The medical billing management company you work with can make or break your practice. After all, you rely on their services and workflow to remunerate your staff and keep your business running seamlessly. A slight mistake can, therefore, have a huge impact on your business. With so much at stake, you can’t afford to make mistakes. Sadly, some practices wait until it’s too late to change their medical billing companies. If you don’t want to make the same mistake, here are just some of the signs to watch out for:

Dwindling Level of Service

How long does it take your billing company to respond to your concerns? An ideal company should be proactive and contact you when they detect any anomalies. They should always have a standing appointment to report anything about your revenues. When issues arise, the company should respond promptly. They should act more like a partner than just an ordinary vendor.

Increasing Number of Denials

Denials can occur due to several reasons, such as wrong coding and inadequate documentation. But if your denials are on the rise, and it takes time to resubmit or appeal, it may be a sign of a serious problem.

Average denial rates of about 5% are not unusual, but if they’re higher or increasing, it’s time for a new medical billing management company. Rising denial rates reduce your cash flow and can adversely affect your running operations. A good billing company should understand the importance of cash flows and keep denials low.

Uneven Revenue Collections

The quick submission of claims is important to your revenue cycle. Any delays can adversely impact your cash flow consistency. In addition, delays can also lead to filing issues. You don’t want to keep payers, especially those relying on Worker’s Compensation, waiting for too long because they have short timelines to submit their claims.

Patient Volume and Revenue Don’t Match

Ideally, when the number of patients increases, you should notice a corresponding increase in revenue. But if your revenue collections are stagnant, it’s a sign of an underlying problem. For example, an uneven ratio of revenue collection to patient volume could indicate you’re losing money.

Lack of Transparency

If you’re not getting the right reports, you should think twice. Your medical billing management company should present all the data you need. If you discover they’re hiding some details, it’s time to part ways. Companies with good internal processes have no challenge generating information about your clinic’s performance.

Medical billing management plays a key role in any practice. When you get the right company, your growth will be seamless. But if you get it wrong, it could lead to slow and inconsistent growth. Advanced Reimbursement Solutions in Phoenix and Wilmington takes pride in helping you grow with the right company. Contact us today to speak with a medical billing expert.