Medical Billing Service Insights – How to Stay Independent?

Picture of How Much Are Outsource Medical Billing Rates?

Our Medical Billing Service is frequently asked by Physicians and Medical Practices, about how to remain as independent medical practice.  In an excellent article featured by Physicians Practice  entitled ‘How to Stay Independent, but Not Alone’, author Markus Muhlauser cautions that private practice physicians have three (3) choices.

Physicians Have 3 Choices:  Seek Employment, Retire or Stay in Private Practice

  • Seek Employment
  • Retire
  • Stay in Private Practice.

As one possible solution considering Outsourcing Medical Billing for the challenges noted below.  While the challenges to stay in practice are unmistakably daunting (which are noted below in great detail), outsourcing medical billing to an Award Winning Medical Billing Service will help Physicians overcome every hurdle listed below.

Percentage of Physicians in Private Practice Declines to 36% in 2013

3 Hurdles:  Physician Productivity, Collections and Training Cited for Decline

The author, an ADP AdvancedMd VP, cites an Accenture study that highlights the percentage of Physicians in private practice was projected to decline to 36% in 2013.  This was mainly driven by:

  • Decline in Revenue or Physician Productivity (the driver of a medical practice’s revenue and is a function of performing & billing for eligible procedures) (read Answers on Medical Billing Company Fees for specific information) (Problem Solved:  Physicians Billing Service assists medical practices to increase Physician Productivity and Revenue).
  • Collections:  the complex nature of Medical Billing and Medical Collections.  (Problem Solved:  by outsourcing to a credible medical billing service, you are leveraging their economy of scale in keeping their collections processes and knowledge up to date.
  • Training for Physicians and Medical Practices about how to run a small business, when there is massive industry disruption from Affordable Care Act and Training for ICD-10.  (Problem Solved:  outsourcing medical billing enables you to hand-off billing to a specialist, that only gets paid when you get paid.  You are not reliant upon your medical billers vacation schedules or sick days).
Picture of Accenture and ADP AdvancedMD chart on Decline of Physicians in Private Practice

Source: Accenture & ADP AdvancedMD

Mr. Muhhauser cites the following statistics:

  • “61% of physicians surveyed identified “business Operations” as one of the main reasons they are seeking hospital employment”.
  • “74% of primary care physicians surveyed say they lack financial controls over their practice.”
  • “83% of survey respondents reported being affiliated with a medical practice that ha been the victim of employee theft or embezzlement; 70% of the reported cases were in practices of ten or fewer physicians”.

Common Mistakes that Medical Practices Make in Revenue Management & Practice Management

Given the author’s 20+ years of experience in medical revenue management and practice management, he cites the following mistakes that Physicians Billing Service, a leading Medical Billing Company, sees with many medical practices:

  • Not having Medical Coding experts who can stay up to date on “codes, modifiers and units”.
  • Inability to stay up-to-date with technology that can, for example, automatically verify a patient’s insurance, or Practice Management Software.
  • Not having formal processes for Collections and adhering to best practices for Accounts Receivable management (for example, Physicians Billing Service collects 75% of receivables within 0-30 days).
  • Failure to frequently review Reports on the financial health of the medical practice.
  • Lack of financial controls to prevent and identify embezzlement quickly!  This can be catastrophic.  (Problem Solved:  Physicians Billing Service has protected a multitude of Physicians from embezzlement and strengthened their financial controls).
  • Failure to keep medical billing staff trained not the latest software, medical billing codes, and changing regulations.

Challenges for Physicians to  Stay Independent – Daunting

Picture of ADP AdvancedMD Chart that shows Challenges of Staying in Pivate Practice for Physicians

Source: ADP AdvancedMD

 

The author also includes an excellent graphic that notes the ‘Challenges to Staying Independent’ that highlights how demanding “regulatory and government programs have become, siphoning off valuable time and money from physician-owners”.  The graphic shows how regulations have piled up from 2011 to 2016, and how increased government regulation has lowered physician productivity.

We offer solutions for Physicians to remain independent.  If you are worn-out by empty promises, hot-air & lower cash flow from a range of vendors without track records, call Physicians Billing Service.    Our No Hassle Medical Billing Outsourcing Program involves No Software. No Billing Staff. No Hassles. 

Restoring Physicians Confidence in Orlando, Tampa, Baltimore, GW University and from Coast-to-Coast

We will restore your confidence in remaining independent, as we have for Medical Practices from coast-to-coast including  Orlando FLTampa FLBaltimore MD and GW University DC.  For a confidential conversation, call Michelle Stahl, Owner of +Physicians Billing Service at 703-978-0756 or use the Physicians Billing Service Online Contact form.

By Michelle Stahl, Owner, Physicians Billing Service.

You can Find Michelle Stahl, Owner of Physicians Billing Service on Google+

About Us

We are proud to support leading Physicians & Medical Practices through-out Florida, Maryland, Washington DC, Virginia, Pennsylvania, New Jersey & New York. Your commitment to excellence inspires us! Since 1989, Physicians Billing Service has been committed to excellence in Medical Billing & Collections.

Contact Us

6035 Burke Center Parkway, Suite 390, Burke VA, 22015. Call (703) 978-0756. Fax: (703) 978-7762.
Contact Michelle Stahl, Owner