Sweeping changes in the medical billing system have taken place, countrywide, as mandated by October 1, 2015. The new system is intended to be more patient-centric and is vastly superior to the over 40 year old system it replaces, however the ICD-10 rollout has not been without issue. From the need for new computers, IT professionals to implement the rollout, training for both medical billing staffers and physicians alike, the overall costs of this change has yet to be determined. Its value will be in faster compilation and submission of patient case histories to hospitals and invoices to health i insurance payers. In time this new system will result in quicker approvals, fewer disapprovals and faster payouts to hospitals and medical practitioners. But that day is not here yet.
For one thing, the IDC-10 rollout places greater emphasis on physicians to document claims made to healthcare insurers. That documentation takes longer to produce as they now require greater detail and specificity. Another issue surrounding the rollout is greater online security as more details of individual patient care are now contained in these case studies and claims. Still other concerns are being faced by private care physicians who may not have made the transition from paper to electronic records keeping as yet. These and other factors translate as additional costs to both hospitals, healthcare facilities and physicians themselves.
The turnaround from invoice submission to insurers to payment receipt can cause financial stress to many private medical practitioners. Many physicians have turned to National Business Capital to provide funding to assist them to meet the changing requirements imposed on their respective practices. If your medical practice is seeking funds for equipment, staffing, staff training, taking on a new physician, or any financial requirement know that we can help. If you require a small business loan, a business line of credit or any other financial service call us.
National Business Capital has funded millions of dollars to medical practices quickly and at terms that our clients are comfortable with. We look at your entire financial picture in making our loan decisions so even a less than spotless credit rating will not disqualify your application. If the financial obligations that have arisen with the ICD-10 rollout are impacting your working capital, give National Business Capital a call. We’re here at (888) 888-9124. Let’s get a dialogue going!
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Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.