The healthcare industry at the moment or in the current business scenario is going through slight downtrend owing to regulatory and billing and coding challenges put upon by the industry authorities. Similarly, Urology medical billing is one such complex procedure, that your revenue generation can take a hit if you fail to streamline the process with the help of specialized medical billing and coding organization.
The unending changes in the healthcare environment have necessitated the advent of dedicated billing team that is prompt to follow through on denials and no claim responses. The range of patient care issues engulfed in Urology is wide and varied. Even though the focus should be on medical billing and accounts receivable management, broad experience across the entire Revenue Cycle Management process in a Urology practice is why outsourced medical billing and coding company can give you an advantage compared to in-house billing.
Below are some challenges, which if skillfully handled can raise your practice revenue:
Inadequate or Inaccurate Patient Information on File
If a patient's right insurance data and individual data are not on document, it can result in claim denials and make it more difficult for a Urology practitioner to get the perfect reimbursement amount. It is very important that Urologists ask the right questions, in order to collect the entire patient billing information. After this information is collected, it should be verified and input into the medical billing system immediately.
Inability to Provide Patient with Accurate Quotes for Services
Changes in the healthcare insurance industry have brought about an immense move towards insurance coverage with higher deductibles. Due to this move, patient obligation regarding hospital expenses is regularly higher than it was before.
Shockingly, many practices have neglected to adjust to this move and provide exact quotes to administrations in view of the higher deductible sums. When patients get bills that are considerably higher than what a practice cited for the services rendered, patients are less likely to clear the bills quickly, thus delaying your revenue cycle.
By doing some research, as to what various insurance providers pay, make sense of what patient duty will be, and prepare front office staff to provide quotes appropriately, it might bring about better collections. Bills should be easy to read and mirror the way that a quote was given. Patients that can depend on a practice to give exact quotes and not astound bills will probably pay their bills – and also stay loyal to your practice.
Improvident Claims Management Processes
Filing health insurance claims is a complex process, but on that it's a process that always keeps evolving. Relying on an inefficient claims management process can result in more denied claims, while wasting staff time. Improvident processes usually involve manual medical billing or outdated automated systems. This process can be made more efficient with aligning to the services of a professional medical billing company.
Errors – One challenge and many solutions
Errors in Urology medical billing and coding is the typical reason behind claim denials, but can also make a medical practice more likely to be flagged for an audit and possibly cost a practice monetary loss if claims have been paid for codes that turned out to be wrong. Since, the injection of the new ICD-10 codes, it has recently changed and there is now a much larger catalog of codes to be applied, and staying up to date with those coding developments can help to ensure medical billing accuracy.
Using the services of an offshore Urology medical billing and coding organization can lead the way for success, and you can invariably transform your billing challenges to improve your practice revenue.Back