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Wednesday July 10, 2013
How much does it cost your practice to interact with payers?
Though a large portion of physicians' administrative costs include expenses incurred while interacting with health insurance plans, there seems to be very little data about the level of these interactions. Nevertheless physicians have for a long time shown discontent with the time their administrative staff ends up spending on these activities.
Industry Standards
  • A survey result showed physician practices while dealing with patient health plans incur an average cost of nearly $68,274 per physician each year
  • While interacting with health plans - physicians reported spending 3 hrs per week; whereas nursing and clerical staff spent much more than 3 hrs per week on these activities
  • National time cost to practices of interactions with plans was calculated to be between $23 bn. - $31 bn. per year (time converted to dollars)
Practices can drastically improve their bottom-line by reducing some of this time and money spent!
Addressing the Problem – Adoption of new payment models like bundled payments, ACO's, etc. have been introduced to help reduce administrative costs in the long term. However physicians need to also proactively also work towards reducing these costs.
Reducing health plan-interaction costs with MBC:

In-depth industry knowledge helps standardize transactions and processes

Help understand varied patient insurance plans through regular industry updates

Reduce the chance of billing error and disputes with regular reporting and follow ups

Assist in improved interaction to restore trust between payers and physicians
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MBC services help practices save money in terms of

Reduced reliance on in house staff + Improved interactions with payers

Increased collections improving cash flow
Adapting your practice to increased patient volumes!
The healthcare landscape is changing drastically and most practices in order to survive will also require making changes. Whether a practice is participating or not in an ACO and other innovative payment models; no matter the size of the set-up; all medical practices will eventually require finding ways to adapt to the increased number of insured patients.

Industry Standards

With the Affordable Care Act more than 30 million individuals are expected to gain health insurance:

  • Expected to acquire health insurance by 2014 – 14 million US residents
  • Expected to acquire health insurance by 2021 – 16 million US residents
Considering the upcoming influx of newly insured physicians need to rethink their patient flow and find a solution which suits their set-up, to ensure smooth flow of operations and returns. Moreover they will also need to look into practice management issues to avoid penalties and earn population-management bonuses

Efficient practice management equals to higher revenues!
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