A medical facility bustling with patients is a lucrative thing for any clinic or hospital but it comes with a responsibility much more than just providing quality care services. The most essential thing that patients look for while visiting a physician is the personal attention and amount of time the physician spends with them.
It is reported that 2015 is going to be tough on physicians as they will have to multitask and get involved in new processes like electronic health records (EHR), training their existing staff on the new documenting requirements, complying with the coding standard ICD-10, paying attention to physician quality reporting system (PQRS), ensuring their practice follows the rules for getting incentives offered by the centers for Medicare and Medicaid (CMS), etc. Read latest updates on medical billing US.
The following steps can ensure an easier transition for medical practices in the wake of the healthcare reforms for boosting their patient influx.
Consultation from Industry Experts
Experience counts when it comes to planning and chalking out a strategy for maintaining a steady patient influx and the cash inflow. A thorough consultation from a billing vendor can help you foresee the hurdles your practice may face because of the healthcare reforms.
The expertise of a billing partner can prove to be valuable because they have dedicated specialty teams that tackle medical billing on a daily basis for multiple kinds of clients and hence are up-to-date with the trends and have a tried and tested way for getting the physicians reimbursed.
Unfortunately, the most important factor for recognizing the bottlenecks in a revenue cycle management (RCM) process is time consuming. However, intervention from billing experts will not only save you time but also help get customized solutions to deal with the issues.
Once the detection of problem areas in the RCM is done, you might not have the resources (in terms of time, staff, software, infrastructure, etc.) to get the RCM back on track. This is where an outsourced billing partner will play a crucial role to enhance your revenue.
To opt for outsourced medical billing solutions or not is the most common question that physicians are considering, according to Black Book survey. Here are some good reasons to consider in for of outsourcing your billing.
ICD-10 is unavoidable as the deadline of October 1, 2015 approaches and at the same time it is quite a task to integrate it right away in your medical practice, be it for the lack of infrastructural requirements or lack of trained staff. On the other hand by outsourcing the medical billing process, you get an expert team to do your claims filing and ensure timely reimbursements.
Hiring experienced coders and billers for a medical practice of particular specialties might not prove to be cost effective and yet only outsourcing can make it possible. Usually billing partners charge a nominal percentage on the claims amount but a vendor who cares for his clients can very well offer customized rates and you may strike a mutually beneficial deal to maintain, if not increase your cash inflow.
So, do you think if a billing partner assists you by sharing your billing burden, taking over the entire RCM responsibility by with thorough reports of the claims and ensure reimbursements within the lowest AR bucket, it can help you to boost your patient influx?