Outsourcing medical billing and coding can be a smart move for healthcare practices. With rising demand and staffing shortages, especially after the pandemic, many healthcare organizations rely on Revenue Cycle Management (RCM) companies. Reports show the healthcare outsourcing market will grow by $7.43 billion between 2022 and 2025.
Since there are many options, it’s important to evaluate them carefully. Here are 10 simple steps to help you select the right medical billing partner.
Know Your Practice Size
Some billing companies specialize in large practices, others in smaller ones. Choose based on your team size, number of physicians, and accepted insurance types.
Check Experience
Look for companies with proven success and experience. Read reviews and client testimonials to understand their track record.
Specialty Knowledge
Ensure they understand your specialty. If you expand your services in the future, they should be able to support that.
Staffing Capacity
Confirm they have enough trained staff to handle your billing needs efficiently, even during busy times.
Compare Pricing
Understand their pricing model—flat fee or revenue percentage—and always compare a few quotes.
Compliance & Security
The company must follow HIPAA standards and use secure systems to protect patient data.
Claims Denial Handling
Ask how they manage claim denials and how quickly they resubmit them.
Technology Use
Choose a company that uses updated billing software to minimize errors and improve efficiency.
Customer Support
Good communication is key. Make sure they offer reliable support via phone, email, or chat.
Extra Services
Many billing firms offer additional services like credentialing and customer support. Choose a company that can help you grow.
