Benefits of Outsourcing Oncology Medical Billing

By its very nature, oncology is one of the more stressful fields of medicine. Physicians are involved in scenarios dealing with life-threatening diseases and complex treatments every day. That means any other work apart from patient care will add stress. This includes administration and execution of oncology medical billing. Annual changes in medical coding, payer-specific billing guidelines, government program rules, and changed regulations make oncology medical billing challenges. As most of the time is utilized inpatient care, staying on top of all coding and billing updates and payer-specific guidelines is next to impossible. There is a solution: outsourcing your oncology medical billing. 

A high rise is observed in outsourcing oncology medical billing services by providers and medical practices. The top reason physicians and clinics are outsourcing is to cut operational costs. Other reasons include increasing healthcare costs, federal mandate to implement electronic health records, obligatory implementation of the complex ICD-10 coding system, and maintain reimbursement levels. Outsourcing your oncology medical billing services can increase revenue while allowing medical professionals to get back to focusing on patient care. 

Better Control

Many practice owners fear that they will lose control over the revenue cycle if they outsource their medical billing operations. In reality, you are in more control than ever before. The outsourced team takes care of your time-consuming tasks and deals with the troublesome procedures to reduce your stress or headache. Your outsourced billing team will take care of the entire responsibility of oncology medical billing and provide you breathing room to review daily/weekly/monthly reports.

You can get a clear picture of your practice’s financial health by reviewing these reports. You will be assigned an account manager who will deal with all the queries formed after the comparison of monthly or yearly reports. You can discuss issues like payer reimbursement problems and charge entry errors, etc, and rectify the problematic issues in advance.

Streamline Oncology Billing

Managing in-house billing staff offer challenges like employee turnover, unplanned leaves, constant training, and staff administration. With in-house billing, you are highly dependent on a few personnel and if they leave your organization, it directly affects day-to-day billing operations like charge entry, eligibility verification, and accounts receivables management. When you outsource oncology medical billing services, you get access to a whole team of trained individuals that ensure your medical claims are processed accurately. Moreover, you can get the advantage of a vast knowledge base as industry experts handle your tasks on your behalf and save your business from revenue loss. 

Increased Revenue

Oncology billing involves more detailed, higher-cost services, so losing a single claim can be a large loss of revenue. Your outsourced billing team has the experience to recognize any potential problems and get them rectified swiftly. Oncology billing experts utilize effective procedures and policies to minimize the time required to receive insurance reimbursements. They ensure that medical claims are submitted correctly and ensure there are no claim rejections or denials.

You save a lot of money by outsourcing as outsourcing company only charges a percentage of the revenue that they collect. This amount is almost half of your in-house billing staff’s salary, insurance, and other benefits costs. By outsourcing, you are decreasing your operational cost and increasing your practice revenue.

In oncology medical billing, the basic assumption is that you can do better on your own. But in reality, you cannot handle cumbersome billing and coding processes and provide quality care services. It might be hectic for you to go this route and manually manage tasks. Outsourcing ensures you can carve out more time to stay up-to-date about the carrier’s regulations. You are able to keep a strict follow-up on medical claims and drive maximum revenue efficiently.

Medical Billers and Coders (MBC) is a leading medical billing company in the United States. Our dedicated oncology billing department handles all your needs of medical billing and coding. When you outsource your oncology medical billing, you gain peace of mind. To know more about our oncology medical billing and coding services, contact us at 888-357-3226.