Encompassing aspects like pregnancy, delivery, prenatal, and postnatal care, the OB-GYN practice serves women at all stages of life. Understanding the changing medical billing environment is necessary to ensure prompt and effective reimbursement for services. The key to harnessing an attractive return on investment in an Ob-Gyn practice lies in the efficiency of billing.
Outsourcing the billing and coding procedures is the day’s preferred trend due to its aid in bringing the cost of functioning down. Being reimbursed for services you provide requires your medical billing company to be up to date on all new coding updates, billing techniques, and other filing mechanisms.
Here are ways to achieve a considerable return on investment from outsourcing your Ob-Gyn practice:
By Cutting Out On Office Management Expense
Outsourcing the medical billing procedures to a Billing and Coding specialist can be an ideal way for an Ob-Gyn practice, in view of the massive amount of paperwork that it requires. The billing and coding companies’ employee specialized medical billing software’s to efficiently manage the patient inflows, their information, and billing procedures. Thus, a practice observes an overall decrease in employee costs when it decides to outsource the management procedures to the experts.
Outsourcing is a good way to avert the overhead staff expenses like office management training, paid vacations, and sick leaves. Going paperless and embracing digitalization in the form of specialized software designed to handle a practice’s revenue also saves on office expenses. This decrease in cost can be a contributor towards a handsome return on your investment in OB-GYN practice.
By Enhancing Efficiency
Specially trained to understand fee schedules, commercial payer regulations, and Medicare/Medicaid guidelines obstetrics and gynecology medical billers make sure that they process bills, enter data, and initiate follow-ups on patient claims that are pending on a timely and recurring basis.
This in-depth knowledge also helps them answer the patient queries regarding billing, which helps a clinic retain patient trust. With help of the knowledgeable biller, you can narrow down the billing cycles to shorter periods by streamlining the whole procedures and employing more resources on accounts receivable.
Outsourcing also means that the clinic can now handle denials in a better way through dedicated revenue management. Shouldering such important responsibilities the specialized billers take a significant burden off the office staff, giving them time to focus on patient care. Dedicated service to patients is a direct factor promoting customer loyalty thus bringing forth great returns on investment.
By Showing Proficient at Billing and Claim Handling
Obstetrics and gynecology (ob-gyn) is one specialty that involves tedious and lengthy claims filing. Certified to carry out the billing and coding exercises, the outsource company ensures that the practice generates optimum profits while it functions. Efficient billing tricks include a number of things that practice can do to prepare their billing claims in the transition to ICD-10 which is known to improve payment and reimbursements.
Denial Management is another important of Ob-Gyn Medical Billing. Billing errors like lack of information, duplicate claim, and non-covered charge(s) among various others become the most common reasons for denial by an insurer. Denials faced due to reasons like these can seriously delay reimbursement for services rendered and in some cases reduce the overall payment amount.
Outsourcing services for OB/GYN medical billing by a highly qualified and experienced company can eradicate the rates of these types of denials. Keeping abreast of the coding updates once outsourced the billing procedures will see a sharp decline in claim denials and other disruptions in cash flow. The staff trained to carry out the billing is also well-versed at handling denials; if in case they occur. This ensures a hefty return on investment and a thriving Ob-Gyn practice.