The 5 Most Important Questions You Should Ask a Prospective Billing Partner
Dr. Michael Fossum, CEO, Nobility RCM
When a medical practice decides to partner with a new billing service provider, there are typically one of three over-arching reasons for the change: (1) the client’s hair is proverbially on fire due to ongoing crises with the current medical biller, resulting in the practice experiencing a significant decline in its financial health; (2) the client is so inspired by the value proposition of the new medical billing service provider, it’s unquestionably worth making the transition; or (3) the medical billing process has simply become too overwhelming for office staff to adequately manage, and a billing partner is the next natural step to alleviating those back office pressures.
Regardless of which scenario applies, it is critically important to ask the right questions when considering a new medical billing partner. Using these questions as your guide for vetting the billing company will help to ensure you receive quality services that meet the specific needs of your practice.
Are specific metrics utilized to assess the performance of the medical billing partner? If so, what data is tracked and how is it reported?
How and when will the medical billing partner communicate with your practice? What type(s) of information will be delivered through those communications?
How is the billing partner’s company structured and what support team and resources will be deployed to your practice?
What steps will the medical billing partner take to deliver service, and why are those steps optimal relative to other options in the market?
What examples can the medical billing partner provide to demonstrate how they have historically provided exceptional outcomes? Do they have reviews, endorsements, and/or current clients willing to share their experiences with you?
Every practice is unique, and as the practice owner, you have distinct goals and objectives aligned with your short and long-term growth plan. Taking the time to ask the right questions will help you identify the best partner to support your medical billing processes and improve the financial position of your practice.