Is your In-house Billing Team Ready for New Challenges?
The introduction of numerous healthcare reforms in the past few years has marked the dawn of a new era in the US. Many US citizens, including the ones who never had an insurance in the past are getting greatly benefited by these healthcare reforms. However, a huge population of healthcare providers and facilities is highly impacted by the after effects of the revolutionary US healthcare reforms. Such reforms have affected the normal workflow of physician billing services. Incorporating the new changes can be a cumbersome process. Therefore, Healthcare Practices and Providers must first analyze if their in-house billing team is ready to face such new challenges:
Patient Protection and Affordable Care Act of 2010 (ACA): The prime motive of the ACA is to reduce healthcare costs, while improving the affordability and quality of health insurance. Minimum standards for health insurance policies, guaranteed issue, and health insurance exchanges are some of the numerous reforms introduced by ACA. Outsourcing a part of physician billing services will be the prudent choice, as incorporating these new changes will affect the normal workflow of medical billing and collections.
ICD-10 medical coding Transition: A massive change in the coding strategies and an inclusion of over 200,000 new codes are the new challenges the in-house billing team has to face as a result of the ICD-10 medical coding transition, which will take effect on October 1st, 2014. It is pretty much obvious that implementing such new changes will demand high-end technology and hard-core training. In the interim, the in-house billing team must make sure that the current medical billing and collections process is not affected in any way.
Accountable Care Organizations (ACOs): To refine the healthcare quality, the Medicare Shared Savings Program made Accountable Care Organizations (ACOs) share savings as well as risks under two categories. Huge amount of time will be consumed on implementing this Provider payment model in one’s practice. Therefore, Healthcare Providers and Facilities can consider outsourcing a part of their medical billing and collections to a reputed medical claims processing company.
Health Insurance Exchange Marketplace: It will offer various subsidies to the US citizens who cannot afford insurance coverage of their own. Also, special offers will be provided to those who receive a low income. The addition of new patients with insurance cover can increase physician billing services, which is a great challenge for the in-house billing team to handle.
The aforementioned aspects clearly state that handling medical billing and collections in-house with all these healthcare reforms around is burdensome. Therefore, outsource a part of the physician billing services to an experienced medical claims processing company like MGSI.
Based in Florida, MGSI is a highly renowned medical claims processing company in the US. With more than 20 years of experience in the healthcare space, MGSI has been providing quality physician billing services to its clients. It takes care of your medical billing and collections while your in-house billing team gets adapted to the new healthcare reforms. For more details, log on to www.mgsionline.com.
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