Medical billing is demanding and time-consuming, creating roadblocks in the path of revenue generation.
In fact, a study suggested that more than 50% of primary care providers are grappling with the challenges of billing and coding processes.
Since confusion over insurance obligations is widespread, issues in physician billing are quite common.
While outsourced revenue cycle management companies can significantly increase the revenue generation and cash flow within your practice by reducing the errors in the billing and coding process, you also must stay aware of the significant pitfalls in physician billing.
Significant Challenges in Physician Billing
We have discussed some of the major issues the providers face in managing medical billing in this competitive environment.
1) Filing multiple claims
Depending on your specialty, you may have to file various claims even for a single patient. This workload often entails filing each claim personally and increases the complications within the practice management process. Furthermore, increased patient volume and changing administrative protocols make it difficult for providers to sustain a streamlined billing process.
2) Increased demand for information:
Along with changing claim submission guidelines, the documentation and information requirements have been increased within the healthcare realm to ensure the accuracy and quality of the services provided.
Unfortunately, these additional requirements have increased the administrative workload and often leave physicians with daunting paperwork.
3) High training requirements:
An effective medical coder must be aware of crucial systems used within the practice management process. These systems provide digital documentation for patients’ information.
With the advancements in technology, you must stay updated with the industry's best practices and software systems to sustain the efficiency of the billing services.
4) Coding errors:
Complex coding requirements within the healthcare realm are nothing new. But the frequent changes in coding regulations create confusion among the providers which results in errors and claim denials within the practice.
5) Confidentiality laws:
Privacy is critical in the healthcare process. From clinical aspects to practice management, the industry is heavily regulated.
A lack of compliance with regulatory guidelines such as HIPAA and HITECH.
Well, like any other regulations, HIPAA and most of the privacy laws are subject to change.
Therefore, a lack of knowledge about the latest guidelines and regulations can lead you to not only claim denials and revenue loss but also legal consequences as well.
You need to come up with a proactive and strategic approach to overcome these challenges within the physician billing services.
There are some preventive measures like-
- Regularly updating patient files and maintaining comprehensive patient information.
- Reviewing delinquent claims to identify issues such as billing and coding errors, inaccurate or insufficient documentation, miscommunication with patients or payors, and so on
- Consider tracking denials and prioritize follow-ups.
- Several physician billing services like filing individual claims, assigning accurate codes, and creating and sending reminders are daunting and repetitive. You can implement automation within the process which will further reduce the errors, and you will get rid of these time-consuming tasks.
Outsource Your Physician Billing Services
While you are busy providing the best care possible, the intricacies in physician billing don’t let you earn accurate revenue.
Outsourcing your services from a physician billing company can eliminate those hurdles for you.
Handing over the financial aspects of your practice is a crucial decision as it can make or break your practice management. Also, you might be afraid of losing control over the revenue cycle.
Now you might be confused about choosing a reliable partner!
A genuine medical billing partner boosts your productivity, efficiency and revenue in the long run by implementing the best practices and technologies within the industry.
Sunknowledge Services Inc. can be your one-stop solution for your healthcare revenue cycle management.
Not only the physician billing, but also, radiology to cardiology and 30+ other specialties can resurrect the lost revenue with Sunknowledge.
What’s in there for you?
- 99.9% accuracy
- Real time transaction audits for patient and charge entry
- Claim submission within 48 hours of receiving patient and service information
- Rejection follow-up within 24 hours
- Tracking and follow-up on partial payments
- Denial management based on detailed analysis
- 80% reduction on overhead costs
- Minimum 10% buffer resource in reserve
- No-binding contracts or hidden charges
- Customer reports and free biannual analysis
Well, Sunknowledge offers you a team of dedicated and trained professionals who work as per your preferred time zones, making them a true operational extension.
From patient data management to payment collection, you can leverage the benefit of their end-to-end service. Also, you can enjoy their versatility by availing virtual medical assistance, medical coding, prior authorization, and accounts receivable management services as well.
Embracing specialized physician billing services can do wonders for the financial and functional aspects of your practice.
By leveraging the expertise of Sunknowledge RCM experts, implementing bleed-edge technology in your practice, and ensuring compliance, you can optimize your practice’s revenue and focus on delivering exceptional patient care.
