Navigating the Maze of Healthcare Economics: Unravelling the Complex World of Physician Billing Services

Physician billing services play an intricate role in the bustling world of healthcare, where the pulse of life is often unnoticed by patients looking for healing and solace. It would be difficult to imagine a labyrinth in which every turn could determine the financial health of a medical practice, thus having a profound effect on the quality of care provided to those who depend on it the most. The purpose of this presentation is to unravel this complex tapestry, and shed light on the vital role that physician billing services play in the healthcare ecosystem in order for us to see how they are important.

 The Rising Tide of Healthcare Costs

The first step to truly understanding the impact of physician billing services is to confront the undeniable reality that healthcare costs are skyrocketing at an alarming rate. National Health Expenditure Accounts (NHEA) published by the Centers for Medicare & Medicaid Services (CMS) show that healthcare spending in the United States alone reached a staggering $3.8 trillion in 2019, which is nearly 18% of the country’s GDP. As a result of these astronomical figures, the financial viability of medical practices becomes an ever-increasingly delicate balancing act, and accurate physician billing services becomes a key factor when it comes to maintaining that delicate balance.

Coding Complexity and the Revenue Cycle Management

The billing and reimbursement process for healthcare services is determined by a complex web of regulations and codes that underlie every medical encounter. There is no doubt that the accuracy of medical coding has become increasingly important in this intricate dance. There is evidence that coding errors are by far the most common reason for claim denials and subsequent revenue loss, according to a study published in the Journal of the American Medical Association (JAMA). With an in-depth understanding of the ever-evolving coding landscape, physician billing services play a vital role in protecting revenue cycles by ensuring that all codes are aligned seamlessly with the services provided by physicians.

The Ripple Effect of Denied Claims

It is well known in the world of medical billing services denied claims are an Achilles’ heel, exerting a domino effect upon the financial health of medical practices. According to a report published by the Medical Group Management Association (MGMA), on average 25% of claims are denied by the insurance companies. A staggering statistic like this underscores the importance of robust physician billing services that will minimize the risk of denials through accurate coding, as well as navigating the appeals process well when a denial does occur.

Technology as the Beacon of Efficiency

The more we explore the landscape of physician billing services, the more we realize that technology truly is a beacon of efficiency in a field that is dynamic and ever changing. There has been a revolution in the way medical practices handle billing over the last decade with the introduction of electronic health records (EHRs) and advanced billing software. An 80% of healthcare providers reported a significant increase in efficiency and a significant reduction in billing errors following the adoption of electronic health record (EHR) systems in a study conducted by the Healthcare Information and Management Systems Society (HIMSS).

Atlantic RCM Services

As a medical billing company, Atlantic RCM offers a wide range of services that include the following:

• Physician Billing Services
• Freestanding ER Billing Services
• Medical Billing and Coding
• Insurance Eligibility Verification
• A/R Recovery Services
• Revenue Cycle Management
• Denial Management Services
• Physician Credentialing
• Physical Therapy Eligibility Verification

Conclusion

As part of the grand symphony that is healthcare, where lives are on the line, physician billing services emerge as unsung heroes who ensure the financial health of medical practices and, by extension, the accessibility and quality of patient care by ensuring access to billing services. Having stripped back the layers of complexity, backed up by a host of statistics and data, it becomes very clear that investing in robust billing services is not only a financial decision, but a commitment to both the well-being of the medical practices as well as the communities in which they operate. It is important for us to continue navigating this intricate maze under the direction of a shared vision of a healthcare system that places a high priority on accuracy, efficiency, and, in the end, the well-being of those who are in need.

As one of the top multispecialty medical billing companies in USA, Atlantic RCM provides a wide range of services to help medical professionals across 25+ specialties. It is our goal to help you succeed across all areas of your practice, including billing, collections, and account receivables management.

We invite you to contact the leading medical billing outsourcing company to learn more about the services we offer. Please contact us by calling (469) 501-1500 or by writing to info@atlanticrcm.com  if you have any questions.

Atlantic RCM is one of the leading multi-specialty medical billing companies in USA that serves 25+ major medical billing specialties. Our experts work across your practice in billing, collections and account receivables management, to help you succeed.

Get in touch with the leading medical billing outsourcing company to learn more. Call us at (469) 501-1500 or write to us Info@atlanticrcm.com