Frazzled with Month End Close?

Posted by Ecareindia on May 21st, 2013

Medical billing companies have been equally impacted, though indirectly, as that of Healthcare Facilities with the introduction of new reforms and laws, lately. The effort of fulfilling the client’s needs has doubled due to the ICD-10 and HIPAA 5010 implementation. Medical billing companies face yet another difficulty every month in addition to all these challenges. It is the delayed month-end closing, which adds more fuel to the fire. The cause, consequences and solution for the late month-end close are listed below,

Major Cause: Even though medical billing companies handle the claims on time, the month-end close does not happen on time. It is because Healthcare Facilities and Providers delay processing month-end records due to several reasons, which impacts the invoice numbers for the medical billing and coding services performed. The reason is not merely negligence, but includes several other factors like nature of specialty, increased work pressure, delayed payments from the insurance company, lack of staff to handle the work load and more. 

Consequences:

  • The closing date of a month is usually the 30th or 31st. However, Healthcare Facilities and Providers push it to the first or even the second week of the following month due to various reasons.
  • Due to this delay, the cash flow for the medical billing and coding company is affected and the medical billing company finds it hard to pay the employees on time.
  • Eventually, the revenue cycle management of the Provider also loses its balance and stays off track until the month-close is brought under control.

Solution: The best solution to get a control on the month-end and keep the revenue cycle management on track would be to offshore medical billing. By outsourcing a part of medical billing and coding services to an offshore company, medical billing companies can save time considerably on day-to-day operations and concentrate on getting the requisite documentation from the Provider or Healthcare facility on time. The best part is that offshore companies would push for timely month-end closing resulting in better control on the process. If you are looking for a renowned offshore medical billing company, then visit www.ecareindia.com with no further delay!

About e-Care India:

e-Care India is one of the renowned medical billing companies in India that promises the above mentioned benefits with total customer satisfaction. With 13 years of experience in the industry, e-Care’s offshore medical billing delivery centers have been providing end-to-end medical billing and coding services seamlessly to its clients. To know more about e-Care and its services, log on to www.ecareindia.com

Like it? Share it!


Ecareindia

About the Author

Ecareindia
Joined: June 20th, 2011
Articles Posted: 88

More by this author