Right medical billing company is the key to your practice’s financial success!

Aug. 26, 2011 - PRLog -- American healthcare is moving increasingly to a “consumer driven” model creating adversarial cost pressure amongst patient and health providers. The good news is that consumers are demanding the right to choose their own healthcare practices, practitioners and financing. The bad news is that this means that consumers must also be the sole decision-makers when problems arise. They are often on their own. However, a simple set of steps will help any consumer or small business to face up to a challenge and overcome it.  Within the same paradigm of this model, providers operating as medical practices are increasingly finding it difficult to operate under decreased revenue and increased cost. Added to this, is the ever changing and dynamic coding and billing requirements. Practices find it easier to have a professional company handle the complexities of billing. The right billing company can make the billing process smooth, easy and a financial rewarding experience for health providers

The following are some of the key reasons why practices need to consider hiring medical billing companies

•   Increasing complexity of reimbursement calls for specialized skills of coding

•   Reduced rate of reimbursement requires a professional to negotiate your contract.

•   Passing of benefits coverage to patient calls for additional steps in collecting patient balances.

•   Negotiating payer contract rates requires knowledge of the coding and billing process and reimbursements rates in the vicinity that is generally available with a professional billing company.

•   Staff turnover and absenteeism generally leads to disruption of cash  

•   OIG requirements on medical billing practices calls for a professional billing and coding professional to oversee billing.

•   Ensure there are established policies and procedures for filing, follow-up etc which is generally difficult to accomplish in a small practice environment.

Needless to mention, these values can be only derived from professional and qualified medical billing companies.  Practices often fall prey to inexperienced medical billing companies resulting in revenue loss and cash flow disruption.  Practices should check for proper references from reliable sources to ensure that the responsibility of the critically important revenue cycle management of the practice is bestowed in the hands of the right medical billing company.

Regards
PracticeSuite
http://www.practicesuite.com

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PracticeSuite is a leading web-based provider EMR vendor with ONC-ATCB 2011-2012 certified of fully integrated EMR and Practice Management software solutions for over 100 medical specialties. We provide Solutions seamlessly integrates all of the clinical and business functions required for healthcare providers.Practicesuite's Physical therapy provides billing and scheduling software specifically made for Physical Therapy. The system is web based, does not require large upfront investment and is available as an affordable monthly subscription. Learn more by visiting http://www.practicesuite.com