Tag Archives: Medical Billing Outsourcing

Physicians Gearing Up for Challenges in 2018

What is the number one priority for physicians?

The answer is- delivery of quality patient care. But do all physicians get paid for rendered services? Are they equipped to support quality of care with sound financial management? Unfortunately, physicians in all specialties across the US are struggling with some common challenges that are impacting the bottom line of their practice.

From challenges related to regulatory compliance and data analytics to the complexities of value-based care and patient engagement there are various factors that will continue to haunt physicians in 2018.

What Are Strategies to Run Your Practice Successfully In 2018?

2018 has brought a new set of opportunities as well as challenges for healthcare providers. Physicians continue to find themselves on the front lines of changing policies and technology threats. If you are among the practice owners hoping to make 2018 a fruitful year, then here are some of the strategies that might be of some help to you.

Amidst complex reporting requirements and changing patient expectations, don’t forget to set goals and create plans for the growth of your practice. Planning will also help provide motivation to take on the challenges and risks of new reforms and industry changes.

Medicare Reporting Challenges To Affect Independent Practices

Due to complex reporting requirements for the performance-based incentive program, many physicians will not be able to take advantage of MACRA (Medicare Access and CHIP Reauthorisation Act). Also, many physicians practicing in independent practices will get to see their Medicare physician fee payment rates slashed by half this year.

Private practices across the US are bracing for another series of changes from the CMS (Centers for Medicare and Medicaid Services). Changes like new legislation, more inpatient codes, compliance demands, cuts to Medicare physician fee payment rates and performance-based incentives and reporting requirements will be impacting the bottom line of many private practices across the country.

What Are The Common Misconceptions About Medical Billing Outsourcing?

With medical billing changing so fast, it has become difficult for an independent practice or even a single hospital to profitably manage the task in-house. Since there is an overwhelming number of tasks that medical practice managers have to contend with, outsourcing of clinical and administrative functions seems like an attractive option to many.

Farming out functions like medical billing allows practice staff and providers to focus on what they do best while a dedicated team handles their revenue cycle needs. But there are some practitioners who don’t think that outsourcing decisions are a net gain for their practice.

Importance of Running Financial Reports for Your Practice

When was the last time you reviewed financial reports for your practice? If you can’t remember, then now is the right time to start because handling the business end of healthcare is equally important. If you don’t have a good understanding of financial reports, then you will be missing out on key metrics that are required for making good business decisions.

In-depth understanding of reports will help you identify potential financial problems and shed light on areas that need your focus. All this will help you grow your practice.

Here are a few basic financial reports that healthcare providers must review on a regular basis:

3 Areas Practices Need to Focus on in 2018

2018 has come with new opportunities as well as challenges for medical practices. By improving the quality of care and lowering costs to increase patient satisfaction, Medical Billing Services Providers are having a hard time navigating through various requirements. They are finding new ways to thrive in business considering the shift towards value-based care and increased financial responsibility of patients.

In order to address the market pressures and make ends meet, here are three key areas that practices will have to focus on in 2018:

How Can You Practice Revenue Improve By Medical Billing And Coding Services?

First and foremost, effective medical billing and coding services are required for timely and error-free claim submission. If claims have errors and are not being submitted on time, practices will face huge revenue loss.

 

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With the resources, manpower and infrastructure of reliable medical billing companies such as 247MBS, providers can not only boost revenue but also save time and deliver quality patient care.

When a practice outsources medical billing services, it get access to a dedicated team of revenue cycle experts who work 24/7 to get them paid on time for rendered services and also reduce claim denials.

Say Goodbye to Mental Health Billing Woes With 247MBS

As one of the leading providers of medical billing services, 247MBS has been helping mental health experts improve their collection rates and streamline their revenue cycles.

From handling insurance claims processing and payment posting to conducting unpaid claims follow-ups and verification of benefits, the expert team of coders and billers at 247MBS has been providing comprehensive services to clients across the US.

The team at 247MBS has expert knowledge of the latest insurance rules, coding requirements and government regulations that helps ensure the financial health of medical practices in a fast and efficient manner.

Avail 1-Month Free Mental Health Billing with 247MBS

In an effort to provide top-notch billing solutions and to help mental health experts get paid on time, 247MBS, a leading medical billing company has announced its 1-month free billing offer. With this exclusive offer, 247MBS intends on helping providers survive complex billing challenges and get paid on time.

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Healthcare expert at 247MBS- “Due to the recent changes in procedure and diagnostic codes, several challenges have cropped up for mental health billing. Even variability in requirements across public and private insurers has posed issues for providers. This is one of the main reasons why managing medical collections has turned into a burden for practice owners. To help providers overcome this challenge, we have come up with this offer. For an entire month, a dedicated team will be assigned to our clients and they won’t be charged for the services.”

How Do The Medical Billing Cycles Work?

For healthcare providers, the medical billing cycle is based on code sets, especially the ICD-10 code set.

There are several steps involved in the billing cycle, registration of patients, conformation of financial responsibilities, patient check-in and check-out, preparation of claims, checking compliance, transmission of claims, monitoring adjudication, generation of patient statements and follow-up on patient payments.

To get paid on time, it is necessary for practices to hire a reliable billing company such as 247MBS that follows a streamlined method of billing. Reputed billing companies work with well-trained billers who complete every step of the billing cycle with precision.