Helping Medical Practices Increase Revenue

Over the past decade, we have seen many changes in how medical care is delivered and consequently billed and reimbursed. One of the results is the greater financial burden placed upon patients themselves for charges not paid by insurers. This in turn has led to more delinquencies by patients and families for money owed for health care. In fact, a recent report showed that from 2009 to 2015, patient liability has jumped from $250 billion to almost $410 billion – and increase of nearly 70 percent in that relatively short time period!

Are you working to enhance financial performance via improved medical billing process this year? If so, you don’t have to work on your goals alone. Outsourcing medical billing services and coding is a wise choice for many practices. But if you decide on this path, it’s essential to choose a company to find one of the highest quality. Pick the right company and it can increase your chances of achieving those bottom-line goals. 

Just a couple of years ago, artificial intelligence (AI) as it applies to healthcare was considered a promising but distant goal on the horizon. Even Partners Health Care as recently as 2018 set a 10-year time frame for the AI technologies poised to revolutionize care within a decade.

Within just the past 12 months, however, research has made enough progress to roll out the following developments that will impact how we provide healthcare for patients and run practices from the top down.

It will probably come as no surprise, that medical claim denials are on the rise, for both physicians and hospitals. With this rise come serious and expensive challenges for healthcare organizations and providers alike, with lost revenue projected to run into the billions of dollars. Considering that many otherwise re-billable claims are allowed to languish unbilled and unpaid, denials need to be avoided at the onset and if they occur, dealt with immediately.

According to surveys, many obstetricians and gynecologists decide to do their job because they want to care for women through their lives. Many find that it’s rewarding, and they enjoy the relational, intellectual, and practical aspects the job presents. However, challenges like coordinating with insurance companies, dealing with complex EMRs, an increase in administrative work are all major stressors. And then, there’s the challenge of trying to keep an  practice profitable. If your profits have been taking a hit, here’s a look at some practical strategies you can use to increase revenue for your OB-GYN practice.