With every passing year, it is becoming difficult to run a profitable business in the medical industry. Considering the payment cuts, strict healthcare reforms and rising healthcare costs, it has become essential for struggling practices to streamline their billing procedure. They need to identify the operational challenges of medical billing and get rid of them to ensure timely payment.
Industry Facts :
On an average, medical practices across the US fail to collect around 10-15% of the total revenue
Underpaid, denied and resubmitted medical claims cost approximately $100,000 per month to a medical practice according to the AMA
Almost 30% total filed claims get denied because of small coding and technical errors
Operational Threats to Medical Billing Process
Here are the top five operational threats to medical billing procedure that physicians need to overcome:
Increasing Labor Costs
With the approaching ICD-10 deadline, demand for well-trained billers and coders has increased to a great extent. Practices with monetary constraints are finding it difficult to hire skilled billing staff because of this reason, which has resulted in errors and revenue challenges.
Retaining Skilled Billing and Coding Staff
Retaining a skilled billing staff has become as difficult as hiring one. Well-trained coders know how to handle the complexities of coding and ICD-10, but it can be quite expensive to retain them. This is because of the surge in demand as well as willingness of many hospitals and large practices to offer a high pay package to employ them.
Increasing Costs of Technology
A basic computer server and medical billing software can cost thousands of dollars for a small practice. EHR, ICD-10 tools and updates are also expensive, which increases the financial burden on providers.
Regular Tracking of Billing Functions
Tracking productivity level of the in-house billing staff has become a tedious task for providers as they are overburdened with various other clinical and administrative work. The lack of regular monitoring is resulting in increased billing errors and denied claims.
Due to the daily workload handled by physicians, there is no sufficient time for devoting to documentation. This often results in coding errors that finally leads to denied claims.
How Can Outsourcing Help Overcome Operational Threats?
By choosing to outsource medical billing services, hospitals and private practices can eliminate the trouble of hiring, training and retaining skilled coders and billers. There will not be any need to invest in expensive billing technology or worry about staff productivity issues.
MBC Offers Revenue Enhancing Opportunities
MedicalBillersandCoders.com offers effective billing solution to 42 specialties across all the 50 states in the US. By choosing MBC, providers have been able to streamline their billing, overcome operational challenges and substantially increase their practice revenue.
MBC offers the following benefits to providers:
Certified coders and billers ensure timely, error-free claims submission
Usage of latest technology for carrying out billing and coding tasks
Identifying loopholes in the revenue cycle, provision of revenue generation solutions
The expert team at MBC ensures HIPAA-compliant medical billing services for maximum revenue generation.
Published By - Medical Billers and Coders
Published Date - Sep-03-2014