Are you seeking ways to resolve Challenges in Medical Billing Staffing? Try Outsourcing
Financial pressures have been increasing on small and medium sized medical practices – several factors such as changing reimbursement paradigms, increased legal regulation needs, and even the present trend of high-deductible health policies – these pass the responsibility of payment on to the patient toward a portion of care received by them
How to Improve Bottom line of Practices by Reducing Expenses
While it is hard to increase revenue in practices, diligently handling the expense side helps in accomplishing better bottom line. Although the primary focus of health care facilities must be managing patient care as best as possible, business side also needs attention – running a practice involves meeting staffing challenges as well. Here’s where outsourcing certain processes makes sense by helping cut costs while improving business performance of the practice.
No Need to Recruit More Full Time Employees (FTEs) with Increased Billing Needs
Despite the fact that their revenue lines remain static or sometimes even decreased, more than half the medical practices surveyed in a recent study disclosed they have increased their FTEs for handling medical billing and collection. This may not prove practical on a long-term basis. It is good business sense to outsource medical billing process – it lets practices to contract only for the resources that they require at prices based on performance. This way, your practice need not absorb ancillary costs such as employees’ benefits, taxes, and workspace.
Access to most modern RCM Technology
Numinatrans has been providing Medical Billing Service to global health care facilities since over a decade. We have a team of medical billing professionals and certified specialty coders. With experience and skill, they assure complete compliance with payer and government regulations.
Contracting with Numinatrans gives medical practices access to best in class technology and leading edge that helps eliminating several medical billing issues which hinder timely reimbursement. Real time in depth reports help you understand the financial standing of your practice and its performance. All this, and software and equipment maintenance and updates at no additional cost, for managing the medical billing component effectively.
It has been proven that most medical practices that outsource their billing tasks have experienced better reimbursement, fewer compliance and regulatory issues, and quicker collections. Overall financial health of health care facilities has been seen to be robust when outsourcing their medical billing process.
The Importance of Medical Coding Compliance
Setting up and running a medical practice is no easy task. Young medical professionals who aspire to set up their own practices need to understand the fact that it may even take months to complete and there will always be regular changes in legislation and regulation that must be properly adopted
Change-adoption is Vital in Running Medical practices
Similar to other modern industries, medical industry is almost always under evolution. Innovative and unprecedented changes keep occurring in the medical field, necessitating practitioners to adhere to the latest legal and regulatory needs. Practices must be able to adopt such changes quickly and meaningfully.
Major changes in health care industry such as ICD-10 are normally announced well in advance, giving sufficient time for enactment. It is crucial on the part of physicians to get ready for these changes and start preparations early. It is through proper assessment of how well the practice will handle the medical coding changes that physicians and practices may be able to position themselves for prolonged success in future. Understanding the benefits of changes and taking necessary action to adopt are key in effectively running the practice.
Benefits of Complete Compliance to Medical Coding
- Practice Revenue can be Optimized
- Medical coding being a vital step in the process of medical billing process, care needs to be exercised in performing this task – inaccurate or untimely coding will lead to delayed claim submission, denied or reduced payment, and sometimes, complete loss of revenue – whereas accurate coding helps facilitate the revenue stream
- Compliance Risk is Reduced
- By adopting to changes promptly, it is possible to avoid financial penalties that result out of non-compliance – by delegating medical coding and billing tasks to reliable third-party service providers, medical practices may be able to adhere to coding regulation
- Practice can be assessed
- Having experienced and professional coders manage your coding and billing needs ensures that your practice will be properly trained in the changed medical coding environment
Numinatrans has been providing medical billing and coding services to health care facilities spread across the globe. Our expert billers and coders ensure that all regulatory requirements are met. We help your practice to accomplish improved reimbursements through accurate coding and billing processes.