April 16, 2015
Many internists are opting out of private practice due to rising costs and reduced reimbursements. Billing and administrative challenges are also adding to their woes, forcing them to join large medical groups or take up jobs in hospitals. They are quitting their private practice to avoid the revenue challenges and the hassles of running a medical office.
According to industry surveys, it has been observed that more than 70% doctors are spending one full day in a week on paperwork. For instance, a Physicians Foundation survey states that approximately 44% doctors are looking for ways to reduce their work hours and patients. Estimations have been made by the industry experts that productivity of physicians is estimated to drop by 25% due to mounting administrative burden. Similar to other specialties, many internists and their staff are also struggling with financial and administrative issues that pile up throughout the day or the month.
Few Industry Facts
Internal Medicine doctors have the fifth highest burnout rate among Physicians
On an average, Internists attend 20-30 patients in a day to make ends meet
Approximately 10 hours a week is spent on paperwork and miscellaneous tasks by majority of the Internal Medicine doctors
Does this mean running a private practice has become a difficult task? The answer is no. Difficulties related to billing, documentation, administrative hassles can be mitigated with the help of a streamlined revenue cycle management. All that is required is an effective practice management solution that can help Internal Medicine practices streamline various tasks with ease. With the help of effective practice management software, Internists can get more done in less time, improving efficiency and revenue.
Outsourcing is Helping Internists Maintain Autonomy
Many internists who wish to maintain autonomy and run a profitable practice are seeking expert assistance from a billing company. Outsourcing billing and other RCM tasks has helped them increase practice earnings and boost productivity. Since a dedicated team of expert billers and coders are assigned to submit error-free claims, follow-up with insurance companies and comply with HIPAA and other reforms, internists have been able to get timely payments and focus more on patient care.
Choosing the Right Medical Billing Company
Outsourcing the time consuming, critical tasks to a reputed billing company has helped internists strike a work-life balance. Billing companies like MedicalBillersandCoders.com have been helping many private Internal Medicine practices get back on track and reduce the impact of revenue challenges. Such companies have a well-trained billing team that handles every single aspect of the provider’s revenue cycle to bring them maximum payments. They not just bring in more revenue but also help identifying problem areas in their revenue cycle and formulate effective solutions.
By eliminating the hassles of hiring, training, updating of systems and worrying about compliance, many internists have been able to run a profitable practice in the present industry conditions. They have been able to make money, save money and delivery quality care.
Revenue Cycle Management