Timely payments and accuracy in billing are the two main factors that determine the financial strength of a urology practice. Considering the rise in billing complexities and increased healthcare costs, it has become important for urology practices to decide between outsourcing and investing in billing software.
Industry Facts
- According to the American Association for Accreditation of Ambulatory Surgery Facilities’ Guide for Third Party Reimbursement of Facility Fees, when it comes to reimbursements, urology practices tend to perform poorly
- According to the Medscape Urologist Compensation Report 2013, it has been observed that approximately four in 10 urologists report high levels of work-related stress
- According to Medscape Urologist Lifestyle Report 2013, Urology is included in the list of top 10 medical specialties that face professional burnouts
- Urologists spend an average of 58 hours at work on a weekly basis. More than half urologists dedicate 10 hours and more on a weekly basis to administrative work, according to the Medscape Urologist Lifestyle Report 2013
Why Invest in Urology Medical Billing Software?
Many of the administrative burdens and pressures of the medical industry can be mitigated with the help of the right software. It can help practices ensure greater profitability, efficiency and patient engagement.
Administrative Tasks
Many urologists have to invest long hours in order to make ends meet. They also face uncertainties brought in by the healthcare reforms. However, by investing in medical billing software, urologists can facilitate patients’ requests effectively. The software can also help them improve their daily operations and handle time-consuming tasks with ease.
Work Pressure and Cost Cutting
Urologists are always under pressure for boosting productivity and reducing costs. In order to sail through these challenges, billing software has become a necessity. Since it becomes easy to run the practice with the software, physicians and the staff can use the free time to concentrate on delivering quality patient care. The latest software can help organize daily tasks for urology practices, lessening the bureaucratic workload for physicians.
But, how expensive is the software? Do urologists have the time to train the staff on how to use the software? What if the software doesn’t work as per the requirements of the practice? These are some of the concerns due to which outsourcing has become popular among urology practices.
How does Outsourcing Help?
By outsourcing, many urology practices have been able to focus on patient care and other important issues. Regardless of how well a urology practice is doing patient-wise, it will keep losing money if their reimbursement claims are submitted with errors. Efficiency and price are two of the primary issues due to which many urology practices have started outsourcing their medical billing requirements to billing partners.
They are choosing companies like MedicalBillersandCoders.com to help them strengthen their revenue cycle, maximize profits and minimize cases of claims denials. MBC has a team of expert coders and billers who are well-trained in handling complexities of urology billing and coding. The company makes use of the latest billing software and offers effective RCM solutions helping urologists to overcome reimbursement challenges.
