services. It is important to sort out a reputed and experienced company. A slight error can result in incorrect billing. It begins with doctors’ reports and omission of any detail can result in under-billing or deducted revenue for the healthcare facility. The transparency procedure starts with a detailed proving of procedures and medical equipment used for treatment.
6. Time Taken to finalize the given tasks:
It is very important to keep in mind the whole time the company is taking for given tasks. Try to find a company which can speed up this procedure. It is important to note the average time spent on each client.
As companies work on the cloud, it is essential to know the exact location of the company.
8. Practice Management System:
Different management systems have different practices. So, it is better to follow a company that is familiar with different management systems. It will be easy for you to rely on the company. The market has different credible systems:
- Ge centricity
- Athena health
Most medical coding and billing companies use office equipment such as computers, printers and phones to give a satisfactory service. To communicate with healthcare providers and insurance companies, scanners and fax machines are also required.
Clarity and clearness are important factors. Medical coding companies deal with information protected by HIPAA. They deal with conserving the privacy of the patient to protect their employer from legal action and establish several regulations for the electronic transfer of healthcare data. A medical billing company allows you to gain accurate and immediate reports about the finances of the practice. This is essential since it is dealing with your practice that is a matter of concern. You have a right to know about everything either it is technical or out of your domain.
A good company will take care of all procedures related to medical billing along with the correct documentation of patients. Some of the few questions you should keep in mind before hiring a coding company for your satisfaction.
- How much time is spent with each client?
- How do they manage denied claims?
- How does the company deal with documentation?
- How does the company do the audit filing?
- Where is the company working?
- How does the company deal with clients?
- What is the general status of the company?
It is concluded that before hiring a medical coding company, it must provide services of quick submission of claims, monthly reports, online payment portal, exact and accurate coding and decoding and much more. It must have the experience to handle claim denials and appeal if reasonable.