Top Challenges Providers Face in Alternative Payment Models

1. Top Challenges Providers Face in Alternative Payment Models https://www.247medicalbillingservices.com | +1 888-502-0537

2. Top Challenges Providers Face in Alternative Payment Models Over the time, even the different ways by which payments can be made in medical practices are undergoing a significant change. In fact, a physician whether as an individual practitioner, an employee of an extensive healthcare system, or a hospital has never faced such a challenging time before. But now they are required to navigate a series of challenges every day and one of them is the payment hassle. It’s mainly because of the alternative payment models (APM) that are being incorporated into the healthcare system now. This article will discuss about the top three challenges that the providers will face in alternative payment models. It is vital to understand these challenges to mitigate them as soon as possible as the medical industry is shifting towards new APM models. Read more… https://www.247medicalbillingservices.com | +1 888-502-0537

3. Top Challenges Providers Face in Alternative Payment Models • Challenge 1: Resource Crunch • It is time-consuming and labour-intensive process when you have to shift or use APM. Additionally, it requires the practice to have the right people and resources to support the entire payment system. In fact, it may take six and eighteen months to participating in the APM models and to start functioning on the same. • Challenge 2: The Ever-changing Rules & Policies • Undoubtedly, the medical billing and coding system in itself is a challenging process. But simultaneously, APMs are also adding a burden on the healthcare providers as an arduous progression for the practices. Moreover, like any other medical billing system, the alternative payment method models are also undergoing continuous changes in their rules and policies. Hence, the entire process becomes quite a complex space that the practices navigate. https://www.247medicalbillingservices.com | +1 888-502-0537

4. Top Challenges Providers Face in Alternative Payment Models • Challenge 3: Data Monitoring and Analysis • One of the ways to succeed in the practice is by offering the best medical services to the patients. It is possible only when the practice monitors and analyses the data they have. The situation is the same for APMs, but it has limited information despite CMS is offering feedback reports to the APM participants. Also, the EMRs have data that can be used for model performance, restricted on the basis of knowledge. As a result, it fails to provide the entire journey. • In such a scenario, monitoring, measuring, and analysing the data for managing the APM programs can be pretty challenging. To mitigate this challenge, it is important to find a dedicated person or team who will monitor, collect and analyse the program data. In addition, some tools can be implemented to get the trended information which can help the practice to measure the performance and improve the workflow. https://www.247medicalbillingservices.com | +1 888-502-0537

5. Top Challenges Providers Face in Alternative Payment Models Conclusion: • Though these are the key challenges faced by the healthcare practices along with several others in APMs, they can also be mitigated, and practices can navigate it to offer better services to their patients with better performance. Moreover, there is a need on the part of the practice to train their staff and practitioners for the AMPs. One of the most accessible options is to hire a team such as 24/7 Medical Billing Services who specializes in APMs and work with them to overcome the hurdles and reap the benefit of the model while focussing on taking care of the patients and the practice. https://www.247medicalbillingservices.com | +1 888-502-0537

6. Top Challenges Providers Face in Alternative Payment Models • About 24/7 Medical Billing Services: • 24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%.  • Media Contact: • Hari Sudan,  • 24/7 Medical Billing Services, • 16192 Coastal Hwy, Lewes, DE – 19958 • Tel: + 1 -888-502-0537 • Email - info@247medicalbillingservices.com https://www.247medicalbillingservices.com | +1 888-502-0537