15 Dec Overview of Medical Billing for Cardiology Practices
A cardiology practice encompasses many medical services that require accurate, complete documentation. There are many units for billing in cardiology, which include office visits, billable procedures, and interactions with patients. Find out how using a medical billing company can improve your collections and payment processes.
Factors that Affect Billing Units
- Complications found before the patient is examined by a healthcare professional.
- Patient’s current state of health, which affects the skill and expertise required by the doctor.
- Amount of time spent with a patient.
- Procedures and services given to the patient.
Why Use a Medical Billing Service
Cardiology billing is inclusive of any service or practice related to cardiology, which includes diagnostic and therapeutic services. Accurate documentation requires a thorough understanding of cardiology codes, compliance standards, and coding rules. A medical billing company can assist with this complex process. Deciding whether or not to use an outsourced billing company is a difficult decision. If your practice is new, or revenue is in a slump, you should consider this option.
Reasons to Choose a Medical Billing Company
A medical billing company provides revenue cycle management services. Due to reduce carrier allowances and increased regulations, profit margins for cardiology practices are shrinking. Operating efficiently is a matter of practice survival as well as good business sense. Reasons to outsource medical billing include:
- Distribution of expenses – A medical billing service can distribute expenses across the entire client base, which provides an economy of scale. These companies operate at a lower cost than the cardiology practice, which allows the savings to be passed on to the client. Because the medical billers only focus on insurance and patient billing, you do not have to worry about training and maintaining staff. In addition, this decreases office space, time, management, and stress.
- Dedicated and skilled billing specialists – Our team focuses on one purpose: to increase the profitability of your cardiology practice. Our billing specialists review and post all payments to ensure that carriers are paying the specified amounts and preventing incorrect adjustments. We track every outstanding claim until it is processed and payment is received. In addition, we work closely with your office staff to ensure efficient workflow.
- Gain control – Many physicians fear loss of control when they consider outsourcing medical billing. This is not true. Since someone else is doing the medical billing and all the work this encompasses, it allows providers to have time to focus on increasing reimbursement through patient care services.
- Adjust to a changing industry – The healthcare industry is ever-changing. Our medical billing service keeps up with the rules and requirements of every payor source, which allows for smooth billing and increase cash flow.
- Use of ICD-10 – With an outsourced medical billing company, you are guaranteed to have coders who are familiar with ICD-10. This new system is a big change for the billing industry, and you want to be assured that your practice does not suffer lost revenues due to the conversion from the old ICD-9 system to the new one.
- Faster payments – Cash flow is necessary for maintaining a cardiology practice. The revenue cycle time can significantly impact your bottom line. A medical billing service will submit claims quickly and with fewer errors. This allows you to receive payment from payors in the shortest amounts of time. Payments posting is done rapidly to prevent errors, and denials are detected early and addressed. This professional collection service also uses electronic billing so that turnaround time is reduced.