When we talk about medical practices, we are referring to hospitals and doctors, who are more commonly known as healthcare providers or simply providers. They diagnose, cure, advise or prescribe medicine for ailments. The fact is that even though the main task of providers is to treat patients they still need to maximize on their revenue to stay afloat. Especially in this day and age when the competition is severe. The healthcare expenditure in the U.S. is characterized as the most costly per person compared to all other countries and despite this, the quality of healthcare outcome is low.
|According to the World Health Organization (WHO), the total health spending was approximately 17.9% of its GDP, the highest in the world. Aggregate hospital costs are $387.3 billion, which is a 63% increase since 1997. The health share of GDP is expected to reach 19.5% by 2017. The government spends about 45% to 55% on healthcare. The provider industry is pegged at $296 billion with an annual growth of around six percent.|
Failure in Maximizing Revenues
From the data above one understands that there are several opportunities for the healthcare industry in the US. However, there are several reasons why they are not being able to maximize their revenues:.
We discussed a few reasons why medical practices are not making money. As discussed, the main aim for providers is to treat patients but along with it they have to make money to stay operational as well as deliver high quality care to patients. The issues they are facing can find recourse in outsourcing the billing process to improve their revenue. With the help of MedicalBillersandCoders.com they can have a dedicated team who can work tirelessly in ironing out the bottlenecks in the medical billing process which help them in maximizing practice revenue. MBC is a consortium of billers and coders spread all over the US and they provide customized services to around 40 specialties.Back