May 04, 2016
The ever changing industry of healthcare deems compliancy as the foremost challenge. Dealing with increasing demands and ensuring profitability is gradually taking a toll. While various reforms have been beneficial for practices, it has, at the same time placed pressure on how care is delivered.
Affordable Care Act (ACA) has made significant changes to group health plans since the law was enacted.
Experts predict that while there will be a rise in drug prices, the practice of hiking prices merely for profits may decrease.
The retail health industry is trying to accommodate the increasing demand, where clinics are expected to grow 12 percent, from around 2,150 clinics this year to about 2,400 by the end of 2016.
With insurance companies looking for additional ways to reduce healthcare costs, it is increasingly narrowing the networks of doctors and medical providers with whom they offer preferred rates. This would translate into your doctor no longer being "in-network" despite you not having changed your insurance plan. This will act as an immediate blow to a physicians practice, directly impacting revenue. Telemedicine is a service, which allows patients to access health care at any time of the day from home, avoiding the inconvenience of visiting a clinic and that too at a fraction of the price, which too will see a dip in the revenue of most practices that offer telemedicine. A wide range of payment models to choose from, physicians will have to determine the financial planning as to which payment model will prove the most profitable.
MBCs Expertise will keep a smooth sail for its clients
Many private practices are choosing to outsource their billing and coding needs to MBC. Holding a team of experts who is continuously keeping updated with changing reforms, MBC ensures no effect of these on the practices. MBC is one of the leading providers and takes pride in serving more than 42 specialties across the 50 states. By choosing to outsource, providers are eliminating the need to hire, retain and train an in-house billing team.
Streamlining the revenue cycle management for practices and growing their revenues while reducing denials is the core effort of MBC and the expertise gained over the years has enabled them to successfully complete this task.