It is of vital importance to ensure flowing revenue for a healthy financial Cardiology practice.
A well planned cardiac program will lead to increased patient volume and enhance the reputation of the hospital leading to better revenues. However, it is important to first minimize the losses of the center as this will automatically lead to increased revenues, additionally there are several specific means to ensure the revenue keeps growing.
Here are a few tips:
Monitoring CPT coding of Evaluation & Management (E&M)
While monitoring the CPT coding of E&M services by the physicians every month you need to look out for patterns showing changes in volumes as well as mix, and try to learn why these changes are occurring. Moreover, study the mix between physicians as one may have a very high percentage of established office patients, while another may have a very low percentage. Such studies help in streamlining cardiology billing, leading to even and increased revenues.
Keep Physicians Educated on Coding Rules
While keeping in mind the revenue cycle management make sure the billing and coding practiced is appropriate, and keep the physicians educated about all aspects of coding rules so that under coding never occurs. For every instance of under coding, cardiology billing suffers close to 50% reduction in pay.
Keep Track of the Denials
For all Medical Billing Services denial can be a real nightmare. Tracking denials by payor, physician and the type is important. Instead of booking the denials, cardiology billing needs to instruct the staff to work the denials. Find out the real reasons as not all payors' denials need be correct. Establish yourself as being knowledgeable about the rules and fight for your claims, knowing they are correct.
Schedules for Physicians
Office schedules for physicians need to be monitored and the number of patients per day needs to be tracked and recorded. Also keep track of the number of days it takes to schedule a new patient and the time period taken for the post hospital procedure follow up on the patients. Sometimes patients may need to be squeezed into a busy schedule that hardly has any openings.
Right Ratio of Physicians and Patients
It pays to keep track of volumes in the hospital as against the number of physicians present there. Very often, adjustments may be required; else it is cardiology billing that gets affected, leading to reduced revenues. More often than not interventionists are called away on other duties from more potential procedures they are meant to handle.
Participation in Research
Physicians need to be encouraged to actively participate in research. Quite a few of the trials end up producing great revenue, considering the amount of work that needs to be put in, which is good news for all medical billing services as well as the hospitals.
Although hospitals and physicians have been accused of ordering more tests than necessary, it is important for the physicians to know when to order such tests. A system should be in place to watch which of the physicians abide and which do not. The more the tests, the better the revenue, as most medical billing services companies are aware.
Paying attention to Incentive Programs
It is vital for the practice to be participating in all the incentive programs that are being introduced from time to time. Participation in programs like EHR and E-prescribing Incentive Programs need to be encouraged. Similarly, maintaining an effective use of critical care and care plan oversight (CPO) as well as smoking cessation codes make a whale of a difference.
On the whole cardiovascular management is quite tricky to handle from the revenue point of view, and the above tips will certainly make a visible difference in the revenues, if diligently followed.
Published By - Medical Billers and Coders
Published Date - Jun-22-2016