March 12, 2015
With the transition to ICD-10, medical specialties including Ob / Gyn will need to deal with various changes in the diagnosis codes. The providers will be required to incorporate ICD-10-CM information in their documentation and also avoid compliance challenges.
Increasing number of physician practices and hospitals are now looking for end-to-end billing solutions for a steady income
According to a survey conducted by the Black Book, around 71% of hospitals are expected to outsource their coding and clinical documentation tasks by October 01, 2015
According to the MicroMarket Monitor report, the RCM outsourcing trend will pick up pace in the coming months as financially struggling providers will look for a way to improve their quality of care, reduce costs and stay in business
Are your Billers Aware of the Coding Updates?
The American Medical Association (AMA) released 335 changes to its CPT code set in 2014. This included several code additions, for example the Category III code 0336T is a new code for laparoscopy, albaltion of uterine fibroids including intraoperative ultrasound monitoring and guidance, radiofrequency has been added to the ASC Medicare List for 2014 with $4671 as the average Medicare payment.
If the in-house billing department is not abreast with the coding updates, it will lead to claim denials and disruptions in cash flow. Ob / Gyn specialists will need to invest sufficient time in documentation because incomplete information will lead to lost revenue.
What kind of Billing Team do you Need?
Ob / Gyn practices require a medical billing team that works closely with the providers, ensuring error-free claim submissions and timely follow-ups with the insurance companies for reimbursements or accounts receivables. Considering the constant changes in terms of new procedures and technologies, the Ob / Gyn specialists require billers and coders who are familiar with the terminologies and the procedures used.
Is your Billing Department Performing?
It is necessary that the providers ask for insurance aging reports on a monthly basis from their billing department. These reports will help them understand how long the claims are taking to get paid. Just because a practice is getting paid regularly it doesn’t mean the billing department has managed to collect maximum payments.
Why is Outsourcing an Effective Solution?
The demand for end-to-end billing solutions is growing. Providers are outsourcing their billing and coding to a reliable vendor in order to increase their practice income, decrease the rate of claim denials, comply with the healthcare reforms, avoid the cost of hiring and training staff, and reduce the expense of updating their IT system.
Many Ob / Gyn practices across the US have realized the benefits of partnering with a medical billing company to ensure timely payments. Companies like MedicalBillersandCoders.com have helped financially struggling Ob / Gyn practices to thrive and not just survive.
By outsourcing Ob / Gyn billing needs to a company like MBC, providers can focus on the documentation requirements and patient care. They can be assured that a dedicated team is handling every single aspect of claim submissions to obtain maximum payment from the insurance companies. Many CFOs who opted to outsource their RCM said the practice would have been on the verge of bankruptcy in the coming years if outsourced services were not implemented immediately.
Outsource Medical Billing