Looking for medical billing solutions in PA? According to a 2020 poll by the American Medical Association (AMA), the average revenue of medical practices has decreased by over one-third this year. Some people are losing money without even realizing it. What causes medical offices to lose money? Here are the three most common ways medical practitioners lose revenue and insider tips on how to avoid them.
Many medical clinics waste hundreds of dollars and countless hours on repetitive administrative tasks that hinder throughput and lower output. Searching through paper documentation and processing insurance claims costs practitioners valuable time. The era of keeping medical records on paper and pen is finished. Removing paper can help practitioners save thousands of dollars.
How to avoid: Practitioners must start using electronic medical records (EMR) software immediately. You may easily access your patients' medical histories with the help of EMR software.
Ineffective billing procedures can cause your practice to incur excessive losses. These issues, which can arise in your practice or in any external billing services you utilize, are more frequently brought on by incompetence than by deliberate wrongdoing. For instance, certain patients' medical circumstances necessitate additional or multiple services. The services should, ideally, be classified under various codes on the same bill. There will be a revenue loss if your coding system only registers one service based on front desk information instead of two.
There are numerous ways that medical billing mistakes as a healthcare professional could have a detrimental effect on your income. This is why streamlining your billing procedure is crucial. By doing this, you can simultaneously reduce your billing problems and increase your revenue.
How to avoid: Learn about proper billing procedures and ensure they are followed in your office. Examples include standards for confirming insurance coverage, handling new claims, and keeping track of past-due accounts.
According to American Medical Association (AMA) research from 2018, the cost of physician burnout in hospitals ranges from $500,000 to $1 million. This is because it costs money to hire a new physician or replace one who quits or takes time off due to burnout. Indirect costs associated with staff burnout include lost revenue due to medical errors, increased malpractice risk, decreased patient satisfaction, and harm to the organization's reputation and patient base.
How to avoid: Evaluate your staff's performance and daily workflow honestly. Verify that everyone's workload is equal in the office. If not, think about splitting up the workload. It might also be appropriate to hire a third party to handle essential office duties like billing or customer service. Investing in technological innovations like telehealth will help you get your operations back on track. Your staff will be more productive, and your finances will be more secure.
Knowing where your practice is losing money might help you develop a plan and a procedure to address the problems before it's too late. If you are running a medical practice, talk to a team of healthcare experts at Mediclaim Inc. We provide medical billing services for allergists in Delaware and many more to make your life easier. Contact us to find out more about the healthcare billing services we provide.