March 26, 2014
Family practices across the US have been facing difficulties in revenue collection due to challenges related to medical billing and coding. Modifier omission, untimely claim submission, underscoring and inaccurate documentation may seem like minor errors; but they eventually have a major impact on the revenue cycle of practices.
Family practice physicians shouldn’t ignore the importance of expertise and experience for handling billing and coding tasks; especially as they lose 10-20% of their revenue every year; due to coding errors. Considering the rates at which family physicians are being paid by Medicare, approximately $8,396 a year will be lost if coders underscore just one level for 4 visits a day. Medicare payment cuts have tightened the financial condition for family physicians and with the payment rates expected to dip by 25-30%, family practices will have to face a series of impacts.
In order to ensure uninterrupted cash flow, family practices will have to spruce up their billing tasks and obtain payments from insurance companies with greater regularity. Since the gap between family physicians and patient ratio has widened, physicians are busy attending more patients rather than concentrating on billing activities. Seeing more patients in a limited time with very less fee has posed serious issues for the existence of family practices.
Measures to deal with billing issues:
In order to sail through billing challenges, providers will have to create a team of well-trained billing staff who have sound knowledge of family practice coding and billing. This will prove effective in determining how much and how to code patient visits and ways to avoid chances of underscoring
Family physicians will have to invest more time in ensuring documentation accuracy as it plays an important role in supporting coded care services
Adequate training will be required to understand factors such as laboratory tests from the billing and coding perspective and ways to code them optimally
Compliance to HIPAA and other reforms will have to ensured while coding and billing along with careful selection and implementation of health IT
An experienced family practice billing team is extremely vital for ensuring timely payments to family practices. However, due to lack of time and money, providers face difficulty in hiring new staff or training existing staff to handle complexities of family practice billing. In order to avoid any disruption to the revenue cycle, many practices are outsourcing their billing requirements to a billing company that has a team of certified, well-trained coders and billers.
Medicalbillersandcoders.com has the largest consortium of coders and billers experienced in handling family practice billing requirements for over a decade now. We have been helping small as well as medium-sized family practices across 50 states across US handle payment cut challenges. From error-free coding and timely claim submission to HIPAA compliance and assistance in ICD-10 implementation, MBC strives to maximize revenue and minimize claim denials for your practice. You can either take the entire suite of family practice billing services by MBC or customize the services as per your requirements.
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