How (And When) Should You Choose A Medical Billing Service For Your New Practice?

17 June 2022
 Categories: Finance & Money, Blog

Launching your own practice can be complex, with more pitfalls and challenges than many other types of businesses. While the rewards can make it all worthwhile, getting the details right as early as possible is crucial. Once you've worked out your business plan, secured financing, and have your location, you'll need to start thinking about details such as billing.

Medical billing can often be complex, especially when dealing with a wide range of insurance providers and government programs. Hiring a full-time employee to handle these tasks can be costly, and this solution typically won't scale well as your business needs change. As a result, outsourcing your medical billing services can often be a smart move.

When Should You Decide?

You should generally establish your plan for patient billing as early in your planning process as possible. If you're considering in-house billing, carefully consider the numerous costs that can go above and beyond the salary of an extra employee. For example, you may experience more errors in your billing, longer patient payment times, and more difficulty following up with delinquent patients.

It's also important to consider how your decision will scale with your business. You may be able to handle billing yourself or rely on a single employee initially, but how will that change as your practice grows? Switching to a billing service later can incur its own expenses and the frustration of migrating your billing data away from your old in-house system.

Ultimately, if you intend to use a professional billing service with your practice, it's best to do so from the beginning. This approach allows you to work with the billing company from the start to help them meet the needs of your practice while avoiding some of the pitfalls that can arise from transitioning between systems later.

How Can You Choose the Best Service?

Selecting a billing service means choosing a partner that will work with your business and support you as you grow. While you want to ensure you only consider services with a good reputation and experience, these aren't the only factors to consider. For example, if you're opening a specialty practice, you want to work with a service experienced in your field and its unique billing needs.

You may also want to ask potential services some questions about how they bill patients and what steps they take for non-paying patients. Their answers can help you determine if they're a good fit for the type of practice you plan to run. By taking the extra time to gather this information, you'll be able to find a billing service that's a perfect match for your business needs. 

For more information, contact a local company like Medical Financial Specialists.