What rules the roost in healthcare organizations: financial stability or patient care?
“Propensity to be fascinated by both the extremities should scrupulously be avoided, and thought must be given to finding an ideal balance between Financial Stability and Patient Care”
Unlike Public or Community Healthcare centers, which are funded and run by Federal Healthcare Department, the private healthcare centers have to find their own course to a sustainable means of practice amidst an intensely competitive healthcare industry. As most of these private practices are run by physicians themselves, they find themselves in a rather tricky situation as to whether financial stability should take precedence over patient care, or vice-versa. It is quite interesting to note that those who favored financial stability over patient care had to be contented with dwindling patient base, and those who thought of charitable patient care had a rather dismal show of revenue generation. Amidst this living example, propensity to be fascinated by both the extremities should scrupulously be avoided, and thought must be given to finding an ideal balance between Financial Stability and Patient Care. Then, how can practices strike such a balance?
Well, physicians would agree that their patients are the primary source of revenue generation. Further, they would also vouch that efficient medical care distinctively superior to their competitors gives them a better chance of not only retaining the existing customers but also garnering newer ones. Whereas such outlook can take care of marketing your practices for patient solicitation, an efficient medical billing management should ensure revenue generation in congruence with physicians’ marketing efforts. But, because of medical billing management being too exhaustive owing to highly stringent reimbursement environment, physicians have felt them to be too demanding and detrimental to their focus on efficient medical care. Therefore, in order to find an amicable balance between revenue generation, and patient care, it is prudent to outsource revenue optimizing billing management, while carrying on with what they know best – patient care.
Finding an amicable balance between financial stability and Patient care…
- How outsourced Medical Billing Management can ease the pressure on financial Front?
- Establishing the credibility of the insurance policies held by the patients: Physicians would do well to establish the credibility of the insurance policies so as to avoid running into dubious insurance carriers. A proven medical billing management solution can be of indispensable help in this regard.
- Verifying the existence of a valid insurance policy: Verifying the existence of a valid medical insurance will go a long way in ensuring physicians that their medical bills will be reimbursed for sure. By establishing such an existence or otherwise, outsourced medical billing management can save physicians from undesirable embarrassment.
- Advising on the importance of implementing Electronic Health Recording (EHR) system:
Medical Billing Management, as part of their comprehensive solution, offer advice on the efficacy of installing EHR, which along with being cost-effective, ensures seamless integration and dissemination of health care date for billing, referencing, and future research.
- Installation of advanced technology platforms for Billing and Coding: One of the important functions of an outsourced medical billing service, infusing technology platforms into billing and coding management saves not only time and resources but also expedites the process of medical billing claim submission.
- Proven Expertise in Coding: Being qualified and well-versed in coding system, medical billing management solution provider ensure greater accuracy in medical coding for delay-free and denial-free reimbursement of their clients medical claims.
- How Physicians can optimize their Healthcare Marketing Efforts for greater patient influx?
- An engaging patient care model: Physicians, on their part, would do well to engage their patient with a close and involved medical care, involving continuous dialogue and advice on social networks, and personal feed-back on status and progress of treatment to gain and build a confidence-enhancing environment.
- Perpetual knowledge enhancement through extended learning: Further, physicians, by being proactive to breakthroughs in medical care, can ensure quality medical care to their trusting patients. By doing so, they stand to gain in terms of retaining the existing patients, who can potentially be referral for newer patients.
Thus, a two-pronged effort on both the fronts is vital to an ideal balance between financial stability and quality patient care.
Medicalbillersandcoders.com, with a substantial hands-on experience and expertise for not only ensuring financial stability, but also turning around a majority of practices across the United States, should be your ideal ally in finding an amicable balance between financial stability and quality patient care.