An Instamed report, titled Trends in Healthcare Payments Fifth Annual Report: 2014, estimates that by 2022, U.S. healthcare payments will reach $5 trillion per year. However, the report adds that over 30 percent of that amount will be wasted due to “inefficient, disjointed payment processing and costs associated with paper-based billing and administrative processes.”
With a staggering amount such as this, it’s becoming an increasingly bigger concern to make sure your practice is always rightfully compensated. After all, without adequate compensation and proper revenue cycle management, it can be hard to keep your practice operating well. As a physician, it pays to know what you are doing wrong in terms of billing. Doing so will help you avoid any hiccups in your medical practice revenue cycle.
Many physicians end up waiting months for reimbursements if the billing claim process doesn’t go smoothly. Worse, if a claim gets rejected, because it can get even longer to get paid for the services you provide. If you have all your billing claims clean and complete, the majority of your payers will likely reimburse you within 30 days or less. Of course, there will always be some delays, but the majority will be paid very quickly.
Just a few simple changes in your revenue cycle management system can be enough to increase profits, as well as customer satisfaction. Take time to fix your practice’s poor billing department capabilities.