Is medical billing taking precedence over all other initiatives in your medical practice? Are prior authorizations making revenue collections difficult?
The Medical Group Management Association’s (MGMA) Annual Regulatory Burden Survey 2022 results are out. The feedback from practices is almost unanimous -medical practices face overwhelming regulatory challenges in revenue collections.
MGMA surveyed executives representing over 500 group practices. 64% of respondents were in practices with less than 20 physicians, and 15% were with over 100 physicians. Over 75% of respondents were in independent practices.
The top causes are the complex prior authorization and cumbersome regulatory requirements (Surprise Billing and MIPS being the top two). The growing regulatory and administrative burden has led to a gamut of practice management problems, which include:
- Delays in delivering patient care
- Lesser focus on patient care initiatives
- Increase in staffing costs
- Growing stress on practice staff
- Staff attrition
- Healthcare professionals switching to lesser stressful industries (and thereby making it more difficult for practices to hire)
Healthcare enterprises have to work harder and harder to collect the money owed to them, and administrative costs have increased substantially. As per the survey results, 64% of providers stated that quality payment system programs such as MIPs and APMs had not improved the quality of care for patients. The net result is that the financial viability of many medical practices is at stake.
Kunal Jain, CFO and Co-Founder PracticeForces, discusses the survey’s findings – watch now. MGMA Annual Regulatory Buden Report 2022.
As a medical billing and revenue cycle management company, we can vouch for the increased administrative burden practices face due to changing requirements of prior authorizations. The growing patient queries on the cost of procedures, outstanding dues, and payment options have added to the complexity of revenue collections. If your medical practice has been reeling under the same pressures, outsourcing medical billing can significantly reduce the administrative burden and costs of medical billing.
The PracticeForces onshore and offshore medical billing staff can handle the entire gamut of steps involved in acing revenue lifecycle management, which includes patient insurance eligibility checks, securing prior authorizations, accurate submission of claims, follow-up on rejections/ claim denials, patient billing, and patient communications. We also have a team of remote virtual assistants trained to handle specific administrative tasks.
With an experience of almost two decades in medical billing, we are confident of helping your medical practice boost revenue collections. Contact us today for a free consultation.
