A busy multispecialty hospital resembles a war-zone. The audit issues, billing hassles and operational pitfalls faced by multispecialty hospital are more difficult to manage than the challenges thrown at single specialty hospitals. Office managers of multispecialty hospitals feel that they’ve bitten off more than they can chew. Keeping in line with almost unfair demands and regulations can be a nightmare.
Frequent Audits give Sleepless Nights !
Facing billing audits can scare the daylights out of physicians. CMS has placed the onus on healthcare providers to create and maintain evidence based precise billing information. In a large scale set up the costs and infrastructure needed to maintain accurate medical documentation belongs to the realm of wistful dreams.
The billing regulations for each specialty, varies and a little slip-up can lead to the hospital being booked for fraud and abuse. But this not the only roadblock multispecialty hospitals face.
Zeroing in on a Compensation Formula that works for Everyone…
Well, coming up with a compensation formula that makes everyone happy can be an uphill climb. Multispecialty hospitals have on board, specialists from different medical specialties, surgeons and imaging technicians. To come up with a compensation formula that is fair and in compliance with all regulatory controls, in today’s tough healthcare climate is almost next to impossible. It requires enormous amount of time and understanding to whip up a solution that makes everybody smile.
Is it the Best time to become a part of Multispecialty Groups ?
Surprisingly yes! According to the Great American Physician Survey an increasing number of physicians prefer employment than to start a practice of their own. This attitude shift is attributed to the responsibilities a medical practice owner is likely to face.
Working with Off Shore Firms…
Outsourcing medical billing needs is one way of ensuring profits and operational ease in a multispecialty set up. Hiring, training and monitoring large team of billing and coding professionals can only add up to expenses. To scale down on the efforts and money spent on the everyday workflow of a hospital, outsourcing is the preferred choice.
It will give doctors more time on their hands to fix a workable compensation formula, keep regular tabs on their workflow and keep abreast with changing guidelines and reforms. As most medical billing companies work round the clock the response time for additional documentation requests is swifter and being swift is best way to handle the challenges ahead for multispecialty hospitals.
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