When the recession hit the United States in 2007, physicians and their practices were not spared. Numerous studies found that patient visits decreased because people lost insurance coverage and put off routine – and sometimes not-so-routine – visits. At the same time, overhead costs increased, leading to a fair amount of anxiety and frustration for physicians who were watching their profits start to dwindle.
In multiple surveys, physicians reported feeling 'powerless' when dealing with insurance
carriers and administrative costs. Other words frequently used to describe dealing with billing and navigating the maze of insurance providers are 'resignation' and 'outrage.' A recent study conducted by the physician staffing firm Merritt Hawkins found that an incredible 82% of the 13,500 physicians polled felt that they had very little ability to change the healthcare system. The same study found that a majority of physicians feeling generally pessimistic about the state of their profession.
So what can be done to ease some of these stressors? It doesn't look like the current insurance model is going away anytime soon, but by streamlining revenue management systems, medical practices can eliminate a great deal of the hassle related to it. The right software can make managing your practice more user-friendly, more efficient, and more profitable – all in one fell swoop.
So what should you look for in software that has medical billing integration?
-
HIPAA compliance
- flexible scheduling abilities
-
editable patient information
-
an easy to read and well organized interface
-
ability to engage in the entire revenue cycle
-
auto-generated reports
Electronic health records (EHR) with integrated billing have now been recognized as the best practice for medical providers of all sizes. The benefits of medical billing integration have been shown in numerous studies. Physicians, by training, look to evidence-based interventions in their clinical work. Why not apply that to business practices as well? Electronic records with integrated billing systems offer more security and confidentiality for patients – as required by law – and also provide more efficiency and potential to physicians working to grow their businesses despite the challenging economy.
If your goal is to improve business practices and revenue while still maintaining a high quality of care, please contact us to get started. Oates & Company LLC has been in business and providing quality software and support since 1998.
