Health care
providers move fast when it comes to collecting. They send out frequent
reminders, duplicate bills and, sometimes, erroneous statements. It adds up —
but to how much?
When
selecting a bill review company, there are a lot of factors you should
consider, from the company’s experience and level of expertise to the
technology they utilize to streamline the bill review process. But what it all
boils down to is this: You need an accurate estimate of how much money you
would actually save by using their services. It’s a number most bill review
companies have at the ready, but it’s important to read the fine print when
comparing multiple companies. Are you really getting an apples-to-apples look
at how each company conducts bill reviews?
Here are
some important questions you should have answered before you’re able to make a
truly accurate comparison:
Is duplicate bill detection included in
savings?
For some
bill review companies, it is. Others tout “true” savings reflected once
duplicates are eliminated. Because bill duplication can potentially be a
significant source of reported savings, that can swing the percentage of
savings quite a bit and affect your decision. It’s something you should verify
before comparing total savings. Regardless, you should research not only
whether the company includes it, but the degree of precision, accuracy and
efficiency.
How are reconsideration requests considered?
Reconsideration
requests are going to happen, and should, to some degree, if your bill review
company is doing their job. But when reporting savings, a sloppy accounting of
reconsideration requests can skew the numbers. When a reconsideration request
is processed, a company might log that as a new bill, counting it in addition
to the existing one — effectively double-counting some savings and giving you
an inaccurate accounting. In other words, they might be leading you to believe
you’re saving more money than you really are.
Why should I concern myself with process?
When making
decisions, especially decisions that can potentially save millions of dollars,
it’s important to have accurate information. If you’re evaluating your current
bill review company, it’s important to know how much money they actually saved
you. If duplicate bills are included in the savings numbers, is that really an
accurate representation of what they saved you? These are the questions you must
ask so you know you’re getting an accurate representation of the value your
vendor is providing.
The right information for the right decision
Asking the
right questions is the key to finding the bill review company that will save
you the most money. All of these questions have easy answers that any bill
review company can provide for you, as long as you know to ask them. Once you
have the right information, you can make a more accurate comparison to help you
maximize your total savings. If you have any questions or would like additional information, please contact Alpha Review here.
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