Okay, SO WHO LIKES TO LOSE MONEY? That is the question. Really, think about it no one likes to lose money or feel like they are throwing away money. So why feel that way? Why feel that you are losing? Why feel that you are throwing away money? Don’t ask why, just don’t.
You might ask the question, well how do I not throw away money and how do I not lose out on money? Its simple really, you have to educate yourself and immerse yourself with knowledge so that you are aware of the current event and you stay in the now and not stuck in the past. When it comes to the medical industry you have to stay in the now and have to except change. We definitely understand that change is difficult for everyone, but ask yourself, if you never change are you actually selling yourself short?
Look we all know that most physicians are not practicing medicine for the money, that they are competent and compassionate and they genuinely enjoy helping others. We also know that many doctors often work long, hard and sometimes thankless hours to provide the best care, with that being said doctors deserve to be paid for the service they render. But the problem is that many doctors get so caught up in practicing medicine and tend to neglect their business. Once doctors really sit down and begin to analyze their finances and the actual money that is being bought in by a combination of different sources they start to notice that they are receiving decreased reimbursements from the insurance agencies, the medical field is becoming more and more complex and is driving up costs, they have to continually be licensed which they have to pay for. Which brings us to this conclusion medical practices are businesses, and a business is not sustainable unless income exceeds expenses. Unfortunately, medical practices have to follow more guidelines when it comes to setting up fees for services because especially dealing with Medicare and Medicaid the federal government establishes the fee schedule. With the influx of of over 40 million people into the healthcare system doctors will have an increased workload. With an increased workload can lead to mistakes being overlooked which can cause for money to be lost.
I would like to touch on some key points that clearly show how doctors throw away money and not that they do it intentionally but it happens. Many doctors I have found are in the business of under coding their services. Why under code? Many times it happens because the provider is not updating their superbills to reflect the correct codes they need to use in order to be properly reimbursed. Another reason some doctors under code is because they believe that by under coding they can some how become exempt from audits. This is a big myth, medical providers cannot avoid audits, and whether they under code or over code they can still face penalties and fines. So there you have it that is a major way that doctors inadvertently throw away money. So instead of over coding or under coding, update your superbills and code for the services rendered. In the long run this will be the best practice and medical providers will definitely see an increase in their reimbursements and ultimately their profits.
Another key point that doctors overlook is that if they are currently using an EMR system and have not yet met the requirements to cash in on the meaningful use incentive provided by the Center for Medicare and Medicaid Services (CMS) then they are definitely leaving money on the table. Medical professionals are able to collect up to $39,000 from CMS for seeing a certain volume of Medicare patients and using the designated features within their EMR system. If the medical provider is seeing more Medicaid patients then they are able to collect up to $69,000 for meeting the requirements of the meaningful use incentive program. Wow, tons of money that is being left on the table. According to the Center for Medicare and Medicaid Services year to date 7.1 billion dollars have been paid out to over 144,440 medical professionals for meeting and exceeding the requirements for meaningful use incentive. Don’t wait any longer to get a system that is meaningful use certified, because you are only losing out on money. Lets look at what will happen in the future if you are seeing a large volume of Medicare and Medicaid patients. By October, 2015 if medical providers do not switch to an EMR system their Medicare and Medicaid reimbursements will subsequently decrease by 5% until they adopt an EMR system. Not only that but they will no longer be able to qualify for the meaningful use incentive. Again that is lost revenue and potential money that can be used for various projects within their practice.
Don’t let bad practices and procrastination stop you from collecting the revenue you deserve. Let the professionals handle the hassle of going through tons of back paperwork, denied insurance claims, rejected insurance claims, and be rest assured that a turn around on revenue will be great. Don’t throw away money on useless systems or incompetent people who are only dragging your practice down. Trust in the Evolving Efficient Experts in Healthcare to provide you with real time solutions to your real time problems.
For more information on how you can stop throwing away money and losing out on vital incentives contact Triple E Medical Solutions LLC.