Both doctors and patients across the United States will probably agree that some sort of healthcare reform is needed. However, many medical professionals feel that the Affordable Care Act has brought more harm than good to the healthcare landscape—especially the medical billing industry.
Here’s the good news: under the new act, medical billing claims will be held to a new set of standards that are intended to help practices by improving the turnaround time on reimbursements and optimizing revenue management.
The bad news is that medical practices who currently handle their own billing in-house will be under intense pressure to streamline their end of the process. Many medical providers and billing administrators feel that, despite the best of intentions, these rules and regulations are only adding to existing practice expenses and confusion.
ObamaCare and Your Patients
Some sources report that nearly 4 out of 10 adults in the U.S. do not go to the doctor when they felt that they needed medical care because they lacked insurance coverage. While some patients simply chose not to enroll in health insurance, others were dropped by their companies due of outside factors, such as health history, age, etc.
Under the Affordable Care Act, all individuals are required to obtain health insurance through their place of employment or independently—that means that the adults who did not visit a doctor because of a lack of insurance will now be knocking on your door. This is a good thing—but it also means that your practice may need to hire an outsourced medical billing service to handle the additional patient volume and the additional complexity.
ObamaCare and Your Medical Practice
Currently, the average medical practice spends up to 14% of total practice revenue on internal medical billing administration, which is significantly more than the average medical billing service charges. With the advent of the Affordable Care Act, this number is forecast to increase for more and more practices.
Here’s some more good news: outsourced medical billing can provide your practice with the ability to streamline revenue cycle management and save money that would typically be spent on in-house billing administration and expenses. Under this arrangement, practices can spend more time focusing on what really matters: providing comprehensive patient care.
With the help of the Medical Consultants Group, your practice can adhere to the strict standards of the Affordable Care Act and collect more revenue from the patients that you already see on a daily basis.
To find out how your practice can prepare for the Affordable Care Act, contact us online or via phone at (404) 272-4883 to schedule your free medical billing analysis.