With the imminent implementation of Obamacare, every physician should start preparing to smoothly navigate the new changes it will bring. One of the major changes that will take place with the implementation of Obamacare is, lower payments and higher costs. However, if physicians prepare themselves in advance before the new Act is implemented, they should be able to avoid any unpleasant surprises.

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Analyze and forecast revenue sources

The first step in understanding the impact of Obamacare is to know whether a practice’s revenue will be impacted. As a rule, they need to calculate total annual payments received from primary revenue sources like insurances, Medicare, Medicaid, patients. Practices will need to check with their patients if they are changing insurance plans. In case they are, practices will have to ensure that they will accept those insurance plans in the future or be ready to have their revenue sources reduced.

Automate the paper process to reduce cost

In times when revenue sources are going to decline, practices need to cut down their costs by switching their workflow from paper to electronic. When practices go digital, patients are able to enter their basic information online, reducing time and money for the clinical staff of practices.

Bill faster and get paid faster

Physicians should consider automating their billing. With automated billing, they will be able to bring in more cash, and will also be able to streamline their revenue cycles. The integration of billing with EHR software will allow front desk officers, billing managers and providers to easily enter diagnosis and service codes, and reduce denials and delays in claims processing.

Integrated eligibility checking and collections

With the implementation of Obamacare, physicians are going to have to deal with new insurance plans. They need to make sure that the front desk staff is aware of any pending claims and deductibles, before the patient comes in for appointment.

These are some of the methods through which physicians should be able to guard themselves against any possible revenue cuts which may happen with the implementation of Obamacare.