As per a compensation report from Medscape, the OB / GYN medical specialty reported nearly the same income in 2013 as they did in 2012, with only a minor 0.5% increase year-on-year. According to an American Medical Association (AMA) survey, the median compensation of OB / GYN practitioners increased by a mere 3.2% in 2014 compared to their earnings in 2013.
OB / GYN is a specialty that involves voluminous filing of claims as the services rendered cover Obstetrics, Gynecology, and Anesthesia for procedures and family planning. Some of the data that OB / GYN practitioners routinely deal with include menstrual history, antenatal visits, RH antibodies and pelvic examinations. Professional billers are better equipped to deal with insurance matters. For example, management of claims, processing them, following up with the private as well as government payers, etc.
Outsourcing OB / GYN billing to billing experts can help providers increase their revenue in the following ways:
Accurate Patient Information Capturing
Complete, accurate and timely registration helps in smooth functioning of front, mid and back offices. Capturing accurate patient-related information enables the clinical staff to treat patients without facing any delays.
EMR Software for Accessible Records
By using efficient Electronic Medical Record (EMR) software, professional billers process the patient statements in minimal time. It also eliminates transcription costs, thereby eliminating transcribers and clerks for working on medical records. EMR software can increase revenue by facilitating capturing of charges for medical services provided by the physicians and thus, avoid loss of revenue.
CPT Code 2015 Update
In its 2015 release, AMA has released a total of 542 CPT code changes. Outsourcing will facilitate the transition to these new codes. The existing in-house billing staff may not be able to capture critical patients and their procedure-related details perfectly. This could lead to claims denials and ultimately, loss of revenue. With billers who keep themselves abreast with the constant coding & regulatory changes in a short turnaround time, minimal coding errors are likely and it would lead to reduced claims denials. This helps in maximizing the provider’s reimbursements from payers.
Preauthorization for Medical Services
Outsourced OB / GYN billing companies make a list of payers that require preauthorization. When the service or treatment is prescribed, they check the list to determine whether or not preauthorization is necessary. Many physicians lose out on their claims settlement by failing to abide by the preauthorization requirements of insurers.
Outsourcing OB / GYN billing to experts helps tracking the progress of denials. It also assists in streamlining the denials and appeals. They submit the claims in a short turnaround time so that the practitioners don't miss the payers' deadlines. This helps in maximizing their payments.
As per a 2014 study, filing duplicate claims or services, incomplete or incorrect information, and noncovered charges were the chief reasons for claims denials in OB / GYN billing. These can be easily avoided too by using services of expert OB / GYN billers.
Reduces Cost and Effort
Outsourcing OB / GYN billing would result in a dip in the operating costs for the practitioners. By outsourcing their billing, they just have to pay for the basic operations; the billing company takes care of the coding and claims filing procedure. They also do the needful for updating all the billing-related software or infrastructural maintenance demands. It can change billing expenses from a fixed cost to a variable cost.
MedicalBillersandCoders.com has the largest consortium of billers and coders who are well-trained in offering comprehensive OB / GYN billing services. Their OB / GYN billers and coders process the claims within 24 hours and work diligently towards reducing the delays in claims submissions. They offer solutions which help obstetricians generate the highest possible revenue and surpass the average industry collections.
Published By - Medical Billers and Coders
Published Date - Jan-30-2015