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5 Tips To Keep Your Medical Billing Business Afloat During COVID-19

Strategies for keeping a medical practice in business during the COVID-19 pandemic

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5 Tips To Keep Your Medical Billing Business Afloat During COVID-19

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  1. 5 Tips To Keep Your Medical Billing Business Afloat During COVID-19 www.ecareindia.com

  2. Abstract • Introduction • Evaluate Financial Commitments • Adapt to the Current Market Trends • Competitor Analysis • Coding and Billing Changes • Offshore Outsourcing your Medical Billing • About e-care www.ecareindia.com

  3. Introduction • COVID 19 pandemic attack has been precipitous and has affected almost all sectors, healthcare organizations and medical billing companies being in the vanguard during this travail state are most vulnerable. • Physicians fighting at the forefront disposing themselves to the death-dealing coronavirus and working extended hours, the billing companies are struggling to get accustomed to the new billing and coding guidelines, altered insurance policy guidelines, and CMS rules and regulations, etc. • COVID 19 has put the entire medical billing business into a stressful situation and keeping the business afloat has become a challenge. However, following some simple steps will prevent your business and the revenue loss substantially. www.ecareindia.com

  4. Evaluate Financial Commitments • Keeping in mind the current situation has drastically decreased your revenue flow, it is necessary to keep a watch on your financial obligation. • Ensure there is a contingency plan to control the overhead expenses. Check out for the financial benefit allowance by the Government and the private sectors. • Most of the creditors, third-party vendors, loan agents, landlords, etc. have introduced beneficial plans to help you during this time. • Getting a legal counsel to understand your rights to the available benefits can help you make the right choice. www.ecareindia.com

  5. Adapt to Current Market Trends • Keeping in mind the current situation has drastically decreased your revenue flow, it is necessary to keep a watch on your financial obligation. • Ensure there is a contingency plan to control the overhead expenses. Check out for the financial benefit allowance by the Government and the private sectors. • Most of the creditors, third-party vendors, loan agents, landlords, etc. have introduced beneficial plans to help you during this time. • Getting a legal counsel to understand your rights to the available benefits can help you make the right choice. www.ecareindia.com

  6. Competitor Analysis • If the current situations and its effects on your business have dissuaded you and deter you from keeping your business intact, look at your competitors, watch how they are sustaining and some of them are progressing even during this national crisis. • Analyze what makes the difference and try to imply those strategies to your business. • Find what best suits to keep your business running and make sure not to let go of any opportunities to retain your business until normalcy. www.ecareindia.com

  7. Coding and Billing Changes • With novel coronavirus attack and the demanding requirement for altered and additional changes in medical billing and coding, claim denials and delays have consequently increased. • To curb this issue, it is about time that medical billing companies train their billers and coders with the current updates and changes in the industry. www.ecareindia.com

  8. Offshore Outsourcing your Medical Billing • Given the current situation, outsourcing revenue cycle management to an offshore-based medical billing company is considered as one of the best strategies by most of the medical billing companies. • As outsourcing, your medical billing is cost-effective and helps you run your business efficiently. • An offshore billing and coding team with their overall experience and regularly trained and updated skillsets will be able to handle your entire medical billing process successfully. www.ecareindia.com

  9. About e-care • E-care India is one of the pioneering offshore medical billing companies based in India that promises to avoid the risks involved with missed Charges. • With 20 years of experience in the industry, e-care’s 3 delivery centers have been providing end-to-end medical claims processing services seamlessly to its clients. • To know more about e-care and its services, log on to www.ecareindia.com. www.ecareindia.com

  10. Any Queries? Thanks! info@ecareindia.com +1 813 666 0028 www.ecareindia.com

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