Our Pick: Fortis Medical Billing
Fortis Medical Billing is a company based in the United States that handles the billing and coding of medical personnel. Its purpose is to reduce denial and increase the revenue of a clinic while adopting a high accountability level. Fortis is recommended when you can’t spare the resources from your ASC to set aside for the billing department. Fortis will manage that for you instead.
A higher collection rate will also lead to an increase in revenue
ASC billing audits can be audited when you suspect your success rate is not what you deserve
You will no longer experience as much stress with the practice, as someone else will handle the billing
Your practice can remain fully compliant as Fortis ensures the regulations and policies are continuously respected
Implementing medical billing might take some time, as the company customizes its services for the ASC
The client will only receive the plan of action, but they will need to implement it as well
As ambulatory surgery centers (ASC) have seen quite a bit of demand these days, the billing department may not be able to keep up with the results. Plus, when it comes to ASCs, the billing process is slightly different and much more demanding.
This is why you will need an ASC medical billing company to handle these matters for you. These companies will often work with medical attorneys that know all about medical compliance, offering you solutions to your billing and coding requirements.
With that in mind, there are multiple companies that you can go for – all with their benefits. So, which one should you choose? Well, this guide will present a couple of key factors to consider when selecting the right billing company.
Key Factors to Consider
No two medical billing and coding companies are the same. As a result, when you are looking for a good ASC medical coding company, you have to cross-reference their features with your own company’s needs. Here is what you must keep in mind.
The people handling the billing accounts are the ones you will rely on for results, as they will inspect your accounts and handle your bills. If you have many accounts of a larger size, then a small ASC medical billing and coding company may not do you any good. Without a decent number of trained professionals to match the size of your company, you may end up feeling overwhelmed even if you are not in peak time.
With the sheer number of ASC medical billing companies out there, very few can actually handle every account size. Take a look at the size of your ASC and your accounts to figure out what the scale of the billing and coding company should be. Many things will be relevant here, such as the accepted insurance, number of doctors, average budget, etc. If you have a small practice, then a large-scale ASC coding and billing company may be over the top.
Ultimately, before you choose a medical coding and billing company, you must keep your budget in mind. There are several types of costs that you can choose from.
For instance, some companies ask for a flat fee. On the other hand, other companies may want a percentage of the revenue that you got. Compare the costs from different companies, but make sure you also pay close consideration to the quality of the services.
An experienced ASC medical billing and coding company should have managed to improve the revenue in multiple healthcare companies. Check who hired their services before and if their healthcare billing system went through any significant changes.
A reliable company should have many credentials to support its claim and should also have many years in the industry. Ask them for testimonials, but make sure you also look for reviews from healthcare providers.
While you are at it, you may want to get data on the rejected claims of an ASC coding company. Most companies will be reluctant to show this, so it might be quite challenging. However, those that do give you the information are usually the most reliable ones. It means that they are open and confident enough that have become better at solving the problem in the meantime.
Last but not least, you must keep practice experience in mind. Many medical coding companies claim experience in the medical billing process, but what is important is that they have experience in your specialty.
Ambulatory surgery centers may have multiple practices based on the services that you provide, all of which may require different regulations. The company that you will choose must have all the latest practices in check, especially in your field. If you have a plan to expand, then you may want to hire someone with experience in that practice as well.
Security Measures and Compliance
Security and compliance are two of the most important factors of an ASC medical billing company, and their credibility heavily relies on this. When handling your bills, the billing staff becomes privy to a lot of sensitive health information. A breach can not only affect your practice but also the security of your patients.
ASC medical billing can be at a risk for manual and clerical errors such as inaccurate insurance details or coding mistakes. These human errors, no matter how small, can be catastrophic for your practice. This is because they can mix up your revenue. If your results are incorrect, you may end up spending much more than what your practice actually made. Unattended for long, this can easily lead to bankruptcy.
This is why you need to make sure that the ASC medical coding company of your choice uses the appropriate software to handle your billing. By eliminating human error, the revenue integrity will remain strong and accurate. You should do some research on the kind of tools that are used nowadays and cross-reference them with those used by the medical billing company. This way, there will no longer be that many errors in the billing process.
The Bottom Line
The ASC medical billing and coding company of your choice should be researched very carefully. There are multiple parameters to consider so that you can make the right choice. Also, ensure that what they offer will match your needs.