Recent changes in insurance schemes and coverage are now making medical providers take on a new task in addition to their medical load — making sure they’re getting paid. Apart from the unpredictability of reimbursement schemes, medical providers still have to worry about the amount they will receive from insurance companies. Another concern is that since insurance doesn’t cover everything on the bill, patients are left to pay for it; but they don’t always do.
According to a study conducted by the Journal of American Medical Association, physicians lose about 15 percent of their revenue to billing activities like contacting insurance companies and patients. Having to juggle payment transactions and medical work is nowhere near convenient to medical providers. For smaller, independent medical practitioners, this additional load is a nightmare.
The solution to this is hiring additional staff who will take care of the practices’ billing activities, from confirming insurance coverage to dealing with patients’ bills and debt. Staff specifically trained and hired to deal with this aspect of the practice could require a significant initial investment. However, this option saves physicians the stress of having to haggle their way to being compensated and helps them monitor the flow of their revenue.
Xilium VMAs are trained to give assistance to medical practitioners in their billing activities. Our assistants will personally look into following up on claims with insurance companies to make sure medical practitioners are paid for their services. This way, doctors can focus on administering treatment without having to worry about their revenue.