Healthcare industry is one of the fastest growing industries in the world, with advanced technology and scientific progress taking place all over the world. It is hence so pertinent that the doctors do what they are best at. However, these physicians are bogged down with a lot other work like documentation, record keeping, insurance follow ups etc. If this bit is taken off their shoulders, they can focus on their core responsibilities. There is then less likely a chance of errors and the claims too are submitted efficiently.
Handling finances can be a mind-numbing affair especially given the fact that you are a physician, handling patients. Most of the doctors tend to overwork themselves by looking into their finances and rarely heeding advice. They could be weak business oriented individuals since most of their time is spent on patient care.
Freshly graduated doctors begin their practice with a high fervor to excel in their profession. The new enthusiasm has them want to look after the finances on their own especially by hiring an in house staff. This takes them away from their core passion of patient care since staff and billing issues takes most of their time.
Genuine business challenges include dwindling reimbursements from private insurers and Medicare and other reform legislation. Often doctors end up making bad decisions. As mentioned above, hiring internal staff to handle the billing and coding may also have a down side to it wherein incompetency on their part may result in lesser generation of revenue and more denials. Doctors who are keen on handling their own finances are almost always unaware of the amount of stress it may land them into unless it is extremely well organized and is looked into by thorough experts, which is a rare case.
While there are physicians who continue to take their financial matters in their own hands, there are many more who accept their lack of insight in business and look for expert help. It is vital that physicians focus on their primary profession and allow the experts to handle their finances.
With a view to enhance the revenue cycle, many physicians are now outsourcing their revenue cycle management processes to medical billing companies who are competent and professional to handle billing services without errors. This billing companies offer end-to-end services right from billing and coding to RCM & AR management, credentialing, denials and claims management.