Medical billing and collection process has become extremely daunting over the years. Whether you have an in-house billing department or you plan on outsourcing, it is extremely important to collect the payment due at patient visits. Similar to other specialties, even radiation oncology practices need to have a team of engaged, professional coders and billers who can enhance their revenue collection.
Considering the complexities involved in reimbursement for radiation oncologists, legal compliance, accuracy and quality control plays an important role. Level of efficiency required for getting paid on time always exceeds the level of precision required for quality patient care. Rather than transferring payment collection to an agency which can damage the reputation of a medical practice, radiation oncologists can outsource the collection process to a third party.
Benefits associated with outsourcing revenue collection process:
- The time consuming process of handling coding, radiation oncology billing and regulations surrounding collections will be handled by a team of professionals who are trained for collections and revenue generation. They will also offer accuracy in timely claim submission and HIPAA compliance
- An expert radiation oncology billing team will ensure that your AR days are reduced dramatically, giving you access to the funds your practice needs
- As the daunting task of collections and billing will be handled by an outsourced team, your radiation oncology practice staff will get sufficient time to concentrate on offering quality patient care. You will also get time to identify areas that need correction rather than worrying about financial aspects of collecting an unpaid bill
- By outsourcing collections, you will be able to save on human resources and time. The team at medical billing companies is well-trained in patient interaction, collections, coding, billing and provision of support required by providers. Compared to your in-house staff, a billing company will take less time in collecting payment from your patients with the help of experience and industry knowledge
- Valuable time of your staff will be saved which will save you money and eliminate your headache of hiring, training, implementation of electronic health records, HIPAA compliance and so on
Not just collections but radiation oncologists can also outsource their billing and coding requirements to a third party as they have the necessary resources for helping this specialty meet various challenges. From proper analysis of claims, assigning of proper codes to quality medical coding services and follow-ups on rejected and old claims, outsourcing can play an important role in ending the financial woes of radio oncologists.
Medicalbillersandcoders.com is the largest consortium of billers and coders, helping practices, including radiation oncologists get paid on time without worrying about the daunting task of claim filing, follow-up with insurance companies, coding complexities, HIPAA and compliance to other reforms.
MBC has a team of certified and experienced billers and coders who have been helping radiation oncology practices across 50 states in the US sail through challenges related to collections. The team works with the aim to maximize reimbursements and minimize claim denials for practices.