Rewards and recognition play a cardinal role in our lives and to achieve them we strive to the maximum of our competency. In that list, healthcare physicians are no exception! They face a lot of competition from other healthcare practices and facilities in earning the goodwill and trust of their patients. In addition, physicians also face a lot of other challenges due to in-house medical claims billing. They believe that in-house billing can save their time and money. Nevertheless, the real fact is that it keeps physicians from achieving their rewards and recognition while being a drain on both money and time. For physicians who carry out billing in-house, this article is a must-read,
Challenge 1 - Technological Advancements: As technological advancements take place in every domain, the healthcare reimbursement domain also faced a revolutionary change – the migration from ICD-9 to ICD-10 and HIPAA 5010 standards adoption also added to this advancement, making in-house medical claims billing redundant. From billing software and documentation to billing systems and clearing house, everything has to be changed to make them compliant to HIPAA regulations. These factors will not only affect the revenue cycle management badly but also put a physician under lot of stress. Medical billing outsourcing is the best solution to this problem.
Challenge 2 – Diversion of Focus: Carrying out medical claims billing in-house will increase the administrative work, complicate back-office processes, and call for investment on new technology and training. In addition, embezzlement is a likely possibility in this department, causing a huge loss for physicians. These factors distract physicians from focusing on their core job, which is to care for the patients. For best physician practice management, there is no better decision than medical billing outsourcing.
Challenge 3 – Pressure from Insurance Companies: Like adding fuel to the fire, insurance companies add pressure to physicians by rejecting claims and paying them less each successive year. Besides if these rejected claims are not properly re-filed, then they create huge backlogs. Medical billing outsourcing can handle old AR and denials promptly, relieving physicians from all these pressures.
These challenges are inadvertently connected to one another! Eradicating them through medical billing outsourcing will be the judicial decision rather than facing them single-handedly. Look no further than MGSI! This Florida-based company has been providing the best physician practice management services to its clients for more than 20 years. Physicians can take full advantage of this company’s services to eliminate these challenges and improve cash flow. For more information visit www.mgsionline.com
Challenges Faced by Healthcare Practices