WILMINGTON, Delaware, May 14, 2015 /PRNewswire/ --
MedicalBillersandCoders, a leading provider of Medical Billing and Practice Management solutions recently conducted a survey of more than 1000 practices across Ohio, Florida, Delaware, Texas and New York to reveal four problem areas that lead to revenue dip for practices. This survey was conducted to identify common issues in the revenue cycle that have physicians worried to no end.
Problem Areas That Are Eating Up Much-deserved Revenue
In the survey "What Causes Revenue Dip for Medical Practices" MedicalBillersandCoders questioned around 1000 physicians, office managers and administrators. Majority of respondents reported the following factors that were responsible for the dip in practice revenue:
- Inaccurate Coding
- Lack of Timely AR follow-ups
- Eligibility Verification
- Denial Management
"Result of our survey showed that 96% of respondents struggled with Coding Issues, Denials, AR follow-ups and Eligibility Verification, -said Shawn Matthews, Sr. Research Analyst. He also mentioned that around 60% of the respondents were using in-house billing resources and solutions and they were not satisfied with the results.
Growing number of physicians in the US are girding themselves through a complex maze of medical billing, coding, documentation and compliance with reforms. Many practices hire experienced physicians to deliver top quality care; however, errors in coding, billing and less emphasis on accounts receivable is stopping them from thriving financially.
Lack of AR Follow-up is Costing Practices
"On an average, physicians should get their payment within 21 days of claims filing with an in-house billing team. However, in majority of cases, it doesn't happen and this leads to accumulated AR. Considering the workload faced by in-house billers, AR follow-up becomes the last thing on the list"- says Shawn.
Around 38% of surveyed physicians' preferred outsourcing AR cleanup task to a billing company because they offer a dedicated team of skilled AR callers who work vigorously to cleanup old AR accounts.
Inaccuracy caused by untrained, inexperienced coders was the second most common problem that worried majority of physicians. Shawn also observed that lack of skilled and experienced coders resulted in incorrectly coded claims.
With ICD-10 compliance deadline approaching, a significant number of surveyed respondent have outsourced their coding needs while others are planning to give it a try. Majority of practices anticipated that lack of trained coders will negatively impact their finances in the months to come.
Lack of Eligibility Verification and Denial Management solutions also featured in the list as top reasons for the revenue loss. Decision makers believed that if these processes were streamlined, chances of revenue dip would be reduced.
The survey pointed out evident reasons for revenue loss; however, loss of best talent, attrition, weak decision making, excessive credit borrowing, irate patients due to billing errors, insurance recovery are also some of the underlying causes behind poor financial performance by practices.
As one of the most trusted billing companies, MedicalBillersandCoders has more than 15 years of experience in assisting practices overcome factors which they believe swallow their revenue.
MBC is also a one stop solution for providers looking for effective and smooth ICD-10 transition. Through this survey, the company intends to let physicians know the main causes behind revenue loss and how they can end their struggle with coding, billing and denial issues through streamlined business procedures.
Prerna Gupta, Media Relations
108 West, 13th street,
Wilmington, DE 19801
Medical Billing Blog