15 Aug The Power of Outsourced Medical Billing for Solo Practitioners
Once upon a time, outsourcing physician medical billing services was seen as a novel concept. Many physicians initially viewed it as an unnecessary expense, believing it only benefited larger institutions like hospitals, clinics, and group practices. However, in recent years, it has increasingly become a standard practice. Even independent solo practitioners are now considering outsourcing for their medical billing and coding needs.
If you are a solo practitioner finding healthcare billing and coding challenging, you are not alone. Many in the field struggle to deal with the complexities of coding and billing, often failing to maximize revenue.
It’s important to recognize that the healthcare market is changing, with regulations and rules for medical billing and coding constantly developing. Implementing an effective medical billing and coding system is therefore crucial for physicians seeking a strategic advantage.
Outsourcing medical billing services is no longer just about cutting costs; it has become a vital tool that provides numerous benefits to practicing physicians. Moreover, these advancements can be incorporated into oncology medical billing systems to ensure precise and efficient billing for cancer treatments and diagnostics.
Common Medical Billing Challenges Solo Physicians Face
Below, we have listed the top 6 challenges that physicians face in their medical billing process;
1. Less Time with Patients
Do any doctors out there feel like they actually get enough time with their patients? Nowadays, all the paperwork and electronic stuff eat into the time they can spend face-to-face with people.
A 2016 study published in the Annals of Internal Medicine found that doctors spend just 27 percent of their day directly with patients. The rest of their time? It’s swallowed up by electronic health records and other desk duties. It’s no wonder many doctors feel the pressure to be with patients more.
So, how can we fix this? Maybe we can find ways to streamline their paperwork, share some of their tasks with other healthcare professionals, tweak their work environments, or just make every minute with patients count more.
2. Regulatory Requirements
Doctors have to juggle a ton of administrative tasks and paperwork. They are always reporting data and information to places like the Centers for Medicare and Medicaid Services (CMS) just to get paid. And don’t forget about all the reporting required under the Medicare Access and CHIP Reauthorization Act (MACRA)—it’s always on their minds.
Even with efforts to make reporting easier, like what CMS is trying to do, Fred Bentley from Avalere Health’s Center for Healthcare Transformation says, “It’s still a headache, and it’s probably going to get worse over time.”
3. Funding Challenges
Smaller, independent medical practices are really feeling the pinch when it comes to money matters. Dr. Alejandro Badia, who co-founded OrthoNOW in Florida and serves as chief medical officer, points out a major headache: they rely heavily on third-party payers for reimbursement, yet they are the ones stuck footing the bill for increasing expenses.
Take electronic health records, for example. Practices are mandated to be used, but guess who has to dig deep to fund it all? Yep, the physicians. It’s no wonder more doctors are thinking about ditching independent practice for the security of larger healthcare systems.
4. Medical Staffing
It’s not just about money; staffing is also a huge issue for independent practices these days. In recent years, many of these practices have been absorbed by larger hospitals and healthcare systems, particularly in rural areas. A report from Avalere and the Physicians Advocacy Institute highlighted this trend, showing how it’s more common in rural than urban settings.
According to a survey by the American Medical Association, fewer doctors are staying in physician-owned practices—down to 49 percent in 2020 from 54 percent in 2018. This shift makes it even tougher for remaining independent practices to find and keep highly skilled nurses and administrative staff.
Fred Bentley from Avalere Health points out the struggle these smaller practices face in offering competitive salaries. And with the nurse shortage getting worse, especially during the pandemic, the challenge of finding good staff has only intensified. That’s why both small practices and big health systems often turn to locum tenens physicians to fill in the gaps when there aren’t enough permanent doctors around.
5. Ethical Dilemmas
Being a doctor isn’t just about medical know-how; it’s about grappling with tough ethical choices too. Imagine trying to balance a patient’s needs with what they can afford, or deciding on end-of-life care that’s both costly and might not improve their situation. The pandemic made things even harder, especially for doctors in overwhelmed areas who had to think about how to fairly distribute care when resources were strained.
The American Medical Association gives guidelines on ethical practices, but each doctor faces these dilemmas personally, making some really tough calls every day.
6. Physician Burnout
Burnout is a huge issue in medicine right now. Back in 2018, over half of the doctors surveyed by Medscape showed signs of burnout. A survey from NEJM Catalyst found that a whopping 83 percent of healthcare leaders and clinicians see burnout as a serious or at least a pretty big problem in their workplaces. It’s clear that keeping doctors healthy and happy is a big challenge for healthcare organizations everywhere.
Potential Solution to Overcome These Challenges
The best strategy to overcome these challenges is to outsource physician medical billing services to a reliable billing company. Thinking about their high charges? Don’t fret. Many medical billing companies offer revenue cycle management, billing, and coding services at affordable prices. Here are the benefits you enjoy when you outsource your billing process:
- Streamlined processes
- Reduced errors
- Optimized efficiency through software platforms and training
- Enhanced financial efficiency
- Access to top-tier talent
- Optimized efficiency through software platforms and training
- Improved billing compliance
- Increased focus on patient care
- Better financial performance
The Bottom Line
Solo physician practices have their roadblocks—but these roadblocks can be overcome by a proactive approach. This approach is to outsource their medical billing services to a reliable physician billing company in the USA. These companies have the latest AI-driven technology and well-versed billing staff that can streamline your entire revenue cycle process.
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Last Updated on September 18, 2024 by Marie Benz MD FAAD