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Current Challenges And Opportunities For Physician Practices
The year of 2010 only half completed has been filled with challenges and opportunities for physicians. Questions, deadlines, postponements, changes, audits, denials, and rejections have become common place within physician practices across America.
2010 Medicare Fee schedule date has been a moving target causing billing and payments to be held for a period of time. This alone creates challenges of providing service and ongoing cost with no reimbursement.
Three day rule and red flag rule have become a part of daily conversations within the medical practices. The definition of meaningful use has been a long time in being defined. Yes, there has been a multitude of challenges facing healthcare providers and medical billing companies.
MGMA (Medical Group Management Association) reported in the July 2010 MGMA Connexion some of the high priority challenges facing physician practices as reported by members of MGMA. The number one challenge was noted to be rising operating cost in 2009 and 2010 moving up from number 3 in 2008.
Unpredicted and continued change was noted to cause difficulty in charting an effective strategic course for business operations. Other high ranking challenges included healthcare reform concerns, strategic plan leadership, and implementation of patient identification cards. Medical billing services can provide assistance to physician practices facing these challenges.
Preparation for e-prescribing according to the MGMA report moved down in the challenge rating by their members from number 12 in 2009 to number 23 in 2010. Challenges become opportunities when solutions are sought. Opportunities become success when the solutions are effectively implemented.
Medical billing companies partnership with physician practices to face the challenges of today and the future.
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About the Author:
PGM Medical Billing Services
At PGM, we believe physicians should focus on practicing medicine, not submitting claims and collecting payments. As insurance carriers and HIPAA requirements change, physicians are dedicating more and more of their time and resources to administrative tasks and red tape. By effectively managing this time-consuming work, PGM gives time back to physicians allowing them to do what they do best.
Our specialized medical billing service is focused on maximizing medical provider reimbursement. For the past 30 years, PGM’s medical billing service has been helping physicians not only get paid more, but get paid faster. Our complete practice management solution includes claim submission and follow-up, payment posting, advanced claim scrubbing to minimize denials, and much more.
PGM medical billing services will maximize your collections, reduce your time to payment and help you lower and better manage your expenses, all dramatically improving your bottom line.
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