Oncology practices currently lack a robust system to prevent your medical practice from plunging into the pit of recent complicated medical billing reforms. Outsourcing your Oncology Medical Billing services can protect your practice from risks that could have a massive effect on your practice reimbursement.
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What is Oncology Medical Billing?
Oncology is a complex and time-consuming procedure that comprises comprehensive treatment plans to combat and eradicate cancer. Oncology is one of the most rapidly growing fields of medicine. Cancer survivability in the United States is estimated to rise by 31.4 %. As medical technology progresses, the survival rate of cancer patients will increase by 15.1 million.
The medical billing industry is also undergoing significant changes. The connection between providers and insurance companies is shifting as a result of state and federal policies.
Outsourcing medical billing to a third party considerably reduces medical billing discrepancies, which speeds up reimbursement and payment processing. This improves efficiency and increases revenue generation. Additionally, a flawless processing system attracts more clients used to the pace of today’s digitalized atmosphere.
As healthcare reforms suggest an unstable future, many physicians are investigating the benefits of outsourcing the Oncology Medical Billing company.
Top 8 Advantages of outsourcing your Oncology Medical Billing
Outsourcing your Oncology Billing to the reputed Revenue Cycle Management companies can help your practices achieve accuracy and consistency. These services improve the quality of patient care while also saving time and resources owing to administrative delays.
1. Registration and Verification
A third-party billing company can take away the burden of determining eligibility and verification for Oncology patients. This includes screening for patients with cancer to determine if they are eligible or if there are any restrictions like referral requirements or pre-authorizations.
2. Coding and Itemization of Medical services
It is critical to log every element of care in accordance with medical coding standards. Since most aspects of the Medical Billing Revenue Cycle process rely on the accuracy of this information. A professional Oncology Medical Billing service ensures more accurate coding because trained medical coding experts evaluate your work.
3. Auditing of Claims
When a claim is error-free, it represents the insurance procedure and is in accordance with state and federal law. Top Revenue Cycle Management companies provide high-accuracy coding and claim-to-check services, reducing the chance of claim rejection.
4. Claim Recovery and Collections
Outstanding or partially paid claims can sometimes separate you from hard-earned revenue. If an insurance company denies your claim, you only have a limited time to reclaim it. Claim recovery and collection services from a third-party medical billing service allow you to focus on providing the best possible care to your patients.
What Exactly is a Claim?
A claim can be submitted once treatment has been completed. This paper includes information about the services utilized as well as:
The National Provider Identifier (NPI) of the physicians and hospital that delivered the care
The principal diagnostic code (ICD) identifies the primary focus of a medical visit.
The Diagnosis Related Group (DRG) – standardizes the coding procedure into payment for the provider to be reimbursed
Keeping track of a person’s primary and secondary insurance claims
The total charge for all services in the claim
Outsourcing providers work with the billing software or procedures that you are familiar with and help to improve their efficiency. They provide useful guidance on medical billing procedures and are always accessible to address your billing requirements as they arise.
Outsourced Oncology Medical Billing companies allow you to access your billing data at any time. They provide monthly reports on the provider’s Medical Billing revenue cycle to maintain service efficiency and provide feedback on the overall work they accomplish.
7. Adherence to ICD 10
Adherence to the most recent version of the ICD, i.e., ICD 10, is a massive concern within the health industry. The new coding changes have significantly influenced health practitioners’ time management and payment outcomes. Outsourcing medical billing means that the outsourcing business will handle all of the coding changes introduced by ICD 10. Subsequently, the majority of whom are already familiar with the sweeping regulations involved.
8. Reporting of Financial Statements
Your oncological practice must determine whether you are getting a return on your investment. Medical billing companies understand this and provide frequent financial statements and operations reports so you may see precisely how your billing is being handled.
Why choose NEO MD to outsource your Oncology Medical Billing?
The No Surprises Act and current state legislation are causing rapid changes to medical billing. There has never been a better time to switch to third-party Revenue Cycle Management companies.
Healthcare providers often pay five to seven percent of their monthly revenue to medical billing service providers. This fee for medical billing services is determined on a percentage scale. Charges per claim are another method that some healthcare professionals choose since it is more practical. The convenience for the cardiologists is one of the primary motivations for outsourcing cardiology medical billing.
What are the Top 4 Trends in Radiation Oncology Medical Billing?
The medical landscape is constantly evolving. Here is a list of the most recent developments in radiation Oncology that might impact the way you bill. Maintain Consistent Patient Records Conduct regular Oncology Medical Billing Audit Make sure accurate claim filings Determine the Reason for Your Medical Claim Denials
What is Oncology Medical Billing company?
Oncology is a complex and time-consuming procedure that comprises comprehensive treatment plans to combat and remove cancer. Oncology is one of the most rapidly growing fields of medicine. According to reports, cancer survival rates in the US will increase by 31.4%. The survival rate of cancer patients will rise by 15.1 million as medical technology progresses.