In the early days of a medical practice, every decision seems to take on added importance, and there’s less room for error. And when money’s tight, controlling cash flow becomes imperative!
Because 100% of your cash flow is dependent on billings and collections, how you process claims can make the difference between success and failure, making this one of the most important choices you’ll make.
In regards to medical billing, you’ll need to make a few key decisions. First, you’ll need to determine whether you’re going to attempt medical billings on your own or hire an outside company.
If you decide to hire a medical billing services company, the main criteria you should evaluate are:
- Average collection rates (in terms of percentages collected and number of days to process a claim)
- Accuracy of medical claims filed
- Years of experience in the medical billing industry
- Type of medical billing / EMR and EHR software used
- Responsiveness and customer service
If you opt to process claims-in-house, you’ll need to choose an effective, easy-to-use medical billing / EMR and EHR software. Be careful that you don’t purchase EMR / EHR software that’s attached to a medical billing company. Many doctors are told, “billing is billing,” only to find out months later that the practice has no relationship with their billing provider, can’t meet them in person, and are having trouble with cash flow.
