Evaluating a Billing Agency
What to Ask -- What you Should Know when Evaluating a Billing Service
Identify long term integrity.
Factors such as character, integrity and honest business practices should be considered. Evaluate these by checking references of both current and former clients of the company. The company’s integrity will protect your practice in the long run more so than price comparisons alone. The Billing service should have a Privacy Policy in place to protect the patient’s health information. The Billing contract should reinforce the company’s commitment to protect the privacy of your practice information. Provider Privacy Protected.
Request information from multiple prospective companies.
Draft a list of questions concerning client demographics, length of time in the field, credentials and billing methods. Be prepared to supply specifics about your practice including financial information. Payments should remain in the name of your practice, be deposited into your bank account or into a lockbox. The billing company should not be able to withdraw funds. Remember, the authority should remain with you. The billing company should contact you for pre-determined guidelines for collection agency referrals. You should clarify any fees associated with these accounts during the contract negotiation process. A collection agency will require a separate contract and fees.
Compare Responses in each area.
Evaluate the strengths of each company and weigh it according to your practice goals. Consider timeliness and presentation of each proposal. You should have a prompt and direct individual to contact concerning your questions.
Notify prospective companies and declined proposals.
Consider conference calls, web meetings or in person presentations from finalists. Notify other companies of your decision, explaining your reasons.
Negotiate Contracts.
The billing agreement should clearly state services provided and client responsiveness. Review termination provisions and fee structures. The monthly billing fee should be calculated based on payments received and not the amount billed. The contract should include specific time frames and provisions for termination of the billing services. At least 60 days should be allowed for receipt of the outstanding collections. A final report identifying all existing accounts and arrangements for the return of documents is expected.
Transition.
The transfer must include information from the prior biller. Contact and cooperation must be established to initiate a successful conversion. The contract documents should identify responsibilities for provision of billing information.