Are you spending more time managing your practice’s finances? Are medical billing services and revenue challenges forcing you to cut down on patient time? If yes, outsourcing revenue cycle management (RCM) needs of your medical practice might be the best solution to improve your practice’s revenue.
Outsourcing is a difficult decision that impacts all the areas of a medical practice; however, the complexities of healthcare reforms and the need to collect payments for every rendered service have compelled many providers to seek assistance from a third party. Here are the top four signs that might help you decide if outsourcing is an option your practice should consider:
Payment Collection Going Down
Coding and billing inefficiencies and reduced payment from insurance companies are the two main reasons why practices experience shrinking collections. Getting to the root cause of the problem calls for a detailed analysis of various procedures and requires investment of time and money. To get their revenue cycle back on track, many doctors prefer to engage the expertise of an RCM billing vendor to identify issues and provide solutions.
Staff Management Turning Expensive
Many practices experience reduced revenue collections when their existing billing staff takes a leave or leaves their job. It becomes difficult to find substitute during vacations, leaves for absence and sick days. Due to the complexities of ICD-10 and other reforms it has become expensive to hire skilled and certified coders, especially for short-term engagements. Employee healthcare, their benefits and day-to-day staffing issues have forced many providers to outsource medical billing and their RCM needs to a billing agency without compromising on their operating efficiencies and clinical outcomes.
Regulatory Issues becoming Difficult to Handle
Outsourcing RCM is a beneficial option for practices that are finding it difficult to handle compliance and regulatory challenges. With the implementation of ICD-10, these issues will become more complicated. To sail through potential revenue loss, many providers are outsourcing their RCM needs to billing companies such as MedicalBillersandCoders.com. Companies like MBC have the required expertise to help practices overcome challenges related to regulatory changes. They have a team of certified and experienced coders and billers who are well-trained in handling ICD-10 and other coding complexities with ease.
Patient Time and Quality Care getting Affected
With the implementation of value-based reimbursement model, it has become necessary to build a successful doctor-patient relationship. Providers need sufficient time to concentrate on care provision but with the daunting task of managing administrative activities, doctors are left with less time to spend with patients. In such scenario, they prefer outsourcing the RCM tasks to a vendor. While the billing company’s dedicated team handles the revenue aspect of their practice, doctors get time to rebalance their workload.
If your practice is facing any of the above mentioned issues, you can seek assistance from a reliable medical billing company to get your revenue cycle back on track. Outsourcing has long term benefits, which will be worthwhile. It will not only help optimize revenue but also improve the workflow of a medical practice.
Published By - Medical Billers and Coders
Published Date - Jan-27-2015