February 05, 2015
In the last few years cardiology practices have seen a surge in their administrative and overhead costs which have led to a decrease cash flow. The demand for cardiology services is linked to demographics; this impacts the rate of cardiovascular diseases. In many cases the profitability of a practice depends on the reputation of the doctor. In such cases it would make sense to get a hang of how to leverage the RCM cycle to increase profits, for the providers.
Industry Fact File
The aging population and other increasing ailments like obesity have led to patient influx in the cardiology sector. Demanding health conditions of seniors and the increasing deductibles of insurance policies is all set to contribute towards the growth of the cardiology healthcare industry. It has been steadily growing in the last five years and is currently pitched at about $39 billion (revenue) with the growth rate estimated to be just above two percent.
Billing and RCM in Cardiology
Revenue cycle management (RCM) strategies form an integral part in the future positioning of the practices. In today’s volatile environment and cut throat competition a slight oversight in the billing practices can effect a severe blow on the success path of providers.
The revenue cycle is time bound; hence, it is essential that proper coding and procedures are carried out for the quick receipts of payments. Organizations struggle in collecting their collectibles as they want to allocate minimal resources and ensure accurate coding and procedures are followed at the same time. To put it simply manual processes are a stumbling block to the success of an efficiently fruitful RCM cycle.
Automating the RCM Process
Practices should turn to automation for optimal results. This will help in improving the process, gain greater accuracy and efficiency. An automated procedure also helps in streamlining the billing and arresting the bleeding bottom line. Once a proper foundation for automation is laid, healthcare organizations can then aim for designing processes that can support same day billing practices.
Another vital aspect to consider is the introduction of ICD-10. Cardiologists should devise strategies that will support the accuracy of documentation and coding as specified under ICD-10. For example, training the staff to use EHR.
Experts conduct an analysis to verify that all the proper steps of the billing process are met before designing strategies. They look at the big picture for a complete assessment of the revenue cycle operations. This guides the providers for identifying areas of improvement and detecting different ways to recover revenue losses.
For complete and augmented billing services contact MedicalBillersandCoders.com. The experts at MBC possess decades of experience and a strong knowledgebase of healthcare, which will help in eradicating the stumbling blocks and streamline your revenue cycle.
Revenue Cycle Management