Cash flow for a practice greatly depends on timely follow ups with insurance companies and reimbursements. Only when you manage medical billing and coding effectively, you will be able to handle your revenue cycle and account receivables.
How much has changed due to healthcare reforms?
Even though responsibilities and goals have remained same after implementation of new healthcare reforms, it has certainly increased billing and coding tasks for practices. Coding has become complex, privacy requirements have increased and billing process has become too vast to be handled by limited in-house staff.
As coding and billing has become complex, more room for error has been created. Not just the in-house staff but the doctors are also being forced to squeeze out time to learn the new processes and cope with the additional responsibilities imposed by reforms like HIPAA, ICD-10 and EMR.
Practice costs are rising as new staff is being hired to handle increased documentation, increased follow-ups and denials and increased reports. Capital is also being spent on providing training to them and to update software and infrastructure.
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While the staff time is being divided in provision of healthcare services and revenue management tasks, errors keep taking place in coding and billing. In various cases practices may suffer revenue losses when staff is untrained, departmental processes remain weak and the revenue activities handled by them are not organized properly.
In case of delayed or no follow-ups, claims get ignored and practices either remain underpaid or receive no payment at all.
Benefits of outsourcing billing tasks-
New healthcare reforms have made medical billing and coding stricter, which can be handled effectively only if the in-house staffs have a certain skill set and concentrate solely on this area. But the big question is- can you afford to hire more staff for the same or dedicate your existing man power to these activities rather than provision of healthcare?
Reduced costs and maximum revenue generation with outsourcing -
Outsourcing a billing partner will relieve you from the stress of staff retention, staff training and so on
A billing partner will handle all your follow-up, filling claims, billing, reimbursement, documentation and RCM management tasks without errors
They will ensure regular quality checks and offer services as per the requirements of latest reforms
Even if your in-house staff is on leave, you can be assured of timely coding and billing as the billing partner will provide undivided attention to the finances of your practice
Since they will charge on a percent basis (charging a percentage of revenue they will bring to your practice) your practice costs won’t shoot up as compared to hiring and training new staff
Medicalbillersandcoder.com the largest team of billers and coders in the US have been offering RCM and AR services to physicians across 50 states for more than a decade now. Our expert team is constantly upgraded with new reforms and has all the necessary resources to help you increase revenue generation and slash down practice costs.