How Healthcare Compliance Affects Your Earnings
Many providers around the United States offer services to a wide variety of different people that come from many walks of life. Often times, there will be patients that vary widely on an income level that are in need of regular medical attention and aren’t able to find the proper care because of restrictions on their insurance (i.e. Medicare/Medicaid). This can have a detrimental impact on the patients and those around them, as well as the healthcare providers.
The impact that is likely to be seen from the provider’s point of view will be financial. Not only does accepting state and federally funded healthcare require the provider to jump through additional hoops, but it also requires them to hire more people or work longer hours in order to ensure that all of the information submitted to the insurance company is completely correct and within their standards. This means that the work to income ratio will decline.
However, this doesn’t mean that the provider won’t get paid or that they will have a hard time getting the insurance company to pay for their services, it just means that it won’t be as high of pay as can be seen when dealing with private sector insurances and cash patients. In general, it will take probably 50% to 100% more time to complete all of the insurance claim information and the collectable fees will be less than if it were through a different insurance company. This means that the overall earnings for a single appointment will likely decrease by 25% to 35%.