- June 1, 2019
- Posted by: Thomas Anderson
- Category: Billing Services
A recently published article in the Annals of Internal Medicine clearly found out that for every hour that an American physician was spending on seeing their patients, nearly two additional hours are getting spent additionally on tiresome paperwork. Although this is a hassle for a physician, paperwork does need to be done. This ensures that details are accurately recorded. When dealing with all of this paperwork, American physicians should really consider getting these filing cabinets to make sure that patient records are being stored securely. This sort of equipment might also help physicians save time looking for the records beforehand.
The study followed the daily activities of 57 physicians across internal medicine, family medicine, orthopedics and cardiology. It was found that physicians spent almost 50% of their time doing paperwork, with 27% time being spent in the offices.
Over two-thirds of the doctor’s time is wasted doing paperwork
Even while the doctors were in the examination hall with the patients, they are spending only 53% of their time actually seeing the patient while 37% was spent…you are right …doing paperwork! . The Association of American Medical Colleges expects at least a shortage of 40,800 physicians by 2030 which can be as high as 104,900!The institute of Medicine (IOM) has estimated that 44.5% of the financial waste in US healthcare comes from unnecessary services and ineffective care delivery practices.
Acute labor shortage fear among the small businesses
The overall labor shortage apprehensions across industries is pretty evident. Small scale business owners have already looked to overcome the shortage with rise in compensation.
However, finding qualified, skilled labor in itself has become a huge challenge. For retention, almost 31% of them are specifically to raise the standards in compensation. The amount of compensation is at its highest today ever since 1989.
According to the LinkedIn May Work-Force Report, nearly 230,000 workers with proper marketing skills are needed across 20 major metro areas. Seattle, Boston, New York and San Francisco are in massive need of skilled workers. The smaller cities like the Nashville, Tucson and Charlotte are also facing significant shortages!
Maximize productivity of your existing employees
When outsourcing of medical billing is done correctly, it can be a hugely pain free process giving you ample time to focus on your patients. A trained and dedicated staff in medical billing can provide a better control over the revenue cycle and business processes associated.
Also, increased revenue with reduced operational expenses, salaries paid, managing and maintenance of billing software, office infrastructure, upgrading, could be a huge sigh of relief for most of the healthcare providers. Besides that, there might now be enough revenue saved to actually consider purchasing a man insurance policy for vital employees/executives, provide better incentives to other existing employees, and maintain the course of operations better.
Better safety, reduced labor expenses, staying ahead of changing regulations, more time for your patients, and access to a trained and versatile pool of medical billing resources is all possible with Sunknowledge Services Inc. We have the perfect approach in providing you the best possible employees in medical billing.
Trained and available employees versatile across all leading practice management/billing software are ready to work for you at just $7 per hour without any hidden charges! Working with over 100 clients with excellent references, unique experience of working with leading providers across more than 28 specialties, Sunknowledge Services Inc is a one stop solution for stand- alone/end to end medical billing solutions.
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Let us have a quick discussion, explain you our best practices and showcase on how we eliminate your shortage of qualified medical billing staffs with our pool of excellent resources. We provide the best, experienced and qualified staffing solutions in medical billing. Save more time and money, relieve the pain of your in-house resources by leveraging on our employees maximizing your overall productivity.