The Healthcare sector has suffered during the COVID-19 pandemic. Limited access to resources has shaken every corner of healthcare, from medical billing to care delivery. The worst part is reduced patient volume in medical practices and its impact on the financial cycle. Thus, the ongoing pandemic threatens the very existence of healthcare organizations.
Once the trust is lost, it is hard to get it back. We can only hope for patients to trust their providers as much as they did before the pandemic.
Moreover, to consider primary healthcare practices exempt from the wrath of this pandemic may not be correct. Regardless of the size of your practice, it experiences the aftershocks of this nuisance. However, with some smart planning and practical implementation of medical billing strategies, you may avoid a setback.
The Impact of Pandemic on Small Practices
Small medical practices are under immense pressure. If they were struggling before the pandemic, this time has served as a nail in the coffin for them.
With already devastating finances, they can’t find a way to uphold among the competitors. Moreover, several practices were unable to operate, such as dietitians and nutritionists. We hope that they will find opportunities to get back to work soon.
Things are going back to normalcy. However, a few of the upcoming months are crucial for the survival of small practices. In short, it is time to rebuild and make their way back to profits.
The Effect of Pandemic on Large Practices
Large medical practices, even if they are financially weak, are expected to survive the atrocities of coronavirus. Even, we can also expect a trend of collaboration between small and large medical practices to flourish. If that doesn’t happen, small medical practices will lose their way, and the larger ones with more to spend would only be the ones left. The same goes for medical billing services.
How to Fix the Damage?
Many healthcare organizations, particularly the smaller ones, are researching opportunities to break through the financial barriers. They are getting creative and testing new ideas.
One way to stand out is by revising claims in the billing and coding sector. There can be many claims in accounts receivable (AR). Thus, medical billing outsourcing companies can help to reimburse to balance the revenue and cost.
Moreover, working on denied claims is an effective way to reduce financial loss. It is back to the basics approach. Also, finding every other place with money on the table, capitalizing on it would be the game changer for practitioners. Professional medical billing services would be of great help in this regard.
What Can Be Done?
Revenue-generating opportunities lie obviously in the medical billing and coding sector in addition to the scheduling department.
Many staff members are in a state of confusion. You can help them focus on pending tasks. It will help straighten the workflow and prepare them for patient visits. For instance, if your practice is taking appointments, your medical billing or front-desk staff can take care of the eligibility issues, pre-authorization tasks, and the validation of information. It will save you time and maximize your chances of revenue generation.
MIPS and MACRA Compliance
MIPS data submission and MACRA compliance also compensate for lost revenue. Small medical practices are lucky to get relaxation in MIPS reporting requirements, so they should look into their strategies and contact a MIPS consulting firm.
MIPS incentives are up to 9% in 2020; even if you don’t get all of it, you can qualify for some percentage after all the math. To summarize, only a qualified registry is your answer to MIPS quality reporting.
We cannot predict if the patient volume is going to increase after the pandemic as it was before it. However, as hospitals resume elective medical procedures and patients start to experience in-person visits, we can only hope that things will settle down as before. If physicians incorporate technology like Telehealth, much of the revenue-related problems could go away. It is the constant need of the hour to adopt out-of-the-box methods of care to run your practice.