Let’s assume the following negative financial consequences: increased taxes, more regulations and reporting requirements, rising indirect and direct employment costs and declining reimbursements.
Introducing: CMS issues proposed rules impacting reimbursements: http://www.healthcarefinancenews.com/news/cms-issues-proposed-rules-impacting-payment-rates
Should one or a combination of any of these financial burdens directly affect your medical practice, it could experience significant declines in cash flow and profitability. These concerns are present in the minds of both physicians and administrators. Many practices, regardless of size, are not sure which course of action to take or how to overcome and deal with these expected additional rising costs and cash outlays. Some practices might close within the next year or two and some physicians might decide to retire early.
What viable alternatives and solutions should medical practices take? The first step is to objectively assess the efficiency of the office. Do any employee’s responsibilities overlap? Are employees maximizing their talents? Is absenteeism a problem? Are insurance follow-up, payment postings, charge entries and scrubbing accurately and timely conducted? Should your practice display any of these key operation weak points, revenues, profits and cash flow will negatively impact the bottom line.
Lastly, the ideal way to reduce costs and increase revenues is to utilize the medical billing professionals. “The American Medical Association (AMA) reports that an average of $30,000 from a $300,000 practice is spent annually on in-house billing. This amount can effectively be cut in half, when contracting the expertise of a proven billing service. “ source
There are several professional medical billing services which provide cost effective results-driven A/R management solutions. Outsourcing billing operations can be a viable alternative to medical practices seeking increased revenues, timely charge scrubbing, payment posting and effective insurance follow-up. A highly functional medical billing service will accomplish these objectives and more. One additional key financial component URS Billing Services, LLC delivers to clients is `Increasing the Value of The Practice’.