The U.S. healthcare system is incredibly complex and has undergone significant changes in recent years. From federally mandated electronic medical record usage to reimbursement model changes, it is nearly impossible for providers to keep up with everything that impacts their practices, both financially and operationally. Additionally, maintaining a large, non-clinical staff to help carry this administrative burden is unsustainable.
According to Healthcare Business & Technology, it is estimated that more than $125B goes uncollected as a result of poor billing practices and that up to 80% of medical bills contain errors. A 2016 InstaMed report found that it takes 73% of providers longer than a month to collect what is owed from patients. This is in addition to the fact that the average in-house billing department only collects 60% of the payment that is owed.
Furthermore, burnout among physicians continues to be a huge issue. A 2018 report released by Medscape revealed that 42% of physicians are burned out. Over half reported that their administrative responsibility was a major contributing factor. Survey results released by the Medical Group Management Association in 2018 reported that nearly 90% of physicians felt that their regulatory burden had increased over the last year, despite CMS’ efforts.
For these reasons, more and more providers are turning to third-party help, especially on the revenue cycle management front.
However, not all medical billing and administrative partners are created equal. Practices need to be sure that they are working with deeply experienced and knowledgeable companies that understand how to navigate our nation’s health care system.
This is where PMN comes in.
With over 18 years of medical billing experience, Physicians Management Network Inc. has helped practices collect over $150M in revenue with an A/R time of less than 90 days. Our gross & net collection rates are outstanding, and our claim denial rate is less than 0.5%. In addition, we are located on U.S. soil and understand the pressures associated with health care reform. Let us help you build additional financial sustainability and increase operating efficiency so that you can focus on delivering high-quality care for your patients.
