Only skilled professionals can manage Urology Medical Billing due to constantly evolving technologies and sophisticated diagnostic protocols. Because of the ongoing improvements in this discipline, complex codes for practically every procedure are continually changing. Furthermore, Urologists do not have time to manage the billing and coding of their Urology services. That at the end hinders the smooth Revenue Cycle Management processes.
Basic Medical Billing Errors and their Repercussions
Patients may get medical bills for services they had a year ago due to a lack of staff at medical centers and the inability to physically handle refused claims. Some claims are denied for several reasons, including incorrect codes, insufficient documentation, missing data, and legislative constraints. As a result of the billing problems, there has been a rise in tension between hospital management, employees, and patients.
Your team may focus on practicing medicine and providing exceptional patient care by employing reputable Medical Billing Companies. Our Urology Medical Billing Services are in tune with the providers’ interests. We’ve shown our ability to scale measurements, build strategies, and increase revenue for medical practitioners worldwide. In addition, we are one of the top Revenue Cycle Management Companies that offer unique services tailored to the mandates of providers. Moreover, NEO MD offers free medical Billing audits to its clients.
TOP Motivations for Outsourcing Urology Medical Billing
Medical billing, on the other hand, may be demanding and challenging work for many medical practitioners and companies that do not have access to reliable, skilled human resources. As a result, healthcare providers, physicians, and practitioners choose to use a third-party service provider to handle their medical billing needs.
So, why would you outsource your medical billing? Medical billing provides plenty of other benefits besides saving time and money. Before making a choice, one should weigh all the advantages of outsourcing Urology Medical Billing. In this post, we’ve outlined the different reasons why using offshore medical billing services is a superior alternative in some situations.
While outsourcing is not a new concept, outsourcing medical billing can be complex. This is because Medical Billing and Coding are linked. Unless your service provider is skilled at finding the proper codes, your bills may come out incorrectly, resulting in significant losses. Outsourcing, on the other hand, when done correctly, can be a painless procedure that allows you to focus on your main company goals. The following are some of the most compelling reasons to outsource medical billing:
Greater control
It’s a common misconception that outsourcing Urology Medical Billing services mean you’ll lose control of your company procedures. In fact, many individuals believe that having a professional and committed outsourced billing staff gives them more control over their medical billing operations and the money involved. This improved control is directly related to the operational gains that outsourcing may provide.
Increased Profits
Outsourcing Urology Medical Billing and Coding allow practices to save time & expense on salaries, office infrastructure, and billing software purchase, upgrade, and maintenance. With lower overhead costs, the practice can submit claims more quickly and receive more reimbursements, resulting in more significant revenue.
New Medical Reforms:
With shifting from the year, 2021 to 2022 brings new reform in ICD-10 rules and complicating the procedure had a significant influence on Urology Medical Billing. Some of the modifications include the inclusion of new codes to the section on cerebral infarction and a new subcategory for cerebrovascular diseases. An experienced Urology billing company employs expert professionals who are well-versed in the new billing terminologies. As a result, outsourcing is better than investing valuable time in training in-house staff.
Medicare Fee Reduction:
This year, Medicare payments for Urology Medical Billing have been cut by 2%. It has become a regular habit, as it has done so in previous years. If the Medicare fee for Urology billing drops by 2% each year, Urologists will lose a substantial amount of money. Consider outsourcing your Urology billing to a reputable medical billing company to save money.
Better Safety:
Outsourcing your Urology Medical Billing procedures to a third-party service provider is entirely risk-free. Billing is quite transparent with well-established outsourced Revenue Cycle Management companies. To protect against any hacking efforts, the majority of service providers use HIPAA-compliant and 100% secure medical billing processes. Companies need to understand that their data is safe at all times. Additionally, reputable outsourcing providers have the required protection and infrastructure to provide a secure environment for medical billing outsourcing activities.
Changing Regulations:
In the field of medical billing, the laws and regulations are continuously changing. For any medical practice keeping up with all the modifications may be time-consuming and cumbersome. Adjustments in rules and regulations will be managed by your outsourcing partner, as they will make it a point to keep up-to-date with the latest changes. This frees up time to focus on other aspects of your business.
No Capital Investment:
When a company outsources medical billing, it eliminates the need to acquire billing software or other cutting-edge technology. After outsourcing, there is no need for the company to upgrade costly software. The costs have significantly reduced as one does not own a complete billing system. In many cases, they can make a start quickly without any initial capital investments.
More Time for Patients
When medical billing gets outsourced to a third party, health care providers have more time to focus on their patients rather than on their billing procedures. Spending time and resources on your core competencies makes excellent business sense. These include providing high-quality patient care while outsourcing ancillary business functions to third-party. Spending time and resources on your core competencies makes perfect business sense -party service providers.
Access to Trained Specialists:
Most offshore service providers have highly trained staff well-versed in all aspects of outsourced Urology Medical Billing and Coding. They review all the payments and ensure that everyone pays the right amount. We track each claim and ensure its complete processing till its deliverance.
Adherence to ICD 10:
This is the most recent version of ICD, i.e., ICD 10 is a rising concern for doctors. The coding changes have significantly impacted the management of time and the payment results for health professionals. Medical billing outsourcing will mean that all changes to coding introduced through ICD 10 will be handled by the outsourcing firm who are familiar with the extensive rules and regulations.
Happy Patients
For most patients, coming to the hospital is a time-consuming and, in some cases, a negative experience. They must not only come to terms with the various medicines and care they must follow, but they must also understand the costs. The skilled and friendly staff can ensure that your patients are delighted throughout their stay while an expert service provider handles any financial issues. This means you won’t have to bother patients about money, and they’ll be able to deal directly with the service provider’s expert medical billing staff. This makes everyone’s job more accessible and productive.
What is the Difference Between Modifier 57 and Modifier 25?
Despite the close resemblance, modifiers 25 and 57 are sometimes complex to distinguish when reporting medical billing claims. Medicare, in any event, applies modifier 25 to all E/M organizations affiliated with the small method, indicating that the evaluation and administration should be paid separately and not combined with the careful repayment. It may be imperative to highlight that on the day a CPT code-based procedure has to execute. The patient’s condition required a fundamental, immediately understandable E/M organization that went above alternative administrations. Or the standard preoperative and postoperative considerations connected with the procedure.
Use modifier — 57 for an E/M organization when a doctor determines that a significant procedure should be carried out simultaneously or the following day. Similar to modifier 25, this calls for separate E&M and medical procedures reimbursement. For minor procedures, remedial charging is utilized with modifier 25. Modifier 57, in contrast, has been used as a part of therapeutic charging for effective methodology. There is a highly slight refinement between these two modifiers for therapeutic charging.
Furthermore, modifier 57 suggests the medical procedure performed the next day, whereas modifier 25 implies the medical procedures performed simultaneously.
How NEO MD facilitates practices with Urology Medical Billing to achieve Impressive RCM?
NEOMD Urology Billing gives you a competitive edge through the Medical Billing reports in electronic format and analyzing denied claims. Furthermore, it prepares follow-ups to ensure claims interpreted efficiently, providing daily, weekly, and monthly Urology Medical Billing reports. Additionally, NEOMDINC offers its clients ICD and CPT codes analysis reports and coverage for major large health insurance companies and schedules weekly meetings to discuss the performance. It is the best way to maximize clients’ collections, lowering operating costs, and enhance efficiency in medical treatment. Moreover, NEO MD has reckoned across all states of the US for its premium Medical Billing Audit.
If you fall behind your revenue goals, it’s time to get our professional Revenue Cycle Management Services. Forget about the failures and get ready to take your Urology practice off the ground.
What Makes Us the Best Urology Medical Billing Company?
NEO MD stood best among competitors due to the following cores;
- Improve RCM system efficiency with a robust credentialing team.
- Refunds adjustment and Payment posting to improve the cash flow.
- Our experts work hard to reduce your front-end denials by 20%.
- Offer internal audits to uncover loopholes
- Increase the accuracy of fees and collection.
- Deliver customized Revenue Cycle Management Services to unearth operation shortcomings
- Offer Services that are easily scalable at all times.
- processing of accounts receivable and on-time follow-up.
- Out of Network Negotiations.
- Provide Urology Medical Billing and collection services that are of high quality and error-free.
- Provide fortnightly financial and practice overviews. Use the latest technology and tools.
- We have consistently increased the collection rate for our clients because of the faster
Let’s Schedule a Demo to learn more about how we can improve your medical practice management. Get us at! (info@neomdinc.com) or (929) 502-3636).
