3 Pitfalls to Avoid:
1. Choosing the wrong vendor:
With many choices available, at times it can be difficult to know when you are choosing the best vendor for your physician billing service needs. Don’t let a small pricetag influence you to make a hasty decision. The first step is to ask questions and do your research. It is important to check references and independent reviews.
Customer testimonials are a great, unbiased way to determine the validity of a company. Have you heard the saying, “where there is smoke there is fire”? Well the same goes for company reviews. So ask for references and give them a call but also seek out your own independent reviews on the internet. Keep in mind that if a company won’t provide references, that is a red flag.
Switching companies is a large and important task, therefore you need to be confident in your decision. Choosing the wrong vendor could put you right back in this same position sooner than you think. You want a vendor who puts your practice first and you shouldn’t settle until you find that.
2. Not confirming what your service covers:
Before you sign on the dotted line, it is important to know exactly what your service covers. This is the best way to avoid hidden fees or problems down the road. Some vendors may simply send out your claims and handle customer inquiries when necessary, while other vendors have value-add services included with your contract.
Take Applied Medical Systems (AMS) for example. AMS offers value-add services that other billing companies may not provide, such as:
Full Revenue Cycle Management:- Eligibility Verification
- Coding Review
- Charge Importing or Posting
- Claims Submission & Management
- Payment & Denial Importing or Posting
- Automated Reimbursement Verification
- File Secondary & Tertiary Claims
- Denial Resolution & Appeals
- Patient Statements, Payment Plans & Collections
- Financial Reporting, Benchmarking & Data Analysis
- Credits & Recoupments
- Electronic Health Records (EHR) Integrations (EHRs we integrate with)
- Rules based Practice Management System
- 98% paperless process
- Scheduling Software
- Patient Appointment Dialer
- HL7 bidirectional interfaces
- Patient Payment Portal
- eStatements
- Cloud based document imaging and management
- Progressive Denial Prevention
- Preloaded CCI & LCD edits
- Carrier specific rules and edits
- Client Driven Access & Reporting
- Hundreds of unique analyses and “drill-down” functionality
- Continual visibility and oversight
- Real Time Eligibility Verification
- Real Time Payment Accelerator
- Real Time Patient Liability Calculator
- Fee Schedule Updates
- Provider Credentialing
- Managed Care Enrollment
- EFT/ERA Enrollment
- Encounter Form Design
3. Read the terms and fine print:
Do you know how long of a contract you are signing? Is there a penalty for canceling the contract? These are two examples of questions you want answered prior to signing. In fact, it is always a best practice to have an attorney look over the contract for a physician billing service. The attorney can help clarify legal jargon while looking out for your best interests.
