How can a billing partner help solve your billing challenges

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How can a Billing Partner help solve your
Billing challenges?
If your practice is facing medical billing challenges, your chances of getting paid
will reduce considerably. Healthcare reforms have increased workload for
physicians and it has become difficult to get paid on time as billing and coding
requirements keep changing
In case a lot of time is being spent on handling billing challenges, your staff will
have less time to prepare and adapt to new changes in medical insurance billing.

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Industry Facts :
 Medical practices fail to collect approximately 10-15% of their revenue
 Practices with a strong billing team are reported to be in less debt (at least
$6,900 to $14,000) compared to other practices
 According to the AMA, resubmitted, denied, underpaid claims can cost a
medical practice as much as $100,000 per month
Common medical billing challenges faced by practices:
Not collecting full co-pays : This is the most common challenge because if
physicians fail to get the full amount upfront, it will become difficult to get rest of
the patient's portion of the bill

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Failing to auto-check insurance coverage: Many practices don't perform an auto-
check of insurance coverage electronically. Since patients are not always aware
about their insurance coverage, failing to auto check leads to billing issues and
revenue losses
Not updating to billing and coding reforms: This is the third and most common
challenge that causes billing issues. Codes keep getting updated or rewritten-
offering higher payment at times. However, if your billing department is not
updated with the latest changes, it will become difficult to perform error-free
billing

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Insufficient payer reimbursement
Difficulty in finding and retaining skilled coders and billers
Factors that might cause billing issues in the future:
 Medical Home
 RAC
 Medical Necessity
 ICD-10
 RTCA (Real Time Claims Adjudication)

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How can practices solve these billing challenges?
 Skilled front-desk employees will be required to make sure full copays are
collected
 Latest technology should be used to verify patient insurance automatically
 Experienced coders and billers should be hired and trained for any
changes in coding and billing requirements
 Practices will have to stay informed about the healthcare industry. They
will have to implement latest EHR and prepare to qualify for MU, PQRI and
others
 Health IT investments will have to be made to ensure that only the best
software is being used by the billing and coding staff

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Benefits of hiring a billing partner:
 Error-free coding and claim submission
 24/7 services
 Increased revenue
 Reduced practice costs
 Eliminate the stress of hiring and training
 No investment required in health IT
 Sufficient time to concentrate on patient care

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Sail through billing challenges with MBC:
 MBC has an expert team of coders and billers who will perform error-free
coding and billing
 Claims will be submitted on time and experts will track and report your
claim on regular basis?
 The expert team at MBC will also conduct denial management and offer
solutions to get your RCM back on track
 Only the best technology will be used to handle all billing requirements

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Medicalbillersandcoders.com is the largest consortium of coders and billers,
offering specialized billing services to medical practices across 50 states in the US.
Our team makes use of the latest technology to submit error-free claims so that
you get paid for all services.
Error-Free
Coding
+ Timely Claim Submission = Full Reimbursement

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Related Posts:
 How Can Outsourcing Solve Medical Billing and Reimbursement
Challenges for Physicians in 2014?
 How can outsourcing help you Deal with Shortage of Trained
Medical Billers and Coders?
 Eliminate the Burden of Medical Billing and HIPAA Regulations with
a Billing Company

How can a billing partner help solve your billing challenges

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How can a billing partner help solve your billing challenges