Physician billing facing the biggest financial challenges in a changing industry
Some populist policies of the Obama government related to healthcare have left hospitals in all the states of the US to deal with more of what they should be doing less, preparing insurance claims and realizing payments. In fact, a survey by Thomson Reuters, in 2011, mentions hospital CEOs saying that reimbursement cuts and new payment models introduced by new reforms are some of the biggest challenges facing their organizations in years to come.
Another survey conducted by American College of Healthcare Executives (ACHE) where healthcare professionals were asked to cite 10 issues facing their organizations in order of importance revealed the challenges healthcare organizations are facing today. The survey bunched up the type of challenges into four categories – financial challenges, healthcare reforms implementation, patient safety and quality – and listed the concerns under each one of them.
The financial challenges being reimbursements, bad debts, increasing cost of staff, supplies etc, managed care payments, revenue cycle management, etc. What predominantly adds to the billing concerns of healthcare providers in the US is that healthcare bodies are integrating with physicians for mutual business, infrastructural and healthcare benefits. This partnership allows providers to offer their customers flat fees for a range of services coming under a singular treatment cycle(known as bundled payments), starting from pre-hospitalization diagnosis through hospitalization to post-hospitalization care. The challenge this mode of payment presents to healthcare providers is it leaves them to sort out financial problems like reimbursement, payment administration, etc., that they are ill-equipped to handle.
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Dwelling on the issues cited above and the current healthcare payment models that ensure benefits for patients and providers but bring in problems related to financial administration, the role of medical billers and coders cannot be more elaborated in the current US healthcare industry. Medicalbillersandcoders.com specializing in complete Revenue Cycle Management can not only efficiently handle the concerns related to payment administration and ensure higher claim realization for healthcare bodies but also in the process help care providers cut cost and time spent of non-healthcare activities which they can divert to the benefit of their core services to their patients.
Albeit, to ensure the benefits billers and coders bring to a healthcare provider, Medicalbillersandcoders.com can provide expert consultancy services and add value with its robust infrastructure, including a sound network of professionals and establishments connecting various states in the US, and expertise acquired through years of dealing with healthcare providers as well as by keeping in touch with the latest trends and changes taking place in the US healthcare industry.
Combining the advantages mentioned above – experience, expertise, network and technology –MedicalBillersandCoders.com, the largest consortium of medical billers and coders in the US, has been able to bring down insurance denial rates and streamline financial processes for their physicians and other healthcare organizations. These benefits additionally help physicians to offload their financial administrative responsibilities and save cost and time through improved work specialization, improved finances and spared effort on non-healthcare activities which they can channelize to healthcare and improve the quality of care.