Choosing the Right Internal Medicine Billing Solution

1
(No Transcript)
2
Choosing the Right Internal Medicine Billing
Solution
According to a Physician Compensation survey
conducted by Sullivan, Cotter, and Associates,
specialty physicians across the US saw a 1.9
increase in their compensation in 2014. Internal
medicine physicians also experienced a two
percent change in their compensation between 2013
and 2014. The median total cash compensation for
them recorded in 2014 is 213,428.  Our internal
medicine billing process is streamlined so that
you can have a healthy revenue cycle management.
In this blog, we shared why you chose
MedicalBillersandCoders for the Right Internal
Medicine Billing Solution. Even though the
internal medicine specialty witnessed a slight
increase in compensation this year, many
internists continue to grapple with a shrinking
bottom line. This is because treatment by an
internal medicine physician depends on or
collaborates with different diagnostic
laboratories and care to justify. Due to such
varied aspects of the treatment episode, medical
billing and coding become complicated. Medical
claims for internists require joint coding of
services. They also have to deal with a variety
of separate codes as they treat various health
disorders. Did you know that internists have the
fifth-highest burnout rate among physicians? On
average, they see 20 30 patients a day, working
for long hours every week. The pressure caused by
healthcare reforms has heightened
3
Choosing the Right Internal Medicine Billing
Solution

• their workload. It has been observed that
  internists spend around 10 or more hours on
  paperwork and other miscellaneous tasks every
  week. Some of the most commonly faced challenges
  are
• Failing to keep track of the changes to ICD-9-CM
  and CPT codes for various treatment procedures
  included in internal medicine. Regular changes in
  the ICD-9-CM, HCPCS, and CPT codes have
  complicated the billing procedure for internal
  medicine physicians
• Not coding peripheral tests and processes such as
  removal of skin tags and injections in an
  accurate manner
• Without a skilled team of coders and billers,
  internists can face serious troubles in
  transitioning to ICD-10 by 2015. The rising costs
  and declining reimbursements are driving many
  internists to quit their private practices. Many
  physicians have started joining larger groups to
  avoid the hassles of running a medical office in
  the current US healthcare industry.
• The dependence on other practitioners complicates
  the billing procedure for internists. However,
  they can streamline their revenue cycle and
  ensure timely payments through effective medical
  billing services and coding practices. To
  mitigate the difficulties related to billing and
  administration, many internal medicine
  practices are taking recourse to outsourcing
  their RCM to billing agencies.

4
Choosing the Right Internal Medicine Billing
Solution

• Choose the MBC for the Right Internal Medicine
  Billing Solution
• Companies like Medical Billers and Coders have
  been helping internists streamline key financial
  and administrative tasks through
  effective RCM solutions. The providers have been
  able to boost their productivity and ensure
  better patient outcomes with the help of
  outsourcing.
• MBC has a team of skilled coders and billers who
  offer effective billing solutions to over 40
  medical specialties. They are trained in managing
  the key factors of a revenue cycle including
• Medical coding
• Insurance verification
• Patient enrollment
• Insurance authorization
• Accounts reconciling
• Follow-up with insurance companies
• Accounts receivable management

5
Choosing the Right Internal Medicine Billing
Solution
With the help of an expert team, internists have
been able to increase their profitability and
reduce the administrative workload. While a
dedicated team handles claims submission,
follow-ups, and compliance with healthcare
reforms, providers have been able to streamline
their business functions and get more done in
less time. Medical Billers and Coders (MBC) have
certified medical billers and coders who are
up-to-date on current billing and coding
practices, which can help you reduce denials and
increase practice revenue. To know more about
our internal medicine billing services you can
contact us at 888-357-3226/ info_at_medicalbillersand
coders.com. FAQs 1. Why is internal medicine
billing more complicated compared to other
specialties? Internal medicine billing involves
collaborative treatments with diagnostic labs and
various care providers. It requires joint coding
of services and handling a variety of codes for
different disorders, making the process intricate
and prone to errors.
6
Choosing the Right Internal Medicine Billing
Solution
2. How does MBC help internists overcome billing
challenges? MBC offers a team of skilled coders
and billers proficient in medical coding,
insurance verification, patient enrollment, and
claims submission. This helps reduce errors,
ensure timely reimbursements, and streamline
revenue cycle management.
7
Choosing the Right Internal Medicine Billing
Solution
3. Can MBC assist with the transition to new
coding systems like ICD-10? Yes, MBCs certified
billers and coders stay updated on coding
changes, including transitions like ICD-10. Their
expertise ensures compliance and accuracy,
minimizing the risk of claim denials during
system updates. 4. What services does MBC
provide to support internal medicine
practices? MBC provides comprehensive services,
including medical coding, insurance
authorization, AR management, claims follow-up,
and reconciliation, helping practices enhance
revenue and reduce administrative burdens. 5.
How can outsourcing to MBC improve profitability
for internists? By outsourcing billing tasks to
MBC, internists can focus more on patient care,
reduce administrative workload, and ensure
efficient claims processing. This leads to
improved revenue, fewer denials, and better
overall practice management.