When opening up a new medical practice, there are several activities that you’ll need to perform to get your office up and running.
Outside of the general business activities, such as selecting office space, registering your practice with the state, and obtaining financing, you’ll need to ensure that you have your revenue cycle management practices in place. Use this list to make sure that you have everything you need set up from day one.
Select Which Health Care Plans You Will Accept
Before you can bill health care insurance plans, you’ll need to ensure that the doctors in your office have undergone California credentialing. Credentialing is a process that involves working with health insurance agencies to be able to submit claims to them for payment.
During the process, physicians will need to submit their work history, proof of malpractice insurance, hospital privileges, and attestations. It normally takes up to 150 days for credentialing to be completed.
Ensure You Know Who Will Handle Your Medical Billing Services
Modern medical billing is a very intricate process that involves a specific set of knowledge. Medical billers must be familiar with invoice systems and the codes needed to submit claims to insurance providers.
You can hire an outsourced company that can handle the entire medical billing process for you, or you can choose to hire a team in-house. Outsourced companies are often a great choice for new medical practices for several reasons.
First, they can help contain costs since hiring employees can be expensive. Second, they take care of their own human resources, so you won’t end up scrambling if a billing professional leaves with no notice.
If you do decide to have your medical billing services outsourced, make sure you find a company that understands your services and knows how to work with the health insurance plans you accept.
Choose a Practice Management System
A practice management system is used to track all of the operations of your medical practice, including appointments, patient records, and medical billing.
You’ll want to select a practice management system that provides you with all of the options that you need to keep your practice running smoothly. It should have the ability to track your revenue and any bills that remain unpaid.
The Right Tools to Set Up Your Practice
Opening up a new medical practice comes with a lot of responsibilities. Ensuring that you have the tools you need to properly bill your clients and their health care plans can help you streamline your operations. Before deciding to open the doors to your new practice, make sure you are fully set up and ready.