How Can Oncologist Reduce Billing Expenditure?
Oncology care cost is incrementally increasing and the payers are willing to make payment for oncology procedures. The survey conducted by National Health Expenditure Accounts (NHEA) accounted that healthcare spending has increased by 4.3 percent in 2016 reaching $ 3.3 trillion and for every American citizen $ 10,348 is spend. While around 10 percent of the amount is used by an oncology facility to provide patient care.
At Medical Billers and Coders (MBC) we are aimed to provide a quality oncology billing facility and reduce the expenditure for each billing. In our 17 years of experience and billing for more than 100 oncology facilities we have analyzed certain patterns to reduce the extra expenditure of oncology facilities.
An ICU unit in Utah was preparing to spend $ 3 Million on the new ventilators. The oncology facility had been providing the best patient care for more than 20 years. The doctors decided that they should initially see if they can manually manage to change the ventilator settings according to the standardized limit and then periodically adjust according to the patient condition. After a few months of following the procedure, we found out that fewer tests were been done and the patients were leaving the ICU three days prior to the average time required. The standardization of protocol leads to the avoidance of spending a large sum of money. We improved the procedure by focusing on improving the outcome.
An oncology surgery facility in Ohio was utilizing supplies during surgery, so we came out with a program where we provided gift cards to nurses for not opening the packaged equipment’s until needed. This lead wonders from next month we saved around $5,000 on an average. All the procedure was standardized according to the safety of the patient and keep the cost low.
As a Medical Billing Company, we faced a lot of billing strategy issues. An error during documentation costs us heavy during reimbursement. Correcting those mistakes means resubmitting the claim to the payers. The amount reimbursed is lower compared to the amount.
To avoid wastage of expensive pharmaceuticals, practices have gone ahead with a savvy approach were we see that they just order in time saving the cost of refrigerators and electronic storage cabinets. Usually oncology practices can predict the requirement for the next four days and oncology physicians can transfer the medicine to other oncology practices.
Oncologists need to tap into deeper saving pattern areas from drugs, and supplies to billing and collections. A medical billing company provides a wide range of functionalities billing, collection, management, technology, and human resource. This helps in cutting the cost by 3 to 4 percent for oncology practice. The use of sophisticated analytics to make the right billing decisions and hiring the person on performance and productivity.
Though huge savings couldn’t be achieved overnight or by cutting waste for any healthcare system but they offer an opportunity of small savings with improvements.
To know more about our oncology billing and coding services, contact us at email@example.com/888-357-3226.