While much is said about the Patient Protection and Affordable Care Act (PPACA), it is known that it has not been able to adequately address the impact on doctors, patients, and the practice of medicine. Due to this, more doctors have preferred switching over to a “cash only” system to combat the impacts of red tape procedure of healthcare insurers.
Industry Facts State:
|As much as $ 210 billion per year is spent by the health care system on claims processing
|Approximately five weeks of physician’s time annually is spent on health insurer red tape
Excessive regulation and rigid conformity to redundant/bureaucratic formal rules of insurance companies hinders decision-making actions of physicians causing substantial time delay. According to an independent survey, the United States spend most on insurance administrative cost, $606 per person, compared to $277 in France and $266 in Switzerland, the next-highest countries. The report also suggests that this high administrative spending in the United States is the directly related to the country's complex, more fragmented health insurance system.
Impact of healthcare insurer red tape on your practice:
Complicated billing practices and administrative systems result in grossly inefficient communication between physicians, hospitals and insurers and lead to higher-cost care for patients. Physicians’ offices spend large amounts of administrative time on getting paid for the care they provide. In most of the cases, billing and insurance-related costs account for more than half of all administrative spending, impacting total office revenues.
As a result of red tape, the insurers also share the burden of inefficient administrative processes, around one-fifth of insurer's spending goes to billing and insurance-related costs instead of direct patient care.
Streamlining your billing can help reduce healthcare Ccsts:
We all know that our current healthcare system is fragmented. Healthcare costs are rising faster than inflation and wages, forcing doctors and hospitals to spend more time and money on administrative support than is necessary, which ultimately leads to increase in healthcare costs and impacts your revenue. However, by streamlining key processes — such as insurance billing and payment and physician credentialing at hospitals — you can collectively save hundreds of millions of dollars annually and lower the cost of your healthcare.
By streamlining your health care administrative practices, you can help fix your broken healthcare system and save consumers money. This could be accomplished by:
Integrated health information networks can help healthcare providers and payers increase efficiency and cut costs by:
Optimize your time management using MBC’s complete billing solutions:
As a physician, you can avoid the extra expenses and combat the red tape effect without investing your valuable time with the help of a billing specialist like MBC. We constantly aims to find ways to increase accuracy, efficiency and visibility for you with our claims analysis and management process.
|Complete Data Analysis
|To verify accuracy of diagnosis and procedure codes to ensure compliance
|To identify loopholes in procedures documented and check for misplaced and missed charges
|To identify claim resubmission and claim status to enhance payment transparency and ensure better control over payments
|In-depth Process Study
|To identify claims with codes that might not support the medical necessity
|To address deficiencies not covered by the clinical and coding professionals
|Expert Team Monitoring
|To track your claims throughout the claim’s pay cycle and providing regular audits
All these actions help reduce the red tape impact and increase your practice efficiency and revenue.
MBC the largest consortium of billers and coders has been providing medical billing services for over a decade now; meeting necessary requirements for medical necessity and claims stipulations. Our team is constantly working to identify opportunities which help improve accuracy, compliance and productivity in a multi-payer health care system. MBC provides medical billing service across all 50 US States in varied specialties; which meets national and local requirements for medical necessity and complies with commercial claims stipulations.