Doctors Weigh Whether Working Collectively Will Bring in More Revenue
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WILMINGTON, Delaware, July 10, 2014 /PRNewswire/ --
Doctors across the US are facing three major changes this year - full integration of EHR, changes in the healthcare payment models and shift from private practices to medical networks. More and more doctors are moving into large practices or practices owned by large hospitals and medical groups. A trend of three to five doctors working together in a group has gained popularity in the US as it is helping them to attend more patients, offer quality care and improve their administration process.
Benefits of Joining a Large Physician Group
Financial security is one of the main advantages of working collectively and that is why majority of the doctors are opting to work in a larger group. By joining a large hospital system or a group, doctors have been able to streamline back-office functions like insurance negotiations and medical billing. According to the industry experts, few years down the line it will be difficult to find a practice that is not affiliated with a larger entity.
How are Physician Groups Handling Billing?
Many physician groups across the US are finding it cost effective to outsource their billing needs to professional billing companies. This has helped them save money on billing practices and technology that is changing frequently. If they spend on expensive practice management software they also need to upgrade their systems, hire new staff or train existing staff to use the software. This entire process is not only costly, but also eats up valuable time due to which outsourcing seems to be a practical solution.
What is causing this Change?
This shift is the result of changes in the value-based healthcare models. It has become essential for providers to demonstrate that their services are resulting in better healthcare for patients. Failure to meet healthcare standards can result in severely reduced Medicare and Medicaid payments.
Physicians are looking for high income and ways to handle administrative challenges that come with private practices. Doctors are not being paid well and the existing payment pattern has warped the way medicine is practiced in the country. It has devalued vital services like doctor-patient discussions.
Losing Autonomy - Is it worth it?
Joining a larger group has various benefits, but physicians are losing autonomy by making the shift because decisions are made through a group process. Many doctors don't want to become employed, they want to remain independent. There are various organizations in the US that are helping doctors maintain their autonomy while gaining the benefits of being in a group. Many doctors are still running their private practices and letting the group handle their billing.
MedicalBillersandCoders.com is one such trusted medical billing outsourcing partners that brings together hundreds of certified coders and billers, experienced in different specialties on the same platform. The dedicated, pro-active team is well-trained in HIPAA, ICD-10 and other compliances. It has the largest team of skilled coders and billers, helping physician groups across the US maximize revenue. The experienced team at MBC frees up large groups of doctors from the burden of billing, coding and denial management. This allows them to focus their time on enhancing quality of care and meet value-based healthcare standards.
MBC is the largest consortium of billers and coders across US. (California Medical Billing, Florida Medical Billing, New York Medical Billing, Ohio Medical Billing). The portal brings together hundreds of billers with experience in different specialties, viz. Cardiology Billing, Family Practice Billing, Gastroenterology Billing, Internal Medicine Billing, OB-Gyn Medical Billing, Orthopedic Billing, Podiatry Billing, Radiology Billing, on the same platform to service physicians in their local areas. This network of billers and coders is growing rapidly and is currently servicing over 50 specialty physicians across the entire US.
Thursday, August 21 2014 5:17 PM EDT2014-08-21 21:17:08 GMT
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