Due to the rising crisis related to healthcare, economy, and regulatory changes in 2020, physicians are going to face new challenges this year. We all are well-versed with the rising economical challenges due to COVID-19 and other destructive factors that have influenced the global market. It has become a threat to everyone in the world and resulted in increased complications for physician billing services. Along with this problem, there are certainly many other challenges for the physicians that practitioners will end up facing as well. Therefore, supportive medical billing companies like Medcare MSO sustained their services to provide backend support to several medical practitioners. Our analysts identified the following 8 challenges for the physician billing services that can obstacle the business growth of the physicians in 2020.
Complicated Revenue Collection:
Stress is a common feeling for medical practitioners. It is caused due to the highly increasing demands and expectations of the patients. Due to the rising healthcare crisis caused by the sudden spread of COVID-19, the more stress is piled up for the healthcare practitioners. It doesn’t matter if they are linked with a private or public practice, they are facing excessive administrative burden for physician billing services.
Increased claim denials:
One of the most impactful factors that damage the financial health of your medical practice is medical claim denials. After all, physicians deserve proper payments for the energy and effort they put in to provide quality care services. They are unable to identify and remove the problems that cause claim denials without evaluation and management. Due to payment denials and other revenue cycle problems, physicians are also experiencing poor reimbursements and inefficient payment schedule that is disrupting cash flow.
Modern technology, rising expectations of patients, and innovative trends have given an instant boost to the competition in the healthcare industry. These factors are increasing burden on the physicians. Physicians should also tend to adopt innovative physician billing solutions to increase revenue collection.
The inefficiency of EHR:
Physicians should use an interactive EHR interface that can easily engage patients and physicians. Otherwise, a difficult to understand portal would be dangerous for patients. Especially, they should make sure to use efficient and effective software solutions for physician billing. If a system is not optimized regarding these aspects that it can negatively impact physician billing services.
Excessive Workload For Physicians:
Due to the rise of the healthcare crisis, physician burnout has become a common issue amongst the current workplace. It is true for physicians as well considering the long and busy duty hours that they have to work for. Excessive work burden doesn’t allow them to also manage administrative tasks side by side. Therefore, they need to expand their workforce in order to share the excessive workload. Outsourcing physician billing services is the best option in this case. Therefore, most of the physicians are moving towards this solution in order to sustain the financial health of their organization with the help of a medical billing expert.
Physicians have to face a constant threat of being sued. Because as soon as the patients identify any medical malpractice they immediately register their complaints. Usually, it may happen due to the mistakes that are often made by the physicians due to the stress of excessive workload. However, partnering with a reliable medical billing company allows physicians to shed away the burden of administrative tasks.
Wide Spread Of Chronic Diseases:
The sudden widespread of the pandemic made a huge population suffering from chronic conditions. Patients who suffer from chronic diseases demand primary care by the physicians. These physicians can usually allocate a huge amount of their time to such patients. It increases the risk of them missing out on important details while dealing with the patients.
Due to the lack of adequate time and resources, most of the physicians are failing to follow up with the medical claims. They can’t keep the track of claims being transited and the claims being returned after rejection. That is why it is making their AR to become older than 180 days. While a medical billing company with dedicated staff and resourceful technology can help to prevent aging A?R. Otherwise, physicians can lose millions of dollars in their due to their inefficiency.
In order to ensure efficiency and accuracy, a medical billing specialist can provide strengthening support to the physicians to streamline their revenue generation. They can stay abreast of the changes occurring in the medical billing industry and optimize revenue cycle management.
These are some of the critical challenges that are likely to impact the cashflow of the physician’s business negatively. Therefore, physicians must adopt insightful strategies to combat the economical crisis. They should adopt modern solutions for physician billing services to streamline reimbursements and make their business financially successful.
Are you feeling your account receivables filled with outstanding dollars, claims get being denied or rejected and revenue slipping through the cracks. Then outsource to our professional medical billing company and give an instant boost to your revenue growth. We provide a complete suite of AR recovery services, medical billing and coding services, and claim management services to help you collect credit clean of hassle. Request a free demo! To scale your business to the new heights.