An Essential Guide to Physician Billing Services for Healthcare Practices

Every healthcare specialty, including physicians, face various financial pressures on a constant basis. For various years, cost containment has been a central topic in physician revenue cycle management. When physicians look for an ideal cost reduction strategy, it will probably involve multiple factors. The foremost for them is to find physician billing services from the right outsourcing company.

A reliable physician billing partner like Eminence RCM can help tackle your physician revenue cycle management challenges. With our expertise and experience across various specialties, you will be provided with medical billing services tailored to individual physician’s needs to improve financial performance.

Right from verifying eligibility to managing denials, physician billing services from an expert surely provide you with the support your practice must get. That’s not all! With Eminence RCM as your physician billing partner, you regularly update our billing processes to adapt to the changing regulatory environment. It helps to maximize the chances of reimbursement and minimize costs. Whatever the size of your practice, we are committed to providing market-leading physician billing services to enhance your practice’s revenue and partner in your growth.

What is Physician Billing?

Physician billing, better known as Ambulatory Surgical Center (ASC) billing or professional billing, is the billing of claims for services. These services include the ones performed by healthcare professionals or a physician and inpatient and outpatient services.

When we talk about physician billing, the role of billers and coders is confused various times. It is true that physician billing services and hospital billing agencies are of a similar nature, but it varies with coding undertakings and their names.

With the changing times, the procedures and regulations keep on evolving. With it, the problem of financial crises arises for physicians. When you are a physician in the twenty-first century, it calls for more than just treating patients. The impact of globalization, technological advancements, rising healthcare costs, and new government regulations are just a few challenges physicians face in providing high-quality care. Along with that, your financial crisis is also affected by changing procedures and regulations in the world of medical billing. The most complicated challenge for physicians is integrating their financial policies with real-time changes in medical coding and physician medical billing services.

Let's Look at Some of the Most Prominent Medical Billing Challenges That Physicians Face

Increasing Number of Claim Denials

Out of all the challenges, the major one that physicians face is payment denials. Without any discussion, every physician is entitled to be compensated for the time and effort that he put in to treat the patients. However, the reality is the opposite in most cases. Sometimes they will be unable to address payment denials without any proper review or management. Because of various regulatory changes and evolving denial of claims, physicians will be even more burdened.

If there is any minor coding or physician billing error, it can result in claim denial. There are various other challenges that arise from payment rejection. It includes poor reimbursements and an inefficient payment schedule. As a result, physicians must plan time for dealing with such physician billing challenges.

Administrative Burden of the Healthcare

There was a survey according to which seniors have experienced double physician billing for the services provided by them. It mainly happens because physicians are subjected to a great deal of stress in medical settings. This is obvious because of the nature of their profession. Apart from caring for the patients, they also need to do certain administrative tasks. This adds more to the already heavy workload. Therefore, it becomes even harder to make sure that patient care runs smoothly along with the documentation process. This is so because the latter requires staying updated and on top of system changes.

Outdated EHR Interface

Are you aware that your patient's electronic registration must be altered as per CMS document requirements? This adds another challenge to your physician billing. It has made all the current EHR interfaces useless. In such a scenario, if the doctors don’t use an efficient medical billing solution like Eminence RCM. EHRs and other health information technologies of a reliable medical billing provider can significantly improve patient care and overall outcomes of your healthcare.

Other than that, it is harder for physicians to use these systems in the right manner because it is unsuitable to divide time between imparting proper patient care and the computer. As per a study, the average time to view the EHR spent by the physician has increased from 30% to 50% of patient meetings. During this time, most of it was spent on arranging desktops which didn’t allow them to focus on the patients.

Evolving Confidentiality Laws

Out of all the important laws like HIPAA which was created to protect patients' privacy and data must be followed in the healthcare setting. However, one thing with these laws is that they keep on constantly changing. This results in harsh penalties if not followed correctly. There are times when physicians fail to keep up with changing confidentiality laws. This puts them in a conundrum.

Specialty Billing Process

It is clear now that if you want to get financial benefits for your medical practices, you must keep up with every change that is taking place. When you want to complete the complicated tasks of physician billing, special handling, authorization, and pre-certification are a must.

If you want such specialized and focused physician billing processes for your healthcare, it demands deep knowledge of every concept, like that offered by Eminence RCM. They help to streamline the process and obtain faster reimbursements. We understand the fact that not all physicians have the time or knowledge to keep up with the changes and get into the details of the medical billing process. Remember that the absence of knowledge results in claim errors, which cause denials.

When you receive a medical billing service from Eminence RCM, it reduces and eliminates your conflict between providing best patient care and billing for that care.

We understand the fact that there are certain situations in which many physicians, across all specialties, often perform procedures without any assurance that they’ll be paid for their services. Physicians play such an important role in successful treatment, and they should be empowered to provide care from any concerns about payment. A skilled and diligent medical billing team of Eminence RCM will ensure that, when you see patients with proper insurance details, you never have to wonder whether you’ll get paid.