As per a recent article from The Wall Street Journal (WSJ), more and more U.S. workers are quitting their jobs than at any time in at least two decades. In April 2022, the share of U.S. workers leaving jobs was 2.7 percent, according to the Labor Department, a jump from 1.6 percent a year earlier to the highest level since at least 2000. The shift by workers into new jobs and careers is prompting employers to raise wages and offer promotions to keep hold of talent. This trend is applicable to the medical billing industry also. The pressure to find skilled employees is even more acute in industries that are growing like Medical Billing, which is expected to grow at a compound annual growth rate (CAGR) of 11.2 percent from 2021 to 2028, according to Grandview Research.
Medical practices are delaying an opportunity to expand their business due to a lack of skilled billers and coders. Derek, the mental health provider from Texas, recently had to delay an opportunity to expand his business due to staffing constraints. “I can’t just hire anyone off the street,” he said, “I need skilled billers. It’s not just about processing a claim. I need to teach the front desk properly because that is what makes or breaks my practice. I can’t add more providers unless I do a great job. My reputation is more important than growing my business. I just can’t find the manpower right now.”
Practices coming out of the COVID-19 pandemic are struggling to hire skilled manpower to can handle medical billing. Providers who want to spend more time on patient care are unable to do due to administrative tasks of medical billing. Outsourcing medical billing and coding functions to a medical billing company could be an answer to the skilled manpower shortage. Apart from having skilled billers and coders, medical billing company offers a lot of medical practices, some of the things are listed below.
Medical Billers and Coders (MBC) is a leading medical billing company having medical specialty-wise billers and coders. Medical billing guidelines are constantly getting updated, and procedure codes are added, deleted, or modified. These updates are quite frequent during the COVID-19 pandemic. Practices that lack an experienced billing team, tend to use a specific set of procedure codes and use it to bill all their patients. They might incorrectly use modifiers to bundle the services to receive more reimbursements. Such billing practices might attract audits from the payer side. Our billers and coders are well versed with these billing guidelines and updates. Our experience in billing private and government insurance carriers helps our clients to receive accurate insurance reimbursements.
Medical Billers and Coders offers bundled services for a practice that is looking for assistance in medical billing. We provide complete billing services including charge entry, payment posting, benefits verification, AR management, denial management, provider enrollment, and credentialing. We take the required data from billing software to complete all the above-mentioned activities to help the practice get accurate insurance reimbursements. Practices get a complete picture of medical billing operations by just reviewing medical billing reports shared by us. We share insurance coverage reports with practices so that practices can collect co-payments or deductibles at the time of service only.
We help practices to receive accurate insurance reimbursements and charge a fixed percentage on such monthly reimbursements. With our services, you don’t have to worry about manpower payroll, insurance, or training costs. You just pay us a percentage on monthly insurance collections and that’s it, all the activities required to collect accurate reimbursements are added to it. This payment system is much easier and more reliable as we assist you to receive reimbursements first then we charge against the payment collected.
It's quite common for any practice to postpone its expansion plans due to a lack of skilled manpower. But for medical billing, you always have an option of taking assistance from medical billing companies like Medical Billers and Coders. To know more about our billing and coding services, contact us at email@example.com / 888-357-3226