5 Factors to Consider Before Switching Anesthesia Billing Vendors
The success of your anesthesia practice depends on your ability to partner with the right anesthesia billing vendor. If your current anesthesia billing services provider isn’t doing a great job, you should consider replacing them.
If you decide to switch anesthesia billing vendors, you shouldn’t just settle for any anesthesia billing company near you. These are the five minimum factors an anesthesia billing vendor must meet before you consider contracting with them.
5 Factors an Anesthesia Billing Vendor Must Meet
1. Specialist in Anesthesia Billing
While generic medical billing vendors might seem as capable, they will miss some crucial aspects of anesthesia billing.
Only a specialist in anesthesia billing understands the intricacies of anesthesia billing as they consider proper billing and coding of anesthesia services. A specialist in anesthesia billing knows correct data collection recording, such as:
- Duration of procedure
- The difficulty level of the procedure
- Modifying factors
2. Communication & Responsiveness
One factor contributing to customer discontent is a failure to respond fast enough. An anesthesia billing vendor should always respond when you contact them seeking answers. Similarly, they should provide analytics for a specific service line as soon as possible or have real-time reporting.
3. Accounts Received Collections
In revenue cycle management, seeing your entire accounts receivable (AR) balance grow every month can be aggravating. The ideal anesthesia billing vendor should actively pursue unpaid line items and claims, not just collect the easy claims. An anesthesia billing vendor with a record of long accounts receivable days is a red flag.
4. Provide Detailed Financial Reports
It is best practice to have a clear insight into your practice’s financial performance. A good billing company should provide frequent reports detailing reimbursement percentages, cash flow projections, collected vs projected amounts, AR due, revenue comparisons, and service provider summaries. Be sure to review what type of financial report the anesthesia billing vendor is going to provide.
5. Trustworthy
Your billing vending company should operate transparently, granting you access to all data and doing so in an easy-to-access manner.
For instance, there should not be a discrepancy between patient volume and collections. If the number of patients increases, there should be a commensurate rise in revenue earned.
Why Is It Important to Have a Proper Anesthesia Billing Vendor?
It is essential to pick the right anesthesia billing vendor to eliminate missed charges, improve collections, better your chances of retrieving AR, minimize AR, and improve transparency in transactions and collections.
Further, the right vendor should have an excellence in anesthesia billing compliance, which ensures:
- Confidence in their anesthesia billing services
- Improved revenue over time
- Eliminates constant errors
- Minimizes issues with payors / insurance companies
Contracting the wrong anesthesia billing company will result in claims denied and lost revenue because of improper and sloppy documentation for services you genuinely provided.
How to Maximize Anesthesia Billing Performance
To make the most of your anesthesia billing performance, you should collaborate with your billing or coding specialists to have them learn the types of insurance accepted by the facility and review the payors’ policies and how it affects your delivery of services and documentation.
Once you have the necessary data, the anesthesia billing vendor should draft relevant anesthesia billing guidelines to streamline the billing process.
How to Tell If Your Anesthesia Billing Vendor Is on Track?
The best way to tell if you chose the right anesthesia billing provider:
- When the anesthesia billing vendor values you as a client
- Provides complete and understandable financial reports
- Complies with the law when billing customers
- Specializes in anesthesia billing coding and processes
Why You Should Switch Your Anesthesia Billing Vendor to Medi-Corp
To ensure your anesthesia billing stays on track and in compliance, switch to Medi-Corp, as we specialize in anesthesia billing. We have over 25 years of experience providing anesthesia billing and practice management services. Contact us today at 877-684-9114 to switch anesthesia billing vendors.