A physician takes all the necessary measures to treat his patient, but are the rewards received easily? The answer to this question would be a NO. In the current healthcare scenario a physician has to face various challenges to claim his allowable amount from diverse payers depending on their varied policies. Additionally insurers have a rather large list of factors to turn down your claims further making medical billing a specialized task today.
Besides this the Centers for Medicare and Medicaid services have announced that there won’t be any delay in the CD-10-CM implementation date. ICD-10 which is scheduled to be implemented from October 2014 has a huge list of codes as compared to ICD-9 and physician’s systems and procedures need to be updated with them. But with patient care, it is going to be a difficult task for physician to get updated with the new Codes, lists and procedures.
It can safely be said that medical billing has become almost as vast as medicine itself as physicians now need to adapt to various changes like - electronic format of billing, get accustomed to new and constantly changing rules and regulations, along with following HIPAA guidelines and the list can go on. For the purpose of electronic data various types of software have been introduced such as Lytec, Medisoft, IDX, Misys etc. to facilitate the medical billing procedure. However installing such software and imparting training to staff besides causing the practice to incur increased costs also requires in-depth industry knowledge to ascertain which software is most suited and beneficial for the practice.
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Rather than utilizing time and money in constantly updating oneself about the various changes like new codes and training the staff on new software, along with streamlining the medical billing process to ensure payments it would be advisable for physicians to outsource their medical billing procedure and related tasks to a billing specialist.
Outsourcing offers an avenue to physicians to put their entire concentration, time and effort into patient care leading to highly satisfied patients. In today’s challenging and changing healthcare environment it’s almost like outsourcing a pool of challenges to a billing specialist. A Medical Billing company with specialized staff will file your claims accurately using correct codes and procedure; regularly follow up with the insurance company, ensuring lesser days in account receivables, while customized reports help ascertain the status of all the claims.
Financially as well outsourcing is much more economical to a practice rather than hiring staff at the clinic- as the physician needn’t spend on training the staff or worry about retaining staff with perks and incentives, besides this most Medical billing companies only charge a percent after your allowable amount is released. Another perk of outsourcing is that even during holidays or when the clinic is shut the medical billing company will continue to work on the physicians billing, to ensuring maximum reimbursements.Hence free from all billing worries and other challenges a physician can easily provide quality patient care which in turn increases the patient referrals, in turn increasing revenue and increasing practice revenue manifold with decrease in denials.
MedicalBillersandCoders.com is a one stop solution for all your Medical Billing needs, serving US healthcare for over a decade now. Our billing experts with years of experience and in-depth knowledge can help you set up the right software for your billing, ensure HIPAA compliance, guide your practice through ICD-10 implementation, and also help understand and work with the new innovative payment models.
Streamlining your medical billing process right from gathering patient information, filing of claims to right up to procuring physician payments all the procedures are handled efficiently by MBC. In addition it also provides consultancy service for your clinic or hospital, moreover if you are in search of a qualified medical biller or coder for your clinic, MBC job board again provides the solution to your medical billing needs.