Delayed payments and denied claims cost billions to medical practices every year. Regardless of whether it’s due to inappropriate codes or missed due dates for claim submission, physicians lose a major share of their income due to lag in the billing process.
Medical practices that manage their patient records through an electronic health record (EHR) system are more organized than a paper-based office. The adoption of electronic health records has revolutionized the way physician practices provide health care services.
Harnessing the complexities of medical coding and billing is what troubling health care providers in various ways. As a way out, medical billing companies have been providing solutions; sparing health care providers from this cumbersome task of managing bills and following up on payments.
Small practices are facing more challenges today when rapid transformations in the healthcare system require them to change with the implementation of new technologies and want providers to qualify with the latest certifications. In this environment, small practices could only achieve their performance targets if they can maximize their collections.
Medical billing service providers have proven as the best aid to physicians in maximizing their revenues. After such an exhaustive health care system reform, it is payback time for physicians.
Due to errors in coding and billing, insurance payments are rejected and physicians, in turn, have lower turnover.
Credentialing has become very important for medical practices. Credentialing is a process of verifying the professional portfolio of a healthcare provider. Medical practices and hospitals are now legally bound to verify the provider identity, educational documents, work experience, and license details.
When we talk about medical practices, we should not forget that they are business entities as well. The viability and smooth functioning of a business require a steady revenue cycle as there are recurring operational expenses in every business.
Credentialing in healthcare is a process of reviewing physicians’ qualifications, experience, training, and licensure. It is a formal process that authenticates that the physician has the required education, training, and specialty certificates to provide care and have no malpractice history.
The physician credentialing process is an important phase and requires organized efforts to complete it successfully. According to the U.S. Bureau of Labor Statistics (BLS), demand for physicians, nursing staff and medical assistants is expected to grow by 11% in the coming years and the healthcare sector must be ready to handle provider credentialing.