Before you contract with an outside billing service, gather this information to help reduce your risk and get the service you need:
- Request and review a copy of the service's compliance plan; if the company doesn't have a plan, look elsewhere for billing and collections services.
- Determine if the billing service has ever been investigated for fraud and abuse.
- Request a redacted copy of the standard financial reports the service gives its clients. Make sure the reports will provide the information you need to manage your billing and collections process.
- Ask for a list (at least three) of references in your specialty. Call these clients to find out their level of satisfaction with the company.
- Ask these questions:
- Does the service have an outside auditing firm perform periodic audits?
- Are the staff bonded?
- What are the billing staff's qualifications, certifications, and levels of billing experience?
- Does the service provide its billing staff ongoing training and continuing education?
- How long has the company been in business?
Be sure to have an attorney review the contract of engagement before you sign.