What Are The Things That Will Impact On Medical Billing Companies Over The Next Year? - PowerPoint PPT Presentation

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What Are The Things That Will Impact On Medical Billing Companies Over The Next Year?

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The introduction of the new medical codes has led to major transformations in the medical industry, and it is clear that these changes will be impacting medical billing companies. – PowerPoint PPT presentation

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Title: What Are The Things That Will Impact On Medical Billing Companies Over The Next Year?


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What Are The Things That Will Impact On Medical
Billing Companies Over The Next Year?
Medical billing has always remained an important
element of the health care industry in the US.
This year there were major changes witnessed in
Medicare and Medicaid Services in the USA. The
bill that President Obama signed this year was
to fix the much-feared SGR Sustainable Growth
Rate which was showing signs of decline in these
many years. The bill is about rewarding the value
and not volume. Congress emphasizes more on
providing quality care than just curing them and
sending them away with a treatment bill. The
introduction of the new medical codes has led to
major transformations in the medical industry,
and it is clear that these changes will be
impacting medical billing companies over the next
year. How? Lets see.. Switching From
Quantity To Quality A recent survey says that 4
out of 10 adults in the US do not go to the
doctor when they feel that they should have
because of no health insurance coverage. The
primary reasons that came out of having No
Medical Insurance    1) Because of choice 2)
Because of gender, health history, age, etc.
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What Are The Things That Will Impact On Medical
Billing Companies Over The Next Year?
With this new reform, the individuals require to
have health insurance coverage for themselves
along with insurance companies to provide them
cover irrespective of their health history, age,
and gender. Now more people enrolling for the
insurance, obviously there will be a boom
witnessed in health insurance coverage. Since
more claims will be processed more qualified
staff are to get onboard. This is how the new
reform will focus on providing quality over
quantity. The dispensing of medical claims will
go through the new set of rules. This new law
aims to enhance the timing of the revenue and
reimbursements. With hundred different critics
forecasting billing errors and increase in the
expenses resulting into more confusion (which is
just a misperception) there is no such slip up
happening in fact, it will streamline the
process making it easy, less of hassle, and quick
turn-around time. A trickle-down consequence
could arise thus dropping what doctors are
willing or able to pay for outsourced services
i.e. Medical billing services. Medical billing
companies may witness some significant impacts
like Expensive Qualified Resources
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What Are The Things That Will Impact On Medical
Billing Companies Over The Next Year?
Increase in job dissatisfaction amongst medical
billing professionals, turning them over other
careers leaving a huge dent in terms of qualified
resources. Hiring qualified people for medical
billing could turn out to be expensive.  Even
hiring one new resource, along with that there
will be training costs, salary, benefits and
other compensation to think of. Staying Updated
With The New Codes Software As per the new
reform, the proposed codes shall be used as a
quality measurement tool which will offer patient
to give feedback about the medical care he/she
took, the entire evaluation of the doctor, and
the treatment offered. The majority of the
medical billing companies are using EHRs however,
there are varied versions that support the
doctors requirements. Now each of these
companies will have to ensure that their software
is up to the mark, with all the necessary changes
and error-free. Keeping Tab On The Regulatory
Changes The transition of the new Medicare has
created a plethora of confusion for physicians
and medical practitioners let alone the billing
companies. 60000 diagnosis, patient allowance,
reimbursements, and treatment codes are some of
the significant changes that now the medical
billing and coding companies has to adhere to.
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What Are The Things That Will Impact On Medical
Billing Companies Over The Next Year?
Nearly all insurance plans both federal and
state have to undergo the changes as per the new
reform. Thus keeping up with the regulatory
changes could prove to be a bit of hassle for
these billing companies as their will be a good
long process to transform and get into this new
transition. Closing Thoughts Millions of
dollars are billed every day. With this new law
the healthcare industry will be shifting to
quality than quantity. There might be a temporary
annoyance trouble and confusion and a temporary
squeeze of cash flow but in the long run this
will be surely giving positive results in terms
of both monetary and efficiency. Medical Billers
and Coders (MBC) is a leading medical billing
company providing complete revenue cycle
services. To know more about our medical billing
and coding services, contact us
at info_at_medicalbillersandcoders.com/888-357-3226.
 
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