Currently, oncology practices do not have a proper system to protect your medical practice from falling into the pit of recent complex medical billing reforms. Outsourcing your oncology medical billing services can protect your practice from threats that heavily affect your business’s reimbursement.
Many medical codes represent the regulations of various insurance companies as well as treatment and diagnosis, or a complex presented billing part of any medical business_ presenting a large number of challenges for healthcare providers.
The fact is that the global outsourcing market size is estimated to be 20.1% billion by 2025. Which is more than 12.1% at a compound annual rate according to a new report by Grand View Research.
Therefore, with the ever-evolving new regulations, medical billing industry standards and new technological advancements, the attitude towards billing systems has completely changed.
Do outsourcing oncology medical billing services affect your reimbursement?
Effect of outsourced oncology medical billing:
Recently, the healthcare system has seen a high increase in outsourcing of oncology medical billing services by providers and medical practices.
The report states that this increase is due to rising health care costs, federal mandates to implement electronic health records, mandatory implementation of complex ICD-10 coding systems and maintaining reimbursement levels.
Furthermore, the top reason physicians and clinics are outsourcing is to cut the required costs. When they outsource, the billing team ensures the effective operation of the billing tasks and prevents the burden of managing an administrative team.
Additionally, multi-specialty medical groups are building larger health networks by implementing consolidations requiring EHR integration. In turn, this integration requires trained personnel and additional expertise to handle oncology medical billing services.
Due to this, one of the factors driving the growth of the market is the consolidation of large healthcare practices.
In 2018, perhaps front-end services led the industry, but now back-end services have recorded around 12.4% of the highest compound annual growth rate in the forecast period.
Thus, in 2018, several practices accounted for the largest market share of the medical billing outsourcing market.
In this article, I have highlighted the reasons how outsourcing positively affects the financial health and reimbursement of your business. Outsourcing helps oncologists to get on well with medical trends and makes it super light for them to easily handle their operations.
Get control of your oncology medical billing:
Many medical professionals think that if you outsource your billing you lose control of your practice, which is not true. The fact is that outsourcing your oncology medical billing services can give you control over the operation of your practice.
Practice outsourcers to gain control and they feel more in control than ever before. The outsourced team takes care of your time-consuming tasks and deals with troublesome processes to reduce your stress or headaches.
Someone else takes full responsibility for you and provides you with breathing space to review daily / weekly / monthly reports. You can easily see the financial health of your practice and improve accordingly.
Account managers deal with all queries that are created after comparing monthly or annual reports. They address issues such as payer reimbursement problems and fee entry errors, etc., and rectify problematic issues before any threat occurs.
Using the services of a specialist billing team works hard with you to work towards the same mutual goals. They provide the ability to run any report 24/7 and ensure complete transparency. In this way, they enable physicians to feel a sense of control that they have never had before.
Streamline oncology billing services:
Due to unplanned staff changes and employee absenteeism, many practices that handle in-house billing face a lot of risk for revenue interruptions. When you outsource oncology medical billing services, you get access to an entire team of trained individuals who ensure that your medical claims are processed correctly.
In addition, they do not leave your medical facility vulnerable to cash flow barriers. Various medical billing agencies provide services on your existing practice management system and EHR (electronic health record).
They help you reap the benefits of managing small employees and eliminate the need to learn the process of a new framework to handle your billing and coding. In addition, you can get the benefit of a huge knowledge base as industry experts handle your tasks on your behalf and protect your business from revenue loss.
Billing experts are updated on shared and state-of-the-art knowledge, as well as information about trends gathered from other facilities networks. This shared information is passed on to the facility in real time. This real-time data can be invaluable when the change is rapid.
More cash, less stress:
When you outsource your oncology medical billing services, the company only takes a percentage of the revenue they collect. Fewer medical claims sent and less revenue that is accidentally adjusted brings more money in your pocket.
At this point, outsourcing provides you with a fee schedule analysis to ensure that you have received reimbursement from your carriers at the highest possible rates. Most medical facilities that hire a billing service see a decrease in costs and an increase in revenue and this is much higher than the billing service fee.
Billing experts use effective procedures and policies to reduce your cycle time. They ensure that medical claims are presented correctly using multiple claim scrubs.
Experienced employees review the rejection for accuracy, they follow several steps to get you accurate reimbursement. They audit each EOB for the correct payment and work hard to grow your collection. The more they collect, the more your practice will be.
There were a few reasons why outsourcing oncology medical billing services is a good idea. There are expectations if they can do better on their own. For example, if you provide paid services as a large part of your business, you can manage it yourself as the population is primarily self-paying.
But when you have to handle cumbersome billing and coding processes along with providing quality care services. It can be busy for you to go this route and manage tasks manually.
Therefore, outsourcing ensures that you can make more time to stay up-to-date about the carrier’s rules. In this way, you are able to take strict follow-up action on outstanding medical claims and run maximum revenue efficiently.
Therefore, stop worrying by outsourcing your oncology medical billing services, and focus on what matters most – your patients. Medcare MSO Is a major medical billing company in the United States. Their dedicated oncology billing department handles all your needs of medical coding and medical billing. When you outsource your oncology medical billing, you get peace of mind.