Healthcare reforms have bought in a myriad of changes, including physicians needing to multitask between managing patient needs as well as the revenue cycle. Physicians may easily seem to have MPD (multiple personality disorders), considering the extent of time they need to divert into revenue management and non-clinical tasks besides patient care.
Unfortunately due to this the physician ends up reducing the time spent on seeing patients, as they increase their time spent on staff- training and administrative duties.
Industry Standards State
In 2012, physicians saw 16.6% fewer patients per day than in 2008, this trend can result in a huge reduction in the number of patients seen per year
In 2012 physicians spent nearly 22% of their time on non-clinical paperwork
Most physicians surveyed in 2012 said they were either working at full capacity or overworked, and are adopting various work changes in response to today’s altering medical practice environment. More so with profitability largely dependent on the revenue cycle physicians need to constantly work towards integrating their clinical and business processes.
Challenges medical practices face while procuring revenue-
Varied mix of payers
Intricate regulations from federal, state & local governments
Introduction of value-based reimbursement programs
Rigid reimbursement processes
Increased demand for billing transparency as well as data protection
Increase in competitive pressures
A practice’s revenue cycle starts when the patient registers for care involving various stages like - data collection, insurance review & verification, determining patient flow, charge capture, accurate coding, submission, patient collections and payer collections – ending only when the patient’s account has zero balance. Managing the revenue cycle effectively requires devoting a lot of time on the entire cycle and also dealing with common business concerns related to staff turnover, training and productivity.
Even if the physician does well in managing all these factors he loses out on time needed for patient care; plus his compensation depends on how much revenue is used for administrative and other purposes. Additionally multitasking activities can easily lead to deficient performance and medical errors. In this scenario readjustment of workload by partnering with a billing specialist can be a useful avenue for physicians to explore to reduce the negative impact of simultaneous task performance at a medical practice.
MBC as your Revenue Manager MBC follows all the necessary RCM process steps to ensure maximum revenue. Serving various specialties and with more than a decade of medical billing experience across US our billing experts
Effortlessly handle diverse payer mix and also regularly conduct gap analyses on revenue cycle processes to identify and recover lost revenue.