If your practice is facing medical billing challenges, your chances of getting paid will reduce considerably. Healthcare reforms have increased workload for physicians and it has become difficult to get paid on time as billing and coding requirements keep changing
In case a lot of time is being spent on handling billing challenges, your staff will have less time to prepare and adapt to new changes in medical insurance billing.
Industry Facts :
|Medical practices fail to collect approximately 10-15% of their revenue|
|Practices with a strong billing team are reported to be in less debt (at least $6,900 to $14,000) compared to other practices|
|According to the AMA, resubmitted, denied, underpaid claims can cost a medical practice as much as $100,000 per month|
Common medical billing challenges faced by practices:
Not collecting full co-pays : This is the most common challenge because if physicians fail to get the full amount upfront, it will become difficult to get rest of the patient's portion of the bill
Failing to auto-check insurance coverage: Many practices don't perform an auto-check of insurance coverage electronically. Since patients are not always aware about their insurance coverage, failing to auto check leads to billing issues and revenue losses
Not updating to billing and coding reforms: This is the third and most common challenge that causes billing issues. Codes keep getting updated or rewritten- offering higher payment at times. However, if your billing department is not updated with the latest changes, it will become difficult to perform error-free billing
Insufficient payer reimbursement
Difficulty in finding and retaining skilled coders and billers
Factors that might cause billing issues in the future:
How can practices solve these billing challenges?
Benefits of hiring a billing partner:
Sail through billing challenges with MBC:
Medicalbillersandcoders.com is the largest consortium of coders and billers, offering specialized billing services to medical practices across 50 states in the US. Our team makes use of the latest technology to submit error-free claims so that you get paid for all services.
|Error-Free Coding||+||Timely Claim Submission||=||Full Reimbursement|