Tag Archives: Medical Billing Services provider in California

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: