|The traditional model
of a private practice has been physicians providing
excellent medical care while leaving the business
details to their administrative staff.
The modern healthcare system is more complex.
Physicians must not only demonstrate their value
to patients but also to managed care organizations,
hospitals and other healthcare consumers. Health
Insurance companies have created a system so confusing
that the average physician has to increasingly
devote time, effort, and resources merely to sustain
their practices. Presently the challenge for physicians
is to provide inexpensive, high quality care while
simultaneously maintaining a profitable business.
The primary and most easily preventable reason
for delayed and diminished cash flow in a medical
practice is improper medical billing. Physicians
can expect to lose up to 15-20% of their annual
revenue if proper attention is not given to their
accounts. The complications of medical billing
now require a specialist. With reduced reimbursement
rates from insurance companies and ever-changing
policies, it is now more important than ever that
claims be processed accurately the first time.