It has been more than four years since Obama Care or, the Affordable Care Act (ACA) started. A lot has happened during these four years and this is an understatement. In fact, we can expect more changes ahead. However, what we do know is that the impact on hospitals and medical practices is mind boggling. The procedures are now beginning to stabilize and the different states are on board – either by positive or negative mandates.
One thing is certain. The trend for outsourcing medical billing services is on the uptick. More and more hospitals and physician offices now outsource the medical billing. The continuous changes in the healthcare sector, the time involved in compliance and the cost to keep their internal staff educated are some of the most compelling reasons to outsource. The ‘employee mandate’ now demands 100% of the insured population must abide by the same set of government rules and regulations. The rules are not always clear and they may change. You need someone to help you clear the clutter from these regulatory issues and get you paid – quickly. You also need to do a risk assessment of your internal medical billing and minimize that risk. Outsourcing to a third party allows you to focus on your core activities like your patient’s well-being.
The Bureau of Labor Statistics estimates the medical billing industry will increase this year and grow by 20% or more by 2022.
While this is good news for the employment picture, the ACA will also ‘supposedly’ streamline the administrative processes. If the processes become streamlined, many experts believe there will be staff reductions in the medical billing field. How things shape up in the future, we have wait and watch!
Another issue - Pre-certification and eligibility verification process is still quite complicated, although it was supposed to get simplified. The main reason being tremendous confusion with the medical billing codes and how to use them. As we all know, if you code the procedure improperly, denials will hit you. Resubmission & compensation can be lengthy and difficult.
If you are still performing your medical billing services in-house, it is time to take a deep breath and think about your options, especially with all these issues lurking at your medical practice on a daily basis.
Practice Forces provides medical billing outsourcing services for clients around the country, and has been partnering with physicians & practices to provide revenue cycle management, across all medical specialties. We also partner to create professionally designed medical website. Call us today for a FREE consultation at 866-634-6327 or, simply email us at [email protected].