Healthcare Billing – Managing Changes

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Healthcare Billing – Managing Changes

By MGSI – Medical Group Services (30+ days ago)

The US healthcare domain has witnessed a lot of changes over the last few years. Good news is that many uninsured Americans will be benefited by the newly introduced healthcare reforms from ‘Obamacare’. However, physicians will find a hard time adapting to these new changes - especially those who carry out their billing tasks in-house. While they focus on streamlining their practices to these reforms, their medical billing and collection processes get affected resulting in an inflated medical AR. Let’s see in detail what impact the recently launched healthcare reforms have on physicians and some solutions to it,

Cause 1: Affordable Care Act: Signed by President Barack Obama on March 23, 2010, this patient protection act offers affordable health insurance coverage to all Americans without any discrimination. It has expanded Medicaid to cover almost 17 million uninsured elderly citizens and citizens with low income. This change has both positive and negative impacts on physicians.

Consequence: Though the increase in patient population is a good sign, the consequential increase in provider’s billing and claims processing with potential lower reimbursement disappoints physicians ultimately. A recent research stated that approximately 52% of physicians have planned to limit their practices to Medicare and Commercial payer patients.

Cause 2: HIPAA 5010 Migration: While physicians were still struggling to cope with the HIPAA 4010 standards in their practices, the migration to the new 5010 electronic transaction standards complicated the issue. Thus, it had a huge impact on the physician billing services. Similar disruptions can be expected from the other changes that are on the anvil.

Consequence: As a result, physicians had to adapt to the new translation and mapping techniques. In addition, the 5010 transactions will call for practice management and EDI system up gradation. Physicians will find it hard to invest on new technology and staff training.

Cause 3: ICD-10 Implementation: The proposal of replacing the ICD-9 by ICD-10 code set has added to the already existing chaos. The shocking truth is that the ICD code set will include 5 times as many codes as that of the ICD-9 code set and have a completely different arrangement.

Consequence: The ICD-10 implementation calls for increased documentation, software up gradation, staff training, changes to super bills and reimbursement patterns and so on. All these factors will not only put a big hole in the physician’s pocket but also affect the revenue cycle management.
To overcome the above mentioned issues easily, physicians will have to get help from medical billing companies.

About MGSI:
Physicians have to look no further than MGSI, one of the reputed Florida-based and national medical billing companies in the US. From staff training to technology up gradation, this company takes care of every administrative task that a physician will struggle to do in-house. Medical claims billing services are at their best when physicians outsource them to MGSI. For further information log on to www.mgsionline.com


Related Categories

electronic medical records - electronic health records

Contact MGSI – Medical Group Services
2810 W.St Isabel. St , Suite 201, , Tampa, Florida, 33607, United States
phone: 1-813-890-8004 fax: 813.884.8355
http://www.mgsionline.com/
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