Upon review of their finances, many physicians wonder how they could possibly be working so hard and yet experiencing such low cash flow.
One reason is that Medicare, commercial carriers, HMOs and PPOs have reduced their reimbursements considerably. Another reason is that accounts receivables are often overlooked until cash flow decreases conspicuously. Many accounts fall through the cracks as a result of inadequate follow-up.
The success of your practice depends on consistent review of your systems. However, since the largest expense of a medical practice is non-physician staff salaries and benefits, physicians are often tempted to cut corners on this category first, reducing the resources that are really needed for effective accounts receivable management.
Due to the nature of the health-care industry and managed care, providers simply must find ways to become more profitable. Lower insurance reimbursements, increased paperwork and higher malpractice insurance rates are forcing practitioners to work harder in order to maintain current income levels.
Healthcare professionals need efficient, time-tested, reliable processes that will ensure low overhead and maximum reimbursement while preserving their professional image.
Medical Management Corporation of America (MMCOA) is the specialist in billing and accounts receivable management. With reimbursement procedures changing almost daily, we have what it takes to help you recover more money, spend less time handling billing problems and get back to what you enjoy best; providing quality patient care.
According to statistics, the average number of rejected claims for a medical practice is 30 percent. Only 50 percent of these claims are ever resubmitted. This can represent a huge sum for some physicians who are unaware of their billing office's lack of control over claims submissions.
"Physician Financial Concerns in Turbulent Times" Whitepaper
