As doctors many of you dreamed of helping the sick, the needy and the poor because it is the right thing to do. After surviving the crucible that is med school, many of you emerged with mountains of debt and start-up costs of starting your own practice.
You do your jobs because you love what you do and want to be fairly compensated for your abilities. Running an efficient practice isn't just about seeing patients, it’s also how you are billing your patients.
Currently, most doctors’ offices and hospitals across the country charge for every service or product used. This unfortunately creates a huge web of confusion when care from different doctors, facilities and healthcare providers is involved.
Change Is Coming
The implementation of the Affordable Care Act has spurred hospitals, doctors, state governments and large employers to experiment with bundling care into one transparent price.
Bundled medical billing supporters say bundled payments provide strong incentives to keep costs low and complications down. Patients and insurers also know upfront what care will cost. Bundled medical billing has the potential to transform the healthcare industry and could benefit your practice.
The upside to bundled medical billing is having reduced invoices and other miscellaneous paperwork between the doctors and insurance companies. This creates savings in time, energy and money for both businesses.
With bundled medical billing, holistic treatment of certain ailments can be treated at a predetermined price for a significant cost savings for all parties involved.
Even though bundled medical billing is still in its infancy, preliminary results are promising. A study conducted by Michael Bailit, founder and president of Bailit Health Purchasing and François de Brantes, executive director of the Health Care Incentives Improvement Institute found that providers are generating savings and that quality assessments often showed improvement.
Bundled medical billing is poised for further adoption among healthcare players in the near future. Are you ready to change the way you charge? Do you believe bundled care is a positive change…or not? Share your comments.