Medical Billing business is on the boom. Medical practitioners, hospitals, health centers and all associated services require billing companies to take care of their cash flows. While some physicians do not require the services of medical companies primarily due to their small scale of business, most care providers are increasing relying on experienced medical billing companies to improve their revenues.
However, the government regulations are frequently changing the healthcare world and in case you own a medical billing company, you need to be wary of these operational challenges in 2014:
- Low rates: With the advent of technology, some medical billing companies are spending virtually nothing on expensive setups and maintaining of billing services. Due to their inexpensive automated billing processing software, they are able to offer rates nearly half of the industry average.
- Geographic reach: With the help of today’s cloud-based and sophisticated health IT software, medical billing and revenue cycle management companies are able to serve customers anywhere in the US, regardless of the client’s location.
- Perceived value: Some medical billing companies are huge in size which physicians naturally perceive that the company is doing well and gets more business. Additionally, they also have expansive sales and marketing campaigns which help their cause.
- Real value: A lot of medical billing companies are offering value addition in the form of free Electronic Health Records and Practice Management software which is a huge source of attraction for physicians especially those who have experienced failed EHRs or want to meet Meaningful Use requirements.
- Secure access and compliance: Today’s cloud-based systems allow physicians access to patient data from any device with an internet connection. They also bring practices into almost instant compliance with HIPAA, HITECH, Omnibus, PCI, e-Prescribing, and now ICD-10.
These are some of the threats which you as a medical billing service provider face in 2014 and need to guard against.
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