Uncertainty over healthcare reforms, rising costs and failing payer reimbursement are some of the factors due to which cardiologists are selling their private practice to hospitals.
- According to the US Physician and Payer Forum report of 2013, approximately 18% of cardiologists at independent practices anticipated that they will be owned by a hospital by 2014
- As per the MedAxiom’s “2013 Annual Integration Report” 53% cardiology groups were fully integrated with a hospital, an increase from 32% in 2011. This percentage included sold as well as leased practices
- According to a survey in 2012 by Merritt Hawkins, the medical industry might see 75% of nation’s physicians employed by hospitals in 2014
Not just financial concerns but new regulations, shortage of skilled doctors and pay-for-quality initiatives are growing pressure on cardiology practices. While some providers are selling their practice willingly for financial benefits, other are being forced to sell their business as running a private cardiology practice has become difficult.
Is your cardiology billing streamlined?
Financial pressure is increasing on cardiologists and matters can get worse if more money is lost due to cardiology billing errors. Cardiology coding is highly complex, therefore it is very important to ensure timely, error-free claim submission in order to maintain a steady cash flow.
If you are also planning to sell your cardiology practice due to financial issues, streamlined billing procedure can help strengthen the financial health of your business and get you back on track.
How to streamline your cardiology billing procedure?
- You will have to hire experienced coders and billers who have sufficient knowledge of unique terminologies and who can code interventional procedures accurately
- If you have an in-house billing department you will have to conduct training sessions in order to prepare them for changes in cardiology coding and billing regulations
- They will also have to be trained on how to appeal delayed or denied claims or else your practice will lose more money
- With the implementation of HIPAA-5010, coders and billers will have to be trained in carrying out HIPAA-compliant medical billing
Considering the pressure caused by healthcare reforms and lack of skilled staff, cardiology practices are finding it difficult to concentrate on billing requirements. In such cases, hiring a billing company seems to be a practical decision as it will help providers sail through reimbursement challenges and strengthen financial health of their practice.
- A reputed billing company will offer a team of well-trained, professional coders and billers certified in ICD-10 coding
- You will be able to enjoy quick turnaround
- Billing partner will offer 99% accuracy rate, ensuring faster payment with reduced denial rate
- Your practice will also get 24/7 customer support
Medicalbillersandcoders.com is one such reputed billing company that has been helping providers, including cardiologists sail through billing challenges. MBC has an expert team of certified coders and billers who handle RCM of cardiology practices and ensure timely reimbursements. The team works with the aim to streamline billing procedure, maximize revenue and minimize claim denials, offering sufficient time to cardiologists for patient care.