In a consistently evolving medical industry, healthcare providers must stay vigilant in their medical billing cycle. Whether it’s new systems, regulations, or industry standards, any number of things can affect physicians’ operations and finances. If physicians don’t stay attentive and adapt when necessary, the effects can be severe.
But with the many priorities healthcare professionals have, like patient care and CME, physicians often don’t have time to stay up to date on the healthcare and revenue cycle management (RCM) business. And nowadays, medical practice staff often doesn’t have the time or the expertise to do it either. That is why it’s more critical than ever for physicians to hire a medical billing company that will take care of these aspects of the business for them.
With the establishment of the first ambulatory surgery center (ASC) in 1970, physicians provided a great alternative to hospital-based outpatient surgery. Patients were given a more personal and affordable way to receive the surgical care they needed. Not only was the development of ASCs great for patients, but for insurers and government programs as well. This is because reimbursement rates for ASCs are much lower than for hospitals. Experts estimate that ASCs currently save Medicare and its beneficiaries around $2 billion annually.
The only individuals not directly reaping the financial benefits are physicians. Continue reading…
The Valletta Group consistently strives to provide the best possible physician billing services to its clients. One way Valletta does this is by staying up to date with the status of the medical billing industry. As a growing industry, the rules of Revenue Cycle Management (RCM) are constantly changing.
From new laws and regulations to new industry standards, physician billers must pay close attention and be consistently ready to adapt. If they’re not, their clients lose money in the form of large, unexpected charges. Medical billing surprises like this can wreak havoc on a physician’s business.