There is a never-ending list of challenges that chiropractors have to face in order to run a profitable business. The interest rate for capital has increased, the insurance reimbursement is shrinking and competition is on rise due to which it has become difficult for chiropractors to run a private practice.
Irrespective of the challenges, there are few small changes that can lead to bigger results for chiropractors. An achievable goal can be created by breaking down big obstacles into small areas that require improvement in a chiropractic practice. For example, small yet significant changes in billing, EHR, patient payment collections, front-desk tasks can help chiropractors sail through issues related to the revenue cycle.
Challenges faced by Chiropractors
If your chiropractic practice is facing challenges related to collection of co-pays, co-insurances, deductibles and other balances due from patients, you need to make the above-mentioned changes to your business functions.
This medical speciality also faces issues related to patient retention, marketing, insurance company regulations and staff management. These challenges drag down the profits a chiropractic practice can make on a daily basis. Since a lot of pressure is faced by this medical speciality along with many responsibilities, providers are getting very little time to focus on patient care.
Changes in coding recommendations and billing regulations keep changing for chiropractors which pose problems for the revenue cycle. As the daily routine is being burdened with increased administrative work, providers are also facing difficulties in preparing for ICD-10.
- A survey was conducted on 300 chiropractors in 2013 out which 75% respondents had not even started testing for the new coding system
There is a dire need for chiropractors to avoid underpayments or claims denials that are mainly caused by incorrect coding, insufficient documentation and coverage issues. Performance and productivity get affected because providers don’t get sufficient time to train and monitor staff.
Considering the lack of time and skilled resources, many chiropractic practices opt for outsourcing. They hire billing companies like MedicalBillersandCoders.com to streamline billing functions and strengthen revenue cycle. MBC currently serves 42 medical specialities across the US, including chiropractic practices. The company has a team of skilled billers and coders who are well-trained in handling chiropractic revenue challenges.
Advantages of Outsourcing Chiropractic Billing Requirements
Outsourcing can help chiropractors increase revenue and reduce overhead costs. Since a trained team will be handling the billing requirements, providers don’t have to invest in hiring or training an in-house billing team.
Outsourcing helps in collection of higher percentage of accounts receivables. According to a survey, practices can increase their collections by 15% if they opt for outsourcing. The money saved by practices can be used for purchasing new technology and products for better patient care.
Since a well-trained team handles billing challenges, physicians don’t have to worry about lost payments, delayed claims submissions or claims denials. Outsourcing ensures that the claims get submitted on time and cash flow improves. It is also effective in reducing billing errors, payer denials and employee turnover.