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How can a Billing Partner help solve your Billing challenges?

June 05, 2014

If your practice is facing medical billing challenges, your chances of getting paid will reduce considerably. Healthcare reforms have increased workload for physicians and it has become difficult to get paid on time as billing and coding requirements keep changing

In case a lot of time is being spent on handling billing challenges, your staff will have less time to prepare and adapt to new changes in medical insurance billing.

Industry Facts :

Medical practices fail to collect approximately 10-15% of their revenue
Practices with a strong billing team are reported to be in less debt (at least $6,900 to $14,000) compared to other practices
According to the AMA, resubmitted, denied, underpaid claims can cost a medical practice as much as $100,000 per month

Common medical billing challenges faced by practices:

Not collecting full co-pays : This is the most common challenge because if physicians fail to get the full amount upfront, it will become difficult to get rest of the patient's portion of the bill

Failing to auto-check insurance coverage: Many practices don't perform an auto-check of insurance coverage electronically. Since patients are not always aware about their insurance coverage, failing to auto check leads to billing issues and revenue losses

Not updating to billing and coding reforms: This is the third and most common challenge that causes billing issues. Codes keep getting updated or rewritten- offering higher payment at times. However, if your billing department is not updated with the latest changes, it will become difficult to perform error-free billing

Insufficient payer reimbursement

Difficulty in finding and retaining skilled coders and billers

Factors that might cause billing issues in the future:

  • Medical Home
  • RAC
  • Medical Necessity
  • ICD-10
  • RTCA (Real Time Claims Adjudication)

How can practices solve these billing challenges?

  • Skilled front-desk employees will be required to make sure full copays are collected
  • Latest technology should be used to verify patient insurance automatically
  • Experienced coders and billers should be hired and trained for any changes in coding and billing requirements
  • Practices will have to stay informed about the healthcare industry. They will have to implement latest EHR and prepare to qualify for MU, PQRI and others
  • Health IT investments will have to be made to ensure that only the best software is being used by the billing and coding staff

Benefits of hiring a billing partner:

  • Error-free coding and claim submission
  • 24/7 services
  • Increased revenue
  • Reduced practice costs
  • Eliminate the stress of hiring and training
  • No investment required in health IT
  • Sufficient time to concentrate on patient care

Sail through billing challenges with MBC:

  • MBC has an expert team of coders and billers who will perform error-free coding and billing
  • Claims will be submitted on time and experts will track and report your claim on regular basis?
  • The expert team at MBC will also conduct denial management and offer solutions to get your RCM back on track
  • Only the best technology will be used to handle all billing requirements

Medicalbillersandcoders.com is the largest consortium of coders and billers, offering specialized billing services to medical practices across 50 states in the US. Our team makes use of the latest technology to submit error-free claims so that you get paid for all services.

Error-Free Coding + Timely Claim Submission = Full Reimbursement

Category : Outsource Medical Billing