Healthcare billing for Cardiology practices is a tedious affair because of its intricate nature. Cardiology practitioners spend a great deal of time and resource adhering to regulations around the administrative paperwork. Lately introduced ICD-10, detailed documentation practices, new coding and billing practices can impact the physician's revenue cycle and account receivables significantly.
Specialty practices, such as cardiology, provide a host service like invasive procedures, radiology tests, blood work and interventions to patients in several settings. Charges for services, care, medications etc., are handled differently based on whether the patient was cared for in the hospital premises, or as an outpatient in same day surgery centers, or in the physician's office.
To build competence in cardiology billing services today, the practice needs to adapt to electronic health records and electronic medical record practices that are known for their efficiency. It is time-saving and helps you cut down the cost in long run besides increasing your productivity.
You need to update your billing system with ICD-10 for real time code update and correct code selection for services rendered.
Medical codes that can sometimes be a confusing mix of up to seven numbers and letters are undoubtedly hard to deal with. Moreover, using multiple codes at a time when dealing with complex cardiology medical procedures can further mar the efficiency of the coding exercise.
The proficiency of the billing comes with double checking the medical codes entered in the system. Gradually, it is likely that the biller will get used to the Cardiology specific codes introduced recently which will omit out careless errors that affect the reimbursements negatively.
It's important to have the latest updated ICD-10 CM and PCS, CPT, and HCPCS code books handy. Even publications from organizations like AHA (American Heart Association) offer quarterly newsletters. Additionally, you can refer to the CMS website for updates and subscribe to any publications offered by them or OIG (Office of the Inspector General) and state and local agencies that regulate billing practices. While looking up codes it important always looks them up in both the alphabetical & tabular indexes.
There are many benefits that an audit brings with it. No matter whether internal or external, an audit does not only bring out common coding and documentation errors but it also helps to identify needs for further training of staff. Proper attention to detailed documentation, attentive coding ensures a faster return in the revenue cycle, decrease external audits, and overall improved compliance.
Fee for value or Pay-for-performance service model has seen massive popularity since their inception. They are readily welcomed by both the healthcare industry and insurance carriers. Even patients are happy to be in the place where there is enhanced focus on 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 by giving you leverage over others in the most progressive manner.
Inaccurate documentation can slow down the revenue cycle, cause decrease reimbursements. It can also result in coding inconsistencies. Gaps in documentation such as involvement of interventional cardiologists for procedures like general cardiac checkups may lead to loss of potential codes and code able components. This includes bifurcation interventions versus branch interventions, supplies used, additional medications used outside of the "standard", etc. Therefore complete and thorough documentation is a necessity.