Financial Goals of your Practice
Providing top-notch patient care services has always been the primary goal of Healthcare Providers and Facilities. Achieving this goal can help earn a good reputation in the healthcare space. It is not only the quality patient care that determines the success of a practice, but also its financial goals involving medical billing and collections. Attaining these goals will help Healthcare Providers and Facilities enhance patient care services while building, expanding and taking their businesses to next level. Therefore, Providers must take into account the financial aspects in addition to rendering quality patient care services to keep their practices in good shape. Let us take a look at some challenges that might restrain you from achieving your financial goals:
Challenge 1 – SGR Payment Cut: One of the prime financial challenges that caused great concern to Healthcare Providers is the SGR payment cut, which is expected to take effect on April 1st, 2014. In order to reduce the alarming rise in the Medicare costs, Congress passed the SGR (Sustainable Growth Rate) Formula in the year 1997. Since 2003, the SGR-mandated payment cut has been deferred every year and today it has risen to 24%. This year, the payment cut has been postponed from January 1st to April 1st, however Provider’s wish is for the Congress to pass a SGR repeal bill. It would really be hard to face this payment cut for Providers who perform medical billing and collections in-house with their own billing teams. Medical billing outsourcing could be a better option to face this challenge and reduce the risk.
Challenge 2 – HHS Sequestration Cut: As per the sequester provision of the budget control law enacted on April 11, 2013, CMS has mandated a 2% deduction on all services rendered by Healthcare Facilities and Providers. The law also states that Medicare Part C (Private Insurers) and Medicare Part D (Prescription Drug Plans) will be subjected to this payment cut. Outsourcing ICD-10 medical coding and billing functions will help Providers balance the financial loss made by the sequestration cut.
Challenge 3 – PQRS Reporting System: This year, Providers who don’t report PQRS in the proper format will be subjected to a 1.5% cut in 2015. Those who carry out medical billing and collections in-house can take help from a physician billing Solutions Company to manage their revenue cycle.
Other Financial Challenges: Providers taking up ICD-10 medical coding and billing with their own coding staff, will have additional challenges like upgrading software and technology to current standards, training employees in the new coding techniques, and patiently ride out the cash flow slowdown while their coders come out of the learning curve. In that scenario, medical billing outsourcing would be a prudent decision. Providers must stay on par with 2013’s financial status, even if they cannot show an outstanding performance this year.
Facing the abovementioned challenges and achieving the financial goals of your practice will be easy if you join hands with MGSI. Based in Florida, this renowned national medical billing company has been providing unparalleled ICD-10 medical coding and medical billing outsourcing solutions to its clients for over 20 years. To learn more details, log on to www.mgsionline.com.
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