How can streamlined cardiology billing change your decision to sell your private practice

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How can Streamlined Cardiology Billing
Change your Decision to sell your Private
Practice
Uncertainty over healthcare reforms, rising costs and failing payer
reimbursement are some of the factors due to which cardiologists are selling
their private practice to hospitals.
 According to the US Physician and Payer Forum report of 2013,
approximately 18% of cardiologists at independent practices anticipated
that they will be owned by a hospital by 2014

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 As per the Med Axiom’s “2013 Annual Integration Report” 53% cardiology
groups were fully integrated with a hospital, an increase from 32% in 2011.
This percentage included sold as well as leased practices
 According to a survey in 2012 by Merritt Hawkins, the medical industry
might see 75% of nation’s physicians employed by hospitals in 2014
Not just financial concerns but new regulations, shortage of skilled doctors and
pay-for-quality initiatives are growing pressure on cardiology practices. While
some providers are selling their practice willingly for financial benefits, other are
being forced to sell their business as running a private cardiology practice has
become difficult.

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Is your cardiology billing streamlined?
Financial pressure is increasing on cardiologists and matters can get worse if
more money is lost due to cardiology billing errors. Cardiology coding is highly
complex; therefore it is very important to ensure timely, error-free claim
submission in order to maintain a steady cash flow.
If you are also planning to sell your cardiology practice due to financial issues,
streamlined billing procedure can help strengthen the financial health of your
business and get you back on track.

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How to streamline your cardiology billing procedure?
 You will have to hire experienced coders and billers who have sufficient
knowledge of unique terminologies and who can code interventional
procedures accurately
 If you have an in-house billing department you will have to conduct
training sessions in order to prepare them for changes in cardiology coding
and billing regulations
 They will also have to be trained on how to appeal delayed or denied
claims or else your practice will lose more money
 With the implementation of HIPAA-5010, coders and billers will have to be
trained in carrying out HIPAA-compliant medical billing

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Considering the pressure caused by healthcare reforms and lack of skilled staff,
cardiology practices are finding it difficult to concentrate on billing requirements.
In such cases, hiring a billing company seems to be a practical decision as it will
help providers sail through reimbursement challenges and strengthen financial
health of their practice.
 A reputed billing company will offer a team of well-trained, professional
coders and billers certified in ICD-10 coding
 You will be able to enjoy quick turnaround
 Billing partner will offer 99% accuracy rate, ensuring faster payment with
reduced denial rate
 Your practice will also get 24/7 customer support

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Medicalbillersandcoders.com is one such reputed billing company that has been
helping providers, including cardiologists sail through billing challenges. MBC has
an expert team of certified coders and billers who handle RCM of cardiology
practices and ensure timely reimbursements. The team works with the aim to
streamline billing procedure, maximize revenue and minimize claim denials,
offering sufficient time to cardiologists for patient care.

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Related Posts:
 How Can Outsourcing Solve Medical Billing and Reimbursement
Challenges for Physicians in 2014?
 How can outsourcing help you Deal with Shortage of Trained
Medical Billers and Coders?
 Eliminate the Burden of Medical Billing and HIPAA Regulations with
a Billing Company

How can streamlined cardiology billing change your decision to sell your private practice

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How can streamlined cardiology billing change your decision to sell your private practice