Otolaryngology Specialty clinics or what are more commonly known as ENT clinics play a multifaceted role catering to the diagnosis and treatment of disorders associated with multiple organs – ear, nose, throat, head, and neck. Thus, otolaryngologists are involved in a constant exhaustive list of investigative and treatment procedures required for precise diagnosis.
Otolaryngology specialty billing is a tedious procedure wherein both surgical procedures and office visits are recorded and billed. The revenue cycle at ENT specialty clinics is often plagued with a common error i.e. the improper use of modifier 50. This flaw leads to discrepancies in insurance reimbursements during the billing of bilateral procedures.
Another widespread billing error observed at ENT specialty clinics is claim denials for CPT code 30520 (septoplasty) as these denials require appeals and additional medical documentation. Furthermore, the introduction of the ICD-10 system and HIPAA 5010 Version, the compliance coding and medical reporting procedures are going to be lengthy and complex.
Here is a list of reasons why external Otolaryngology Billing Services are a great way to increase your profit:
Boost Revenues
Outsourcing ENT billing implies that the accounts at your clinic are being handled by a team of qualified experts who work at streamlining your revenue cycle management. Once hired, the billing company takes over the otolaryngology billing as well as guides doctors and their staff through the process of medical billing; educating them about charge entry, patient enrollment, scheduling, insurance verification, insurance authorizations, scheduling and re-scheduling, coding, billing and reconciling of accounts, collections and denial management, revenue follow-up, etc. This helps in boosting revenues a great deal.
Save Money
Outsourcing ENT billing services can be a profiteering mechanism from a long-term perspective. Money can be saved on staffing costs that include salaries, benefits, and insurance, as well as building up tech-savvy billing inventory comprising of computers, software, and other necessary office supplies. A lot of money is also spent on training the in-house staff which can be averted by outsourcing the Otolaryngology Billing.
Save Time
Technicalities of Otolaryngology Billing make it a time-consuming exercise, in need of constant supervision. Most ENT practices run into massive losses due to delayed billing and shaky cash flows. However, outsourcing ENT billing to a team of qualified experts can save you a lot of time which in turn can be spent on focusing on patient care. You can utilize time to build and grow your practice which can increase your profit phenomenally.
Industry Compliant
Maintaining compliance standards that match the ever-changing regulations and requirements is tough given the degree of complexity. Outsourcing ENT billing to professionals eases you off the responsibility as the billing company would take care of the rules, regulations, and requirements of the medical industry. This helps you as a trained professional to be focused at what you know the best i.e. to cater to the medical needs of your patients and boosts business indirectly.
Claim Tracking
Teams of billing professionals at the medical billing company are trained to handle the accounts at your Otolaryngology practice. They review and follow up all payments to ensure that the insurance carriers are paying the bills. Because all outstanding claims are tracked until they are paid in full, there often is seen a reduction in overhead cost, resulting in marked profit increase.
External Otolaryngology Billing services are designed for the optimization of medical practices as well as improvement of the care standards provided at the clinics. Technicalities like the use of modifiers for checkups and surgical procedures can be confusing. At the same time, there is a need to correctly bundle codes in order to secure the medical billing claims. Outsourcing is a great way to improve the revenue cycle management of Otolaryngology practice which lets the doctor focus on the healthcare standards and take the burden of paperwork off their shoulders.
FAQs
1. How does outsourcing ENT billing boost revenues?
Outsourcing ensures that a team of experts manages your billing processes, streamlining revenue cycle management and guiding your staff through every step for improved reimbursements.
2. Can outsourcing help save money for my ENT practice?
Yes, outsourcing reduces staffing costs, eliminates the need for in-house training, and saves money on office supplies, software, and equipment necessary for billing.
3. How does outsourcing ENT billing save time?
Outsourcing lets your team focus on patient care and growing your practice, while experts handle the time-consuming billing tasks, ensuring faster and more accurate claims processing.
4. How does outsourcing ensure industry compliance?
Billing professionals are trained in the latest healthcare regulations, including ICD-10 and HIPAA standards, ensuring your practice stays compliant with minimal effort on your part.
5. What is the benefit of outsourcing claim tracking?
Outsourcing ensures that all claims are diligently tracked and followed up on, reducing the likelihood of unpaid claims and improving cash flow for your practice.
