Outsourcing your medical billing to revenue cycle management companies be great for your practice because you are able to focus more on providing service rather than on concerns about collectibles. What if your partner billing company begins to falter, though? How would you know if it’s time to sever the partnership? Below are 4 signs your billing firm could be in trouble.
- Undetailed reports. Some 20 years ago, it’s alright to provide gross charge and basic payment reports. But now, data is very important in analyzing patterns of performance. Not tracking revenues and managed care rates is a sign your biller may not be keeping up with industry standards.
- Frequent errors. When you audit your billing, check for claim errors, keying errors, poor credentialing, and incorrectly updated accounts. Inaccurate information is a major cause of denial and it can cause you revenue loss.
- Extra charges. Everything charged should be indicated in your contract. If your biller asks you to pay more for basic services like monitoring, credentialing, and following up a claim or any other arrangements out of the norm, it may have financial issues. Note that you’re not supposed to pay for upgrades in their tools because that’s their job.
- Delayed deposit. One telltale sign that your billing firm could be failing is that it’s no longer able to deliver money as promised. If it’s holding payments a bit longer than usual, it may be struggling to stay afloat.