An offshore medical billing company is a third-party company that handles all the tasks related to a healthcare facility’s medical billing and coding. The offshore medical billing company submits and follows up on claims with insurance companies so the medical practice can quickly get remittances for the services rendered.
Choosing an offshore medical billing company has several benefits. These include getting precise and prompt confirmation of patients’ insurance eligibility, achieving better security of patients’ data, decreased errors in medical coding and billing, and enhanced productivity. Medical practice can also avoid lawsuits and sanctions for non-compliance with regulations by choosing an offshore medical billing company with its vast knowledge of changing regulations. With the offshore medical billing company taking care of the revenue management, providers and medical practice owners can focus on doing what they do best – delivering quality patient care.
While a nearshore medical billing company may likely offer the above benefits, an offshore medical billing company provides the added advantage of lower cost of outsourcing medical billing. For instance, when you partner with an offshore medical billing company in India, you get the work done at a lower price, thanks to the US dollar and Indian Rupee exchange rate. And this is done without compromising HIPAA guidelines. The different time zones ensure that your billing for the day is already done before you open your practice the following day. With its vast English-speaking talent pool, India is a favored destination for medical billing outsourcing.
What to Look Out for When Choosing an Offshore Medical Billing Company
The key to enjoying the benefits mentioned above depends on choosing an offshore billing company with your medical practice’s best interest at heart. Here are a few tips for choosing an offshore medical billing company that’s right for your medical practice.
1. Check the company’s performance history and reputation.
If you are going to be outsourcing your practice’s medical billing, you need to be sure that you are getting capable hands. One certain way of measuring a company’s capability is finding out how long they have been in the business and what kind of reputation they have been able to maintain for the time they have been in the industry.
The vast number of years an offshore medical billing company has stayed in business can indirectly point to the fact that customers or clients have been satisfied with their services and have allowed them to thrive for that long.
Does the company you are considering offer a performance guarantee? If a company is confident about the quality of services they render, they’ll agree to document expected performance through an SLA (service level agreement).
Also, ensure that you check out the reviews the company has been able to amass during its lifetime. Clients are likely to express their true feelings about the company in their reviews. The reviews give you an idea of what to expect when you do business with them.
2. Check the ICD-10 coding and EMR system expertise
The International Classification of Disease, ICD-10 coding system is the solution that offers error-free claims. So, ensure that the medical billing staff is proficient in ICD-10 coding. Check with the coding certifications of the staff employed by the medical billing company. Request a demo if required on your top transaction volumes.
To get the best results in your medical practice, be sure to hire the services of an offshore billing company that has experience in using the software you use in your medical practice. For instance, Elite Offshore has worked on Advanced MD, GE Centricity, Avid Anesthesiology, Med Evolve, EClinical Works, MedInformatix, Athena One, Allscripts, Kareo, and many others.
3. Confirm that the billing company is HIPAA compliant
It will serve your medical practice well if you do business with an offshore medical billing company that is Health Insurance Portability and Accountability Act (HIPAA) compliant. The Act sets the standard for sensitive patients’ health data protection. So, working with a billing company that is HIPAA compliant will afford you peace of mind, as you can rest assured that your patient’s data will in no way be mismanaged or your database hacked into.
4. Scope of services offered.
5. Gauge the estimated cost of services versus service delivery
You want a good deal. However, when it comes to medical billing, the cheapest service is not always the best option, and neither is the most expensive one. What should be most important to you is the quality of service delivered. When gauging the estimated cost of services, answering the following questions will help a great deal:
6. Check denial management and AR collections.
Claims denial is a normal part of the billing process. To ensure that you do not run at a loss, you need to salvage those rejected claims and minimize the risks of having claims flowing into the accounts receivables bucket. The medical billing company you choose must be one with a strong denial management team so that your medical practice can have the maximum support needed for the seamless handling of such rejected claims. Nothing should be assumed. Instead, inquire about the support your practice will be getting in denial management. Also, if you have aging accounts, check if the company can assist you with AR collections?
Paying attention to the above pointers will go a long way in ensuring that you choose the right offshore medical billing company. Elite Offshore Resources is committed to ensuring that you are spared the hassles of having to deal with large chunks of patients’ data and other medical billing-related tasks while improving your practice’s revenue with prompt remittances. We also deliver premium administrative support for your facility’s non-clinical tasks. Contact us today to get the best for your medical practice.