December 03, 2013
Expenses are rising faster compared to the revenue being collected by medical practices across the US. This is forcing physicians to tighten their operating expenses by making some significant changes at their practice.
Since physicians can exercise direct control over operating costs than revenue, it becomes easier for them to ensure savings. By cutting costs, your practice will have enough money for retaining skilled staff and for enhancing patient care.
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How can you reduce operating expenses?
Practices need to have a clear idea about the current operating costs in the form of an accounts chart with expenditures mentioned in detail
Administrative costs involved in reimbursement and billing process should be reduced by transitioning from manual processes to automated systems
Practices should reduce costs associated with ICD-10, MS DRG and compliance to HIPAA-5010
Money can be saved on billing expenses by implementing secure online services for bill payment, appointments and prescription renewals
Salaries, retirement plans, health plans and other expenses related to employees will have to be revised
Expenditures related to office supplies, office equipment, medical supplies, consulting and energy costs will have to be reviewed to see where you can cut down and save more
Work pressure has increased for physicians due to healthcare reforms, leaving them with less time to concentrate on patient care and other administrative tasks. Operating costs are rising at a time when practices are facing reimbursement cuts from the government. In order to get paid on time, hiring skilled coders and billers, implementing new technology and making necessary system changes have pushed operating expenses to a great extent.
Amidst reimbursement cuts, handling additional expenses has become next to impossible, affecting vital services such as coding and billing. Due to this, many practices are hiring medical billing companies for decreasing administrative costs and increasing operating revenue. Such companies offer consultancy to practices that helps them in indentifying areas where cost cutting can be done.
Medicalbillersandcoders.com is the largest consortium of coders and billers, helping practices put their AR in order. We have an expert team that will help you minimize claim denials and maximize revenue. While MBC micromanages your billing operations, you can concentrate on quality patient care.
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