Physician billing is more complicated than it seems. The continuous shift in industry regulations and procedures leads to wreak havoc in revenue generation and practice management.

A report suggests that providers lose more than $125 billion every year due to billing and coding errors.

Even if you take precautions to submit an error-free claim to the insurers, there is a high chance of mistakes due to increasing patient volume and work pressure.

New government regulations, changes in patient behavior, competitive market, rising healthcare costs and technological advancements are some of the numerous factors which make physician billing trickier.

Understanding the Challenges of Physician Billing Services

1) Administrative load:

You deal with abundant work due to the nature of your profession. And working in a heavily regulated industry considering sophisticated services, demands you to stay compliant with the regulations. Physician billing processes along with other administrative tasks and patient care add more to this ongoing stress.

If you are bogged down by an ever-changing administrative burden, then it will eventually affect your quality of care, practice management or both. Offering premium care is not enough to obtain accurate and timely reimbursements, which is essential to sustain your practice’s functionality.

2) Dynamic industry:

The ever-evolving healthcare industry has embraced automation and technology for the better. However, with the implementation of technology, clinical and administrative procedures have evolved as well. This has increased confusion among providers like you and they are in constant combat with the changing regulations and guidelines.

To obtain accurate reimbursements and safeguard your practice from legal adversity, you must stay updated with the payors’ claim submission requirements, coding regulations and industry comprehensive practices.

3) Outdated EHR interface:

Technological upgrade in the healthcare industry and modern EHRs have great potential to eliminate billing errors and transform your revenue.

However, often a lack of the latest software and technology within physician billing processes can result in erroneous data management and documentation which can hamper revenue generation.

4) High denial rates:

Payment rejection or claim denial are the most prominent challenges in physician billing. It is difficult for the providers to follow up on rejected claims and rework on it. As a result, the accounts receivable bucket piles up and most of the reimbursements end up as bad debt.

All these factors contribute to an impaired revenue cycle and in the long run ruin your practice’s performance.

A Specialized Physician Billing Company Can Help!

The unique challenges of physician billing impact the cash flow and functionality in the long run. To fight these challenges, outsource to a tech enabled RCM provider like Sunknowledge Services Inc. Would show great results.

For more than a decade the company has been providing cutting-edge solutions to its clients by transforming their processes with their expertise and experience.

The team not only can provide you with end-to-end solutions, but also, can curate their services according to your practice requirements and time zone preferences.

This makes them a true operational extension of your practice who maintains the practice’s cash flow, giving you plenty of time to serve the patients without bothering about billing challenges.

To learn more about the physician billing solutions of Sunknowledge, connect with one of their RCM experts today!