The shortage of physicians in the United States has enhanced job opportunities for the remaining physicians who are being offered triple the amount of what they currently earn. A recent study revealed that half of the practicing physicians are being offered at least about three job solicitations in a week and recruitment is predicted to become even more competitive in the coming future. According to The Assn. of American Medical Colleges there is likely to be a shortage of 46,100 primary care physicians and 45,400 doctors from other specialties by 2020.
At this point increased reforms are only aggravating the situation, where increased physician shortage is escalating practitioners’ workload. Additionally they do not get enough time to look into the other areas of the clinic such an administration and billing hence affecting their revenue and making it difficult for them to survive. Industry experts predict that compared to 57% in 2000; only about 36% of practicing physicians will hold practice ownership stakes by the end of this year.
Practitioners need to carefully deal with this situation or else chances of decline in the quality of the services will be certain. Thus, a billing specialist can help resolve the issue to a great degree as they solely look into the billing part of the clinic. Moreover as new reforms are being introduced, the ability to handle these reform challenges appropriately is suffering due to physicians short of time and already handling increased number of patients.
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Finding the right billing specialist
In this scenario, billing specialists can handle the reforms challenges related to claims and payments efficiently as they have a holistic view of the insurance industry and its changing trends. Need of a billing specialist is even more pronounced now as reforms have enhanced the medical billing scope –such as the upcoming ICD-10 in itself provides a huge challenge in medical coding. Physicians adopting EHR’s and understanding the ICD-10 codes may benefit in the long run but will require the help of a billing specialist especially with the growth in insured patients and increasing physician shortage.
However changes in departmental processes as well as medical billing and coding reforms have already impacted the revenue of various physicians. The real reason for this financial setback is the failure to adopt EHR rates and weak departmental processes. But, those who are adjusting to the new trend and taking the EHR systems and medical billing services in a modernized way have benefitted greatly. The approach towards Accounts Recieveable and revenue cycle management is handled effectively by the billing specialists with a proper turnaround time. Billing specialists adhere to compliance generating increased revenue and can handle several administrative functions in a professional and organized manner. They are trained in using medical billing software, finding errors in submitting claims and resubmitting again in compliance with HIPPA guidelines and a lot more.
Hence finding a trustworthy organization to handle the challenges of reforms is a wise decision in the current scenario. Medicalbillersandcoders.com serving various specialties across all US States offers medical billing and coding services that help in decreasing the claim denials, increasing patient satisfaction and offering timely results as per the new health care reforms. We act as the bridge between the service provider or a physician and the payer.
Serving the healthcare industry for more than a decade MBC experts are highly experienced and have a good knowledge about the International classification of disease (ICD), The Systematized Nomenclature of Medicine (SNOMED) and Electronic Health Record (EHR), medical terminology, disease process and analytical skills etc- helping deliver maximum revenue to physicians, while adhering to the reforms successfully.