2. Top Challenges Providers Face in Alternative Payment
Models
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Over the time, even the different ways by which payments can be
made in medical practices are undergoing a significant change.
In fact, a physician whether as an individual practitioner, an employee
of an extensive healthcare system, or a hospital has never faced such
a challenging time before. But now they are required to navigate a
series of challenges every day and one of them is the payment hassle.
It’s mainly because of the alternative payment models (APM) that are
being incorporated into the healthcare system now.
This article will discuss about the top three challenges that the
providers will face in alternative payment models. It is vital to
understand these challenges to mitigate them as soon as possible as
the medical industry is shifting towards new APM models.
Read more…
3. Top Challenges Providers Face in Alternative Payment
Models
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Challenge 1: Resource Crunch
It is time-consuming and labour-intensive process when you have to
shift or use APM. Additionally, it requires the practice to have the right
people and resources to support the entire payment system. In fact, it
may take six and eighteen months to participating in the APM models
and to start functioning on the same.
Challenge 2: The Ever-changing Rules & Policies
Undoubtedly, the medical billing and coding system in itself is a
challenging process. But simultaneously, APMs are also adding a
burden on the healthcare providers as an arduous progression for the
practices. Moreover, like any other medical billing system, the
alternative payment method models are also undergoing continuous
changes in their rules and policies. Hence, the entire process
becomes quite a complex space that the practices navigate.
4. Top Challenges Providers Face in Alternative Payment
Models
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Challenge 3: Data Monitoring and Analysis
One of the ways to succeed in the practice is by offering the best
medical services to the patients. It is possible only when the practice
monitors and analyses the data they have. The situation is the same
for APMs, but it has limited information despite CMS is offering
feedback reports to the APM participants. Also, the EMRs have data
that can be used for model performance, restricted on the basis of
knowledge. As a result, it fails to provide the entire journey.
In such a scenario, monitoring, measuring, and analysing the data
for managing the APM programs can be pretty challenging. To
mitigate this challenge, it is important to find a dedicated person or
team who will monitor, collect and analyse the program data. In
addition, some tools can be implemented to get the trended
information which can help the practice to measure the performance
and improve the workflow.
5. Top Challenges Providers Face in Alternative Payment
Models
Conclusion:
Though these are the key challenges faced by the healthcare
practices along with several others in APMs, they can also be
mitigated, and practices can navigate it to offer better services to
their patients with better performance. Moreover, there is a need on
the part of the practice to train their staff and practitioners for the
AMPs. One of the most accessible options is to hire a team such as
24/7 Medical Billing Services who specializes in APMs and work
with them to overcome the hurdles and reap the benefit of the model
while focussing on taking care of the patients and the practice.
https://www.247medicalbillingservices.com | +1 888-502-0537
6. Top Challenges Providers Face in Alternative Payment
Models
About 24/7 Medical Billing Services:
24/7 Medical Billing Services is the nation’s leading medical billing
service provider catering services to more than 43 specialties across
the entire 50 states. You can rely on us for end-to-end revenue cycle
management. We guarantee up to 10-20% increase in the revenue
with cost reduction of your practice for up to 50%.
Media Contact:
Hari Sudan,
24/7 Medical Billing Services,
16192 Coastal Hwy, Lewes, DE – 19958
Tel: + 1 -888-502-0537
Email - info@247medicalbillingservices.com
https://www.247medicalbillingservices.com | +1 888-502-0537
