Are You Getting Everything You Need From Your Billing Company?
Your addiction treatment facility’s billing provider handles one of the most important aspects of your operations—revenue cycle management. This function is critical to your entity’s survival. With so much in the hands of your billing company, are you sure you are using the right one?
To determine if your billing and collections are appropriately managed and you’re getting what you need from your revenue cycle management provider, Infinity Behavioral Health Services recommends asking yourself the following questions:
Is your billing company experienced and well-trained enough for your specialization?
Size can certainly matter regarding which billing company you utilize. A larger company often has the diverse and comprehensive experience that is essential to clients. A medical billing company with addiction treatment background, and perhaps existing clients in that specialty, will have the expertise needed to ensure your claims are most quickly and completely fulfilled.
Is your data truly safe?
Safety of your data is critical. Ask your billing service if they fully backup your data both on-site and off-site. Also inquire what policies exist for restoration.
How are claims followed up?
What are your billing company’s procedures for claim follow-up? Inquire about their procedures for denials, appeals, secondary claims and resubmissions. They should be able to concisely and clearly communicate these policies to you.
Does your billing company provide transparency where it counts?
Your billing company should provide any custom reports you need, including reports of accounts receivables, transactions, claim status reports and practice analysis. Your view into your own operations should be unobstructed and unquestioned.
How does your billing company handle emergencies, vacation time and similar situations of unavailability?
When your billing company cannot provide service for a period of time, what policies or procedures do they have in place to fill the gap? As a matter of courtesy, there should be a point of contact for your facility. Otherwise, you may become victim to your service provider’s vacation schedule.
If you’re considering transitioning to a new billing company, ask each of the above questions and assess the answers before making a final decision. Before signing a contract, Infinity Behavioral Health Services also recommends that you do the following:
- Ensure the billing company has never been investigated or convicted for impropriety
- Ask for the schedule of quality assurance audits
- Request a minimum of three references, consisting of a mix of past and present clients in your specialty
- Inquire about the background or experience of the company’s management team
- Ask for sample reports
Revenue cycle management is a vital function for all businesses. On average, Infinity Behavioral Health Services is seeing a 35% growth in revenue for clients over the first 36 months, with many clients seeing over 200% growth. If you aren’t sure that your billing company is living up to your expectations, contact Infinity Behavioral Health Services at 800-446-3982 to learn more about our services.