Physician practices have a lot on their minds these days. And, if worrying about Meaningful Use requirements, clinical integration and value-based payment models wasn’t enough, open enrollment for Affordable Care Act (ACA) health insurance exchange products began on October 1.
Even though this milestone date has come and gone, a recent MGMA survey shows that 40 percent of medical groups are still deciding whether or not they want to participate. Unsure about potential administrative, regulatory and financial challenges, many groups are taking a cautious wait-and-see approach.
Fortunately, the right technology tools can help ease the workflow burden resulting from ACA insurance exchange implementation. Beyond helping practices receive prompt and accurate payment through automated eligibility verification, payment posting and denial management, technology, including clearinghouses, practice management systems and electronic health records can help simplify and streamline patient collections with capabilities like online bill payment and electronic statements.
While it’s too early to tell how health insurance exchanges may impact day-to-day revenue cycle processes and cash flow, this Physicians Practice article takes a closer look at the MGMA survey results and explores the potential impact on practice workflow and productivity. After you register and read, let us know where your practice stands and what, if anything, is holding you back.