Revenue generation in any medical practice depends on its efficiency in the medical billing process. Offering reliable medical service being their primary objective, practices need to have sufficient cash flow to make ends meet financially. In this connection, it is imperative that medical practices employ effective strategies for collection of the amount for services provided, failing which may lead to put the practice under jeopardy.
Factors that Influence Practice Revenue
While a well-maintained medical billing strategy ensures healthy revenue cycle and a financially stable practice, there are certain factors that when not cautiously handled, might lead to reduced revenue generation:
Efficient Claims Management: It is imperative that you have an effective claims management apparatus in place – this helps achieve a positive growth of practice revenues
Proper revenue collection: One way of enhancing revenue in practices is ensuring an efficient collection procedure and checking the revenue generated
Managing self-pay Effectively: With changes in insurance plans, a significant amount of patient payments is borne by patients themselves by way of co-pays and deductibles – it is essential to manage these self-pays prudently
Trained and qualified staff: A satisfactory revenue cycle management can be achieved by employing qualified and trained resources
Challenges in Medical Billing Process that Need to be Met
Accurate Patient Information: Failure to gather patient data properly may lead to inaccurate and incomplete information which makes it hard to collect payments
Inaccurate Quotes for Services: Changes in the health insurance setting has resulted in insurance plans having higher deductibles than before – when patients are not informed completely about their payment responsibility, they may be taken aback when they receive medical bill for services provided- the likelihood of their making prompt payment is reduced
Lack of Proper Claims Management: Insurance claim filing is a complex process and keeps continuously evolving – it is essential to make your claims management process efficient
Avoiding Errors in Medical Billing: Billing errors are one of the common causes for claims denial – with changes in codes and regulatory requirements, it is tough avoiding erroneous coding and billing
By making use of latest medical billing software that takes care of updated solutions, or by outsourcing your medical billing task to skilled and experienced medical billing service providers, you may avoid unpleasant eventualities.
Numinatrans is the market leader in providing efficient medical billing solutions to different types of medical practices and medical professionals. We have been offering unmatched medical billing and coding services to global medical organizations since more than a decade. Visit our website www.numinatrans.com for further details.
MACRA has made three significant changes to the way physicians are being paid by CMS. The changes have created a quality payment program. With the recent changes in physician reimbursement model, physicians are allowed to choose one of the two paths in which payment is linked with quality.
The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) has suggested two types of payment models for health care providers. The focus is transition from the volume-based payment model to a value-based model. Eligible clinicians (ECs) will either participate in the MIPS or an APM model. These two are collectively known as the quality payment program for which the initial performance period starts from the year 2017.
The Two Paths of Payment
The two paths, namely, merit-based incentive payment system (MIPS) and advanced alternative models (APMs) are the new payment models. The general assumption of CMS happens to be that a large number of health care providers will be choosing MIPS during the current year.
This is one of the new approaches of payment for medical care provided that incentivizes quality and value. APMs provide high-quality care in economical manner.
This program combines the value modifier (VM), physician quality reporting system (PQRS), and the electronic health record (EHR) incentive program into one. Eligible professionals (EPs) will be measured using this metric.
Numinatrans has been providing efficient and reliable medical billing services to physicians and medical practices across the world. Our revenue cycle management services include medical coding and billing, patient eligibility verification, AR follow-up, Provider credentialing, payment posting, and charge entry.
Numinatrans is the market leader in medical billing services. You are welcome to approach us; our endeavor is providing accurate medical billing and coding solutions. Visit our website www.numinatrans.com for further details.