Cardiology billing has always been a demanding process in the healthcare world. With more than a million Americans, over the age of 65 and possibly with a heart condition, becoming eligible for Medicare inclusion in 2014; cardiology billing services become even more crucial. Medical practitioners already have to spend a lot of time and resource in administrative paperwork to avoid any unwarranted regulation infringement. With new patients being included and coding changes being introduced in the healthcare industry, these 10 quick steps can really help you in mastering the cardiology billing service.
Adapting to EMR –
The smartest and quickest step of building competence in cardiology billing services is adapting to electronic health records and electronic medical record practices. This would not only reduce the amount of time and resource that your invest in managing medical records but will also will also enhance your cardiology billing productivity.
Using ICD 9 and ICD 10 codes –
To enhance your cardiology billing services, therefore, you can install ICD 9 and ICD 10 codes in your system for real time code update and correct code selection for services rendered.
Mandating Pre-authorization –
Many cardiology practitioners lose out on their claim settlements by failing to comply with pre-authorization requirements of insurers. By making the pre-authorization step mandatory for the billing process at the time of in-patient, you can dramatically improve your cardiology billing.
Applying Fee-for-value billing –
Fee for value or Pay-for-performance service model is readily being accepted in the healthcare industry and insurance carriers as well as customers have come to expect promised results instead of just procedures to be delivered. Learning pay-for-performance billing practices can thus make you a master of cardiology billing services in the most progressive manner.
Adhering to HIPAA guidelines –
To safeguard and protect your patient data at the time of data storage and data transfer, compliance with HIPAA guidelines is absolutely essential. This is a pre-requisite to mastering cardiology billing services.
Adopting form 1500 –
The new form 1500 for diagnosis and medical record will have 12 diagnoses in its 21st block. As a cardiology billing practitioner, you are required to know the differences between the old and new form and how to transition into usage of new form.
Applying Revenue cycle management RCM –
Revenue cycle management for your cardiology billing can greatly improve the overall performance and profitability of your cardiology practice. All you have to do is monitor your payers mix, your accounts receivables and your claim settlement ratio.
Conducting audit checks –
Cardiology billing is highly susceptible to the risk of medical audits given patient complains, high rate of claim denial or even singular incidents that can prove financially devastating for a cardiology practice. Therefore, to master cardiology billing, you must conduct medical audit checks at regular intervals.
Improving turn-around-time –
Improve the billing and documentation processing time taken by your cardiology practice to revert on claim related issues. This can in turn improve the overall financial health of your cardiology practice.
Appeal for denied claims –
Lastly, with RCM and improved TAT of claims, you must also appeal for denial claims to improve your claim settlement ratio.
Medicalbillersandcoders.com is a cardiology billing service provider that can equip your cardiology practice with these smart steps for efficient cardiology billing. With our teams of cardiologists and billing experts available 24*7 to offer service and advice, we provide a comprehensive cardiology billing solution to your practice.
