April 18, 2014
The complex and changing healthcare landscape has posed various challenges for orthopaedists, forcing them to sell their practice. From meeting new business and regulatory requirements to implementing new EHR system for MU incentives, the rising pressure is making it difficult for physicians to maintain a solo practice. Expenses involved in compliance to Affordable Care Act and related regulations are getting out of control for providers who already lack the time, money and resources to take necessary measures.
Planning to sell off your orthopaedic practice to earn money, get employment in a hospital and eliminate administrative hassles? If yes, reconsider your decision. Not only such deals come with complications and compromises but they are also not the get-rich-quick schemes you may have heard of.
An internal due diligence review should be conducted to determine whether or not your practice is in the condition to be sold. If there are issues, you will be in a loss if you sell your practice without making necessary corrections. This will require investment of time and money so, why not carry out the corrections and run the practice on your own?
If you plan to sell out your practice to get a high-paying job at a hospital, but the arrangements don’t work out, you will either have to waste time in the market, finding a job opportunity or start a private practice all over again
Don’t let billing hassles make you sell your practice:
Constant changes in codes and introduction of rules surrounding multiple procedures have created a unique set of billing challenges for orthopaedic practices. This has made reimbursement collection difficult and excessive underpayments are affecting the financial health of practices.
Providers, who are already facing payment cuts amidst rising costs, are giving up their private practice due to huge losses caused by billing challenges. However, a significant number of providers are opting for assistance from a billing company to handle these challenges and streamline their business operations for maximum revenue generation.
By outsourcing, orthopaedic practices can:
Procure reimbursement on time
Submit claims without errors
Track and pursue underpayments with accuracy
Improve patient payment collection rate
Enhance patient billing and front-end interaction
Stay updated with evolving technology systems and practices for orthopaedic billing services
By streamlining the revenue cycle, orthopaedists can come back into business, make profits and offer quality patient care.
Medicalbillersandcoders.com is the largest consortium of coders and billers in the US that has been helping practices streamline their billing procedures. Our coders have billing experience in different specialities, including orthopaedic billing and only the latest technology and systems are used to ensure maximum revenue and minimum claim denials. You can rely on us for strengthening your revenue cycle and help you find loopholes that can pose problems in running your practice smoothly. While our experienced team handles your billing requirements, you can use the free time to concentrate on documentation accuracy and quality patient care.