The new health reforms that the ACA is scheduled to bring in has made billing for most medical practices very complicated. To add to this is the looming worry which the transition from ICD-9 to ICD -10 coding systems will bring in and is sure to lead to an initial loss of revenue and delayed reimbursements. Currently there are around 75,000 chiropractors in US and, this segment is expected to grow over 15% in the coming decade, more so with the specialty now being included in the government’s Meaningful Use EHR subsidies.
It is expected that more than 20 million Americans will seek the help of chiropractors given that 80% of the Americans today suffer from back pain. And it is a known fact that the chiropractic practice already suffers a loss of 10-30% of gross revenue due to incorrect coding which leads to a loss in billing and subsequently in revenues. Already, 98% of the chiropractors earn less than $1 million a year which could dip further after the ICD coding transition takes place. Moreover, since insurance companies are known to delay reimbursements, demand documentation and postpone payments as long as six months due to complications when billing, caused by untrained in-house staff, revenues will take a further dip. Seems like a nightmarish situation? At such a point, outsourcing chiropractic billing services to coders and billers who are experts with knowledge of handling the transition and reimbursement delays seems like an effective option.
You can remain stress free by choosing to outsource, owing to the positive benefits you will accrue with these services
The bottom line when you outsource your chiropractic billing services: You focus more on your patients and less on the business of billing
Further, it is estimated that by 2015 many insurance carriers plan on moving towards acceptance of electronic claims rather than paper-based claims. Do you want to end up being technology savvy or good at what you do, the best chiropractor? Stay free of administrative stress when you outsource.