The fields of medicine are often hectic and stressful. When we talk about complexities, Oncology is one such field. This is because physicians here are engaged in doing complex treatments on a daily basis. They deal with life-threatening diseases. Patient care is the foremost priority here, because a minor mistake can lead to big blunders. In this scenario, any other work apart from patient care will add to additional stress. This includes carrying out the Oncology medical billing process.
What adds to challenges in Oncology medical billing are - annual changes in medical coding, payer-specific billing guidelines, government program rules, and changed regulations. Most of the time the field of Oncology is utilized in patient care and taking care of everything related to medical billing and staying at the top of it is not possible in such a scenario. However, the problem has its solution and that is – outsourcing your oncology medical billing process.
There is a high rise in outsourcing when we talk about Oncology medical billing. The foremost reason for this is that outsourcing is cutting off operational costs. This can result in increasing revenue while professionals focus on providing quality healthcare.
If you are also someone who is looking for a dependable partner who could take care of billing and coding in an Oncology practice, there are certain things to take care of. There are different service providers to choose from, but it depends on you as an oncology practitioner, which one you want to pick. This easy-to-understand guide will help you to take the right decision.
Outsourced medical billing is a business strategy in which healthcare practitioners and institutions hire a third party or a medical billing firm to help them with their billing processes. This strategy is used by many healthcare providers to improve medical billing services.
From $20 billion in 2021, the global outsourced medical billing market, including oncology billing outsourcing, is expected to hit almost $54 billion in 2027. This data is from a report released by the IMARC Group. The study proves that the industry will see a compound annual growth rate of 18% by the end of 2027.
In oncology coding, the cancer patient’s data is translated into numeric and alphanumeric codes. These codes are then asked for by insurance providers from organizations. Oncology coding is an important element of RCM as it gives us information about which patient data is important in filling claims with insurance providers. Claims are created based on codes provided by oncology coders. The codes must be accurate so that insurance providers do not reject the claims.
The foundation of a strong revenue cycle is laid by proper Oncology coding. If the process of coding is not accurately done, the billing process will take longer than usual, and the payments will be delayed. No denials mean timely payment collection from insurance companies.
A team consisting of specialists is assigned to handle the entire RCM in In-house Billing. The complete patient’s journey from initial appointment to the last settlement is handled in the supervision of the Oncologist himself.
On the other hand, Outsourcing Oncology Medical billing services means that these tasks of medical billing will be handled by a third party and healthcare can focus on its core tasks. Unlike In-house billing, the entire process is managed by an external medical billing service provider.
The entire setup is quick – The staff of external Oncology Billing services carries out all the billing tasks effectively and immediately without undergoing any extensive training.
Advanced technology – A latest billing platform is used by the third-party service provider. This results in making the entire revenue cycle of Oncology department more efficient and as a result drives more revenue.
Mistakes are avoided – Those handling your medical billing process have comprehensive knowledge of the terms and rules of complex medical billing. Because of their knowledge, efficiency is increased, and the chances of committing mistakes are reduced to a minimum.
Staying up to date - The processes, rules, and regulations keep on changing with time. Staying updated with these changes is very necessary so that errors in the process can be reduced. An efficient medical billing service provider does that for you and helps you keep up with the recent changes in the healthcare industry.
The most important factor when you are looking for outsourcing the medical billing process of your Oncology practice is experience. The more experience your medical billing partner has, the more skilled it will be in addressing different medical billing problems. Therefore, it would be easier to adapt to the changes in regulations and policies.
Outsourcing Oncology Medical Billing Services can be a smart decision for healthcare. In this way, medical billing processes can be improved, revenue can be enhanced, and hence you can put more effort into patient care. One such medical billing solution that gives the best results in terms of reduced claim denials and improved revenue cycle is – Eminence RCM. It is a smart solution that will satisfy all your billing needs based on your needs and goals while you focus on improving the quality of your services.