90% Solo Practices to Outsource Billing by 2016 - How will this Enhance Profitability?

In the next two years, around 90% of solo and small physician practices will outsource their billing needs, according to a 2014 report by Kareo’s Black Book.

Industry Facts :

42% small practices with an in-house billing team plan on outsourcing billing requirements by 2015

Of the small practices planning to continue with an in-house billing team, 82% hope to integrate billing, practice management and EHR with a single vendor in next two years

According to Practice Profitability Index 2014, the percentage of physicians planning to sell their practice increased from 21% to 24%

There has been a 6% increase in the number of physicians seeking operational changes as compared to 2013

Challenges Faced by Medical Practices

• The changing payment trends for medical services
• Various government sponsored requirements such as ICD-10, HIPAA, EHR and PQRS have increased workload on physicians
• Insurance companies have made drastic changes to comply with the Affordable Care Act (ACA), affecting physician reimbursement
• Increased workload is preventing physicians from spending more time on quality care provision
• Cost of technology is escalating due to which practices with limited revenue are finding it difficult to purchase the latest health IT
• Staff turnover is high and practices need to offer an attractive pay package for hiring skilled coders
• Patient influx caused due to ACA and Medicaid expansion is also one of the reasons of increasing pressure on practices

How can Outsourcing Enhance Profitability?

There are several advantages of hiring a billing partner such as, increased income and patient collections, 24/7 accessibility to the financial information and patient data, and transparency in your revenue cycle.

Providers find it difficult to strike a balance between clinical and administrative tasks due to constraint of time and money. In order to sail through the complexities of billing and strengthen financial health of their practice, physicians have started outsourcing their revenue cycle requirements to a billing company.

Such companies offer a well-trained team of coders and billers who pay special attention to the RCM of a medical practice. As the team is expert at billing and updated with the latest reforms and payer requirements, physicians don’t have to worry about getting paid on time. Outsourcing billing requirements to a skilled team gives sufficient time to physicians to focus on other vital tasks such as documentation and patient care.

MBC Helping Practices Increase Revenue

Practices across the 50 states in the US have been able to strengthen their revenue cycle management (RCM) and optimize the billing process with the help of MedicalBillersandCoders.com. MBC offers the following benefits to 42 specialties of medical practices:

• Error-free claims submissions.
• Usage of the latest technology.
• Effective solutions for revenue generation.

MBC’s expert team of coders and billers has helped practices reduce AR days and maximize collections. Providers have been able to get rid of common billing errors that hamper their RCM. MBC offers HIPAA-compliant medical billing along with various other RCM services to relieve providers from increased workload.

---

Published By - Medical Billers and Coders
Published Date - Aug-19-2014 Back