Number of private practices is dropping in the US due to pressure from healthcare reforms. They are into financial troubles due to changing regulations, shrinking insurance reimbursements and rising costs of business and drugs. Medicare and Medicaid cuts are also forcing private practitioners to either shut their doors or find salaried positions in hospitals.
- There has been a rapid growth in large practices or hospitals buying small practices.
- 57% of doctors owned a private practice in 2000 which reduced to 39% in 2012.
- It is being expected that this number will decrease to 36% by the end of this year.
- Even though the number of surgeons or physicians is expected to rise by 22% by 2018, very less will be headed into private practice.
- According to a survey done by American Medical Association, approximately 80% of medical students are graduating with debt which is leading to new doctors opting for stable salaries.
Private practitioners already tired of filing insurance claims and collecting patient payments are on the verge of giving up their practice with the fear of administrative workload rising with new regulations.
Is closing doors the best option?
If you are also a private practitioner, planning to close down your business due to payment cuts and work pressure, don’t make a hasty decision. Don’t let factors like lack of time and skilled staffs stop you from enjoying the autonomy of running a private practice.
Outsourcing your billing and coding requirements along with other administrative tasks can help you get back your business into shape. Hiring a billing partner will not only ensure timely reimbursements and reduction in claim denials but also eliminate the cost of hiring and training new staff, upgrading existing systems or complying with HIPAA and other reforms.
A significant number of private practitioners are seeking help from a medical billing company for the following advantages:
- Denial management
- Better implementation of EHR/EMR
- Professional revenue cycle management
- Error-free medical coding and billing services
- Compliance to HIPAA
- Transparency in terms of financial reporting
- Access to patient data 24/7
Outsourcing can give your private practice can edge over others because once the above-mentioned areas are tackled professionally; you will be able to reap the financial benefits your practice deserves. Even if you have limited staff at your practice, you won’t have to worry about striking a balance between patient care and your billing department.
Medicalbillersandcoders.com has been offering these services to private practices across the US. We have the largest consortium of billers and coders which help physicians face the challenges of healthcare reforms. Apart from offering error-free coding and billing services, MBC also provides consultancy and other value added services to practitioners. Our main aim is to ensure that your practice doesn’t become a victim to increasing number of patients, rising workload and significant reimbursement cuts. At no major cost, a team of experts will be focusing on your revenue cycle management so that you get ample time to concentrate on quality patient care.