Unique Challenges Of Physician Medical Billing
The changing procedures and
regulations in the medical billing processes in the healthcare industry have
resulted in a financial crisis for a number of physicians. Being a physician in
the twenty-first century entails more than just treating patients. Globalization's
impact, technological advancements, rising healthcare costs, and new government
regulations are just a few of the challenges physicians face in providing
high-quality care.
Not only this, your financial crisis
can also be affected as a result of changing procedures and regulations for
medical billing services. As per the experts, the most complex challenge for
physicians is integrating their financial policies with real-time changes in
medical coding and physician
medical billing services.
However, once you know what the
challenges are, you can easily overcome them, right? Let's take a look at some
of the most common and current medical billing challenges that physicians face:
●
Increased Claim Denials:
One of the most common challenges
that physicians face is payment denials. Undoubtedly, they are entitled to be
compensated for their time and efforts. But the reality is completely
different. In fact, they will be unable to address the issue of payment denials
without review and management. As a result of regulatory changes and changing
patient medical denial of claims, physicians will be burdened even more.
A minor coding or physician billing
error can result in claim denial, jeopardizing a practice's financial health.
Other challenges that arise in addition to payment rejection include poor
reimbursements and an inefficient payment schedule. As a result, physicians
must plan ahead of time for dealing with such physician billing challenges.
●
Administrative Burden:
According to a survey, over 411,000
seniors have experienced double physician billing for the services provided by
them to their patients. This occurs because physicians are subjected to a great
deal of stress in medical settings due to the nature of their profession. Aside
from caring for patients, they must also perform administrative duties, which
add to the already-heavy workload. It is difficult to ensure that patient care
runs smoothly alongside the documentation process, as the latter requires
staying on top of system changes and staying current.
●
Outdated and Inconvenient EHR
Interface:
Did you know? Your patient's
electronic registration needs to be altered as a result of the new CMS document
requirements adding another challenge in your physician billing. This has made
all of the current EHR interfaces obsolete. Thereby, physician billing services
will suffer if doctors do not use effective and efficient software solutions
for registration and medical billing. EHRs and other health information
technologies have the potential to improve patient care and outcomes
significantly.
Furthermore, it is difficult for
physicians to use these systems efficiently because it is problematic to divide
time between the patient and the computer. According to the study, the average
time spent by the physician has increased from 30% to 50% of patient meetings
to view the EHR directly. Out of this time, the majority was spent in desktop
arrangements that did not allow them to focus more on patients.
●
Changing Confidentiality Laws:
HIPAA
laws
were created to protect patients' privacy and data, and they must be followed
by healthcare settings. However, these confidentiality laws are constantly
changing, resulting in harsh penalties if not followed correctly. Physicians
fail to keep up with changing confidentiality laws, which traps them in a bind.
●
Specialty Billing Process:
If you want to reap the benefits of
medical practices, you must keep up with the changes that occur. To complete
the complex tasks of physician medical specialty billing, special handling,
authorization, and pre-certification are required.
Such specialized and focused
physician billing processes necessitate knowledge as well, in order to
streamline the process and obtain faster reimbursements. However, not all
physicians have the time or knowledge to keep up with the changes and dive into
the details of the process. Absence of knowledge results in claim errors, which
result in denials.
Outsourcing
- Your Ultimate Solution!
Undoubtedly, all the medical billing
challenges faced by the physicians will have a direct negative impact on the
practice's cash flow. As a result, it is critical to plan ahead of time for all
of these issues and to put a strategy in place that will benefit your practice.
Outsourcing expert physician billing services such as 24/7 Medical Billing
Services is one of the best ways to deal with all of these issues. Their
physician billing experts will handle all the billing issues professionally
while increasing your revenue.
About 24/7 Medical Billing Services:
We are a medical billing company that
offers ‘24/7 Medical Billing
Services’ and support physicians, hospitals, medical institutions and
group practices with our end to end medical billing solutions. We help you earn
more revenue with our quick and affordable services. Our customized Revenue
Cycle Management (RCM) solutions allow physicians to attract additional revenue
and reduce administrative burden or losses.
Contact:
24/7 Medical Billing Services
Tel: +1 888-502-0537
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