Healthcare reforms have bought in a myriad of changes, including physicians needing to multitask between managing patient needs as well as the revenue cycle. Physicians may easily seem to have MPD (multiple personality disorders), considering the extent of time they need to divert into revenue management and non-clinical tasks besides patient care.
Unfortunately due to this the physician ends up reducing the time spent on seeing patients, as they increase their time spent on staff- training and administrative duties.
Industry Standards State
Most physicians surveyed in 2012 said they were either working at full capacity or overworked, and are adopting various work changes in response to today’s altering medical practice environment. More so with profitability largely dependent on the revenue cycle physicians need to constantly work towards integrating their clinical and business processes.
Challenges medical practices face while procuring revenue-
A practice’s revenue cycle starts when the patient registers for care involving various stages like - data collection, insurance review & verification, determining patient flow, charge capture, accurate coding, submission, patient collections and payer collections – ending only when the patient’s account has zero balance. Managing the revenue cycle effectively requires devoting a lot of time on the entire cycle and also dealing with common business concerns related to staff turnover, training and productivity.
Even if the physician does well in managing all these factors he loses out on time needed for patient care; plus his compensation depends on how much revenue is used for administrative and other purposes. Additionally multitasking activities can easily lead to deficient performance and medical errors. In this scenario readjustment of workload by partnering with a billing specialist can be a useful avenue for physicians to explore to reduce the negative impact of simultaneous task performance at a medical practice.
MBC as your Revenue Manager MBC follows all the necessary RCM process steps to ensure maximum revenue. Serving various specialties and with more than a decade of medical billing experience across US our billing experts
Regularly analyze and follow up on denials to help reduce denied or delayed payment
Benefits of outsourcing your RCM to MBC -
| MBC = Reduced operating costs + reduced bad debt + enhanced net revenue + accelerated cash flows! |
