February 26, 2013
Cardiologists are reported to have been writing off a considerable chunk of medical bills that could otherwise have been realized if they had a more responsible cardiology medical billing in place. If the industry sources are to be believed, over 20 percent of claims are left unrealized. What is even more worrying is that Account Receivables too are languishing in the basket for more than 60 days! As a result, cardiologists bottom-line has constantly been sinking, making it hard to sustain effective and efficient cardiology services. While cardiology billing requirements may have more demanding, they are not something that cannot be overcome with streamlined Cardiology Billing Process. And, when we mean streamlined billing process, there ought to be an ideal integration of cardiology medical billing specialists, technologies, processes and RCM solutions aimed at bringing down revenues losses to negligible percentage.
Educating Cardiology Billers
Significant advances have been made in cardiology billing system in the recent, and it is possible that your cardiology medical billing staff may not be knowledgeable of current billing system. Hence, educating cardiology medical billing specialists with latest billing system is the primary step in streamlining cardiology billing process.
Adapting to technologic advancements
Second, you have the privileges of technologic advancements in cardiology coding and billing. It is remarkable how these technologic advancements have redefined cardiology billing – automation of routine tasks, and reminders when follow-ups are required; time management in resolving complex billing cases and denials; enabling collection improvement and reduction in A/R. Therefore, coding and billing software built on ASP model may possible accomplish such critical tasks.
Third, processes to ensure:
Claims are submitted the same day of charge entry is entered; applying payments fast: electronically for carriers with automatic reconciliation and, for others, using procedures optimized for each payer.
Filing secondary claims—with electronic EOB attached—on the same day payments are applied from the primary payer.
Queuing up denials and other payer responses to be followed up automatically by A/R team
Electronic monitoring of patient and procedure data, eligibility, specifics of coverage, submitted claims, electronic adjudication of claims, negotiation of electronic remittance, and automated posting to line items on the original claim submission
Devising Revenue Cycle Management
Last, Revenue Cycle Management integrated with complete revenue cycle process could go a long way in ensuring increased collections, minimize A/R days, and more importantly control and enhance clinical and operational efficiency.
This entire act of streamlining cardiology medical billing may require considerable time and resources. And cardiologists, who are already hit by revenue erosions, may be low in morale. That is why it is advisable to leverage with external billing companies that can transform or streamline your entire cardiology billing within your budgetary constraints.
Medicalbillersandcoders.com has a credible history of sourcing and deploying medical billing resources within the budgetary constraints of diverse health care disciplines across the 50 states in the U.S. And, at time when streamlining cardiology medical billing is high on the minds of every cardiologist, we promise to leverage and streamline their cardiology coding, billing, and follow-up with our broad resource-base, who are trained and acquainted with the most modern cardiology billing practices, systems, and processes.
Revenue Cycle Management