By Admin | 2020-05-30
Medical practice in the US is undergoing a paradigm shift. The transition most practices have made to a software-based model has helped them survive the test of times as compared to the many other failing medical practices. Here compiled is a list of reasons why medical practices are failing, and how you can protect your practice from facing the same course.
The primary reason medical practices are failing is the over-reliance on paper-based systems to manage the office and patient data. The overhead cost of running a medical practice has been rising for the past decade. Clinics with high rental payments and with high payroll expenses usually fail very early. Most of the rental contracts are for several years. Automating the process can also help in reducing the cost of operations while bringing efficiency to the structure.
Another factor that is contributing to the decline in the practice is the tedious cash posting done by physicians. It takes significantly longer to process paper-based checks as compared to electronic payments. The inefficient systems lead to more time consumed, higher transaction cost, manual errors arising and lost productivity. As reported by the Association for Finance Professionals, paper checks are five times more expensive for the practice as opposed to e-payments. A lot of checks are lost in the hassled mailing process and as a result, never get delivered. Getting a new check is a long and time consuming process with cancelling the initial checks and then getting them reissued. Cash flows can also be interrupted by manual errors, therefore the best option for any medical practice would be to opt for a billing software.
One of the most important aspects of the finances of medical practice is the unpaid claims. They form an integral part of the cash flow and disputes arising can lead to a hindrance in the financial health of a medical practice. Many medical practices are not able to keep track of their claims and end up losing a significant part due to failure to respond timely. Subscribing to software for billing can help you keep a track of all the claims and equip you better for spotting problems before they significantly impact your cashflow. By subscribing to MDSalesbook, medical clinics can progress efficiently through this phase due to the efficiency provided in management and tracking by our system. MDSalesbook helps your medical practice by providing you with daily dashboard updates in a color-coded form. While the conventional methods provide monthly updates, our system lets you have a daily picture of your claims.
Making a timely switch to electronic software can drastically improve administrative efficiency. It can significantly reduce the insurance denials due to the eligibility checks available for assessing patient’s coverage in the system. Registration and eligibility errors can lead to denials in as many as one-third of cases. The all-encompassing billing service provided by MDSalesbook based on relevant financial data can help you stand out among other medical practices.
Physicians are best suited to work within their own professional domain. Billing and technical issues often go unattended by physicians which leads to a significant sinkhole in their practice’s finances. The lack of time available for them to assess the financials on paper can be tedious, therefore opting for a software-based system allows them to access and analyses in-depth their financials.
With the digital appointment system provided by MDSalesbook, improved reaching out with prospective clients can be done through our automated chatting system and timely reminders. In times like these when medical practices are failing due to the nationwide circumstances, inefficient systems can hasten the process. Therefore, timely switching over to medical software can provide the efficiency and management required for surviving and thriving as a medical practice.
MDSalesbook strives to empower medical clinics and practitioners to get maximum productivity from their business. With time being of the highest essence for our clients, we believe every minute saved can help immensely in alleviating the hectic nature of the medical practice. We realize that by transforming the nature of billing service from conventional paper-based to a digitized one, new medical practices can thrive rather than failing.