OB-GYN is one of the fast-growing practices and keeping up with it is a challenge. As per the recent report from Medscape, the OB-GYN medical specialty reported nearly a similar income in the year 2013 as they did in the year 2012 with only just 0.5% increase in two years, but there was tremendous growth witnessed in the year 2014 which was 3.4%.
OB-GYN is a specialized practice that involves huge filing claims as the practice covers services like Gynecology, Obstetrics as well as anesthesia procedures. It requires regular dealing with OB-GYN data which include several cases like pelvic examinations, RH antibodies, antenatal visits, and menstrual history. With a lot of workload at the practice and huge claims and reimbursements to look after there are chances that the OB-GYN practitioners are facing problems in providing quality service. To maintain a staff that is a pro in medical billing and coding is tough and to sustain in the medical competitive environment it makes it a wise decision to have professional medical billers onboard.
Coming back to an alarming question of how your OB-GYN practice can increase revenue in 2018?
Professional medical billing companies are experts and equipped with the latest changes happening in the medical industry of the US. Their team is experienced and has known how to deal with insurance matters. Outsourcing your OB-GYN billing to professional medical billing experts can help your practice increase revenue in 2018.
Capturing Accurate Patient Information
Timely accurate registration helps keep the practice streamlined on the front as well as the back offices too. Getting accurate, timely complete details of the patient enables the clinical staff to treat patients with better service and without any delays. Hence; when the information correctly feeds, there is no headache of looking after incomplete returning claims.
Medical Codes Are Updated Regularly
Outsourcing to a professional medical billing and coding company, you can rest assure about the mishap of coding in your practice. To keep up with the ever-evolving healthcare industry it is important that you and your medical staff keep up with the latest change in the medical codes. The present in-house may not be able to capture the patient-related details perfectly along with the changes in the medical codes. Outsourcing medical billers and coders keep abreast of themselves with the regulatory changes with quickest turnaround time and no coding errors. This will reduce to the claim denial hence boost in practice and revenue is witnessed.
Handling Claims Management
OB-GYN medical billing experts keep track of the progress of the claim denials. Their team assists in streamlining the appeals and denials and submits the claims in quick turnaround time so that the practitioners do not miss the payer’s deadlines. This helps in reducing the claims and maximizing revenue.
Software for Easy Accessible Medical Records
Using effective electronic medical record software can help in eliminating the errors of medical billing. It also reduces transcription costs thereby eliminating transcribers and other relevant staff working on medical records. The software can make your practice productive and helps in increasing revenue by capturing the charges for the OB-GYN services thus avoiding the loss of revenue.
Preauthorization for OB-GYN Practices
OB-GYN practitioners at times lose out on the claims settlement by failing to abide by the pre-authorization requirements from the insurers. Outsourcing medical billing and coding company has a list of payers that requires pre-authorization, so when the treatment is prescribed they immediately check the lists to determine whether pre-authorizing is necessary or not.
Reduces Time and Cost
Getting medical billing software will be a wise decision but you’ll need trained staff to run those gadgets. Why take up those headaches when you can easily outsource and do what you are best doing; focusing on your practice. Outsourcing your billings OBGYN will dip your operating cost and all you have to pay the basics/ the package sum to your service provider. The rest of everything is taken care of. Their team does the needful for updating your bill related issues and helps you save your time and money.
FAQs
Why is outsourcing OB-GYN billing a good decision for practices?
Outsourcing OB-GYN billing allows practices to focus on patient care while experts handle complex billing tasks. Professional billing companies stay updated with regulatory changes, reducing coding errors and claim denials, and ultimately boosting revenue.
How does accurate patient information impact OB-GYN billing?
Accurate and timely patient registration ensures smooth processing for both front and back-office operations. With complete and correct patient details, there are fewer issues with incomplete claims, leading to faster and more reliable reimbursements.
What are the benefits of using electronic medical record (EMR) software in OB-GYN practices?
EMR software minimizes errors, reduces transcription costs, and improves record accuracy. It streamlines billing by capturing all charges for OB-GYN services, which prevents revenue loss and increases overall practice productivity.
How can preauthorization requirements impact OB-GYN claims?
Preauthorization is essential for specific OB-GYN procedures, as failure to secure it can lead to claim denials. Professional billing services monitor payer preauthorization requirements, ensuring claims are pre-approved when necessary, which increases the chances of reimbursement.
How does outsourcing OB-GYN billing reduce operational costs for practices?
Outsourcing eliminates the need for in-house billing staff and costly billing software maintenance. Practices pay a flat service fee to the billing provider, which handles all claim submissions, updates, and denials management, reducing overhead and saving time and money.
