According to a report by the Medical Group Management Association (MGMA) medical groups expect to see Medicare payment cuts in the year 2023 and practices are considering limiting or reducing clinical staff to ensure financial stability. In fact, the ability to maintain a strong and sustainable financial situation is quite a challenge for many healthcare practices especially due to limited resources in healthcare practice today.
Reimbursement today is a pain point for many. With limited resources, practices are not only suffering financially but also lacking in managing efficient patient care.
For some providers, reimbursement for claims submitted through the portal came with numerous problems. And not to forget about documentation troubles, with limited resources securing correct identification and information for undocumented patients can be really difficult, and it can result in rejected or returned claims. Furthermore, with the changing regulation in the billing operation, the healthcare model that had largely been routinely followed for years quickly became new territory for providers and creates more confusion. With so many complications and rising healthcare costs, providers are looking for an alternative solution.
Outsourcing is the key:
Dr. Dipak Nandi, recipient of several entrepreneurial awards and a renowned personality in his field of work for his outstanding contribution to the healthcare industry in fact stated outsourcing is a flexible platform offering, accurate and transparent billing, enabling better collection for many practices with the support of an experienced team of billers and coders working together.
While Outsourcing your medical billing might be a risky decision, today it is one of the cost effective solutions for many. Helping you with correct data management and identifying the correct codes, outsourcing aids you in avoiding large-scale losses. It is today a cost effective RCM solution customizing your billing needs that improves your ROI and ensures a pain-free process giving you ample amount of time to concentrate on your core business strategies.
Outsourcing today is the cost effective solution for improving your ROI stated Dr. Dipak Nandi a proficient New York base Neuro – Psychiatrist and a pioneer in the healthcare industry.