Do you have a general sense that you’re not receiving all the revenue you earn? Is the upcoming switch to ICD-10 coding only adding to your anxiety?
You’re not alone. Less than one in three physicians believe their billing and collections processes will be ready for ICD-10 implementation, according to the Practice Profitability Index survey of more than 5,000 doctors. Another 44% are unsure.
What are practices doing about it? 30% of practices plan to replace some of their core practice software/systems; outsourcing medical billing and collections is one of their leading strategies. If you’ve considered making this move for your practice, the “Rethinking Your Revenue Cycle: 3 Reasons to Outsource” report includes a handy checklist to help assess whether outsourcing would make sense for you.
The report outlines three key drivers for outsourcing medical billing and collections tasks:
* Avoiding a common weak point in the revenue cycle for many practices.
* Strengthening your practice in the face of major industry challenges, such as ICD-10 coding.
* Increasing potential profitability for your practice.
Outsourcing the key steps in your revenue cycle also frees your staff from some of the more tedious billing and collections duties. This strategy allows existing staff to focus on other important practice needs.