Dr. Martinez stared at her practice’s financial report, feeling the familiar knot in her stomach. Despite seeing more patients than ever, her urology practice was hemorrhaging money through denied claims and delayed payments. It was the same for the previous year when she was doing billing with in-house teams. However, even after outsourcing services, the results remained the same.
However, three months later, after partnering with a good and reputable billing company, her practice’s revenue went a lor higher, and she saw an increase of over 28%. What changed? She simply found the right billing company for her special needs.
This example clearly shows how important it is to partner up with the right billing vendor. A bad partner can harm your practice a lot. That’s why we have created this guide on how to choose the best medical billing companies for your urology practice. So, let’s start.
Why Billing Partner Selection Matters?
We have already shared a glimpse of why choosing an important partner is vital. But let’s dig a bit deeper.
Urology practices face some billing challenges that generic billing companies can’t handle. From complex procedure coding for cystoscopies and lithotripsy to managing bundled payment rules, everything is very complex, and general billers can’t do it properly. You will have tons of denials if you try to do it with in-house teams or with bad billing companies.
30-40% of claims are denied on first submission due to coding errors, and each denied claim costs between $25-$181 to rework. If you compound this for multiple denials in a month, you will see a loss of tens of thousands of dollars. So, when we say the right partner matters, we mean it!
Core Factors to Evaluate in a Billing Partner
But the question is, how do you select the right billing company? Here are some qualities that you should look for.
Specialty Expertise
Not all billing companies are created equal. Your ideal billing company must have deep knowledge of urology billing and urology-specific CPT codes. The company and its billers must be experts in using the correct modifiers with these codes.
Ask potential partners about their experience with complex urology procedures. Can they accurately code and bill for robotic prostatectomies? Do they understand the documentation requirements for urodynamic studies? Have they successfully handled billing for multi-stage procedures like staged urethroplasty? Their answer will tell you everything about them. So, if you are not satisfied with the answers, it is better to leave them.
Performance Metrics and Transparency
The most important thing to focus on is the company’s track record of how well it performs on industry benchmarks. Several things can be included in this, like denial rates, claim acceptance rates, days in AR, etc.
Top-performing billing partners should willingly share their key performance indicators. If a company is hiding these from you, then you know what’s going to happen. Expect to see clean claim rates above 95%, average days in accounts receivable under 35 days, and first-pass resolution rates exceeding 85%.
However, too much of a good thing can be harmful. That goes for medical billing as well. e wary of companies that make unrealistic promises, such as guaranteeing 100% claim approval rates or claiming they never have denials.
Experience And Local Presence
Picking up on our previous section, you must always prefer urology billing services from a local billing company. Try to find billing and coding vendors that have a local presence in your city and state.
Also, look for companies that have at least 5 years of experience in urology billing. General experience does not count. Plus, ask them about the experience of their billers. Usually, if their billing and coding experts have 5-7 years of experience, you can rely on them.
Platform Support
Another important thing to look for in a billing partner is the medical billing platforms that it supports. If the EHR and billing software that you use in your practice is different from the billing company, and the company does not support it, you are going to have a lot of problems.
So, you should try to opt for companies that can work with all the famous software like eClinicalWorks, Aetna, DrChrono,a nd others.
Wrapping Up
That’s it. After reading this guide, you must have all the necessary information to choose the right billing partner for your chiropractic billing practice. Don’t fall for unreliable companies and always choose with caution.
However, while outsourcing urology billing services is vital, the real improvement will start from the inside. Take action today. Start by auditing your current billing performance, researching potential partners, and don’t be afraid to ask the tough questions.
Choosing the Right Medical Billing Partner for Your Urology Practice
Dr. Martinez stared at her practice’s financial report, feeling the familiar knot in her stomach. Despite seeing more patients than ever, her urology practice was hemorrhaging money through denied claims and delayed payments. It was the same for the previous year when she was doing billing with in-house teams. However, even after outsourcing services, the results remained the same.
However, three months later, after partnering with a good and reputable billing company, her practice’s revenue went a lor higher, and she saw an increase of over 28%. What changed? She simply found the right billing company for her special needs.
This example clearly shows how important it is to partner up with the right billing vendor. A bad partner can harm your practice a lot. That’s why we have created this guide on how to choose the best medical billing companies for your urology practice. So, let’s start.
Why Billing Partner Selection Matters?
We have already shared a glimpse of why choosing an important partner is vital. But let’s dig a bit deeper.
Urology practices face some billing challenges that generic billing companies can’t handle. From complex procedure coding for cystoscopies and lithotripsy to managing bundled payment rules, everything is very complex, and general billers can’t do it properly. You will have tons of denials if you try to do it with in-house teams or with bad billing companies.
30-40% of claims are denied on first submission due to coding errors, and each denied claim costs between $25-$181 to rework. If you compound this for multiple denials in a month, you will see a loss of tens of thousands of dollars. So, when we say the right partner matters, we mean it!
Core Factors to Evaluate in a Billing Partner
But the question is, how do you select the right billing company? Here are some qualities that you should look for.
Specialty Expertise
Not all billing companies are created equal. Your ideal billing company must have deep knowledge of urology billing and urology-specific CPT codes. The company and its billers must be experts in using the correct modifiers with these codes.
Ask potential partners about their experience with complex urology procedures. Can they accurately code and bill for robotic prostatectomies? Do they understand the documentation requirements for urodynamic studies? Have they successfully handled billing for multi-stage procedures like staged urethroplasty? Their answer will tell you everything about them. So, if you are not satisfied with the answers, it is better to leave them.
Performance Metrics and Transparency
The most important thing to focus on is the company’s track record of how well it performs on industry benchmarks. Several things can be included in this, like denial rates, claim acceptance rates, days in AR, etc.
Top-performing billing partners should willingly share their key performance indicators. If a company is hiding these from you, then you know what’s going to happen. Expect to see clean claim rates above 95%, average days in accounts receivable under 35 days, and first-pass resolution rates exceeding 85%.
However, too much of a good thing can be harmful. That goes for medical billing as well. e wary of companies that make unrealistic promises, such as guaranteeing 100% claim approval rates or claiming they never have denials.
Experience And Local Presence
Picking up on our previous section, you must always prefer urology billing services from a local billing company. Try to find billing and coding vendors that have a local presence in your city and state.
Also, look for companies that have at least 5 years of experience in urology billing. General experience does not count. Plus, ask them about the experience of their billers. Usually, if their billing and coding experts have 5-7 years of experience, you can rely on them.
Platform Support
Another important thing to look for in a billing partner is the medical billing platforms that it supports. If the EHR and billing software that you use in your practice is different from the billing company, and the company does not support it, you are going to have a lot of problems.
So, you should try to opt for companies that can work with all the famous software like eClinicalWorks, Aetna, DrChrono,a nd others.
Wrapping Up
That’s it. After reading this guide, you must have all the necessary information to choose the right billing partner for your chiropractic billing practice. Don’t fall for unreliable companies and always choose with caution.
However, while outsourcing urology billing services is vital, the real improvement will start from the inside. Take action today. Start by auditing your current billing performance, researching potential partners, and don’t be afraid to ask the tough questions.
