November 11, 2013
Physician earnings have remained almost stagnant in last few years even though the government has been offering bonuses for EHR implementation and primary care. Pressure of operating an independent practice has become so intense that many are giving up their practice and joining local hospitals.
Changes in healthcare reforms have increased patient load whereas financial viability of practices has decreased. Decline in insurance reimbursement rates, rise in operating costs and administrative challenges, preparation for ICD-10 and HIPAA-5010 requirements have also triggered the decline.
Are these challenges forcing you to close down your practice? If yes, think again because hospital administrators are also being critical towards physician employee compensation. They are reducing outpatient costs and increasing physician productivity. So, instead of closing down your practice, why not seek help from a billing specialist and get things back on track?
How can a billing specialist help maximize your practice revenue?
You will not only maximize your revenue but without any extra expense or headache, you will be able to exercise better control over your operating costs and other tasks. Compared to investing time and money on in-house coding and billing staff, you can get the same job done at a low cost through billing specialists.
Timely, accurate claim submission: A billing partner will ensure timely submission of error-free claims which will increase the cash flow of your practice. Chances of claim denials will reduce to a great extent as a team of expert billers and coders will be especially appointed for handling your RCM
No issue related to staff retention: You won’t have to worry about investing time and money in hiring and training employees to handle the increased coding and billing challenges. Once the staff size reduces, your practice will save operational costs by 30-40% and even if you are on a holiday, your medical billing tasks will be taken care of by the billing partner
No need to buy expensive technology: A reputed billing partner will be using the latest technology and software for billing tasks which eliminates your cost of buying latest IT and training staff on how to use them
Transparency: The billing company will not only offer complete transparency and supply regular performance reports but also give you ample time to concentrate on provision of quality care
Specialized billing companies are like a boon for small practices that are on the verge of closing down due to complexities of healthcare reforms. Medicalbillersandcoders.com is one such billing company that offers best solutions for meeting medical billing requirements of small as well as large practices.
We have the largest consortium of expert billers and coders who have the expertise to ensure HIPAA compliance, error-free coding and selection of right software to help practices sail through new payment models. MBC has been offering AR and RCM services to physicians across 5o states in the US and since our team is constantly upgraded with new reforms and resources, you can be assured of best billing services at low costs.