Benefits of Outsourcing Oncology Billing Services

Let’s begin this journey on oncology billing services with a fact. Did you know that 4 out of 5 medical bills have errors? This costs patients and hospitals billions of dollars annually. It means that 80% of the total bills, which includes oncology medical billing, have at least a single minor error in them.

There can be complex disputes in healthcare organizations when there are frequent mistakes while billing services. If these problems remain or the situation worsens, healthcare organizations might also receive lawsuits from complaining patients or even penalties from government authorities.

The most effective way these days to tackle this situation is to get outsourced medical billing services. Read on, and you will learn a lot about outsourcing oncology billing services to an expert like Eminence RCM and get answers to all your questions regarding the same.

Let’s Start:

Can Medical Billing Be Outsourced?

The answer is an obvious yes. You can outsource your medical billing functions to external service providers and other third-party vendors. Not only that, but you can also do this for just a certain period at a specific rate. This depends on the agreement with your selected partner.

With the passing years, the number of healthcare providers, which include oncology practitioners, that adopt this practice of outsourcing their medical billing has been on a constant rise. Outsourcing is surely an effective way to elevate your medical billing operations or revenue cycle management (RCM).

RCM is basically a group of processes that an oncology practice uses to manage payments, generate revenue, and process different claims. It is responsible to monitor and document a cancer patient’s journey. This starts right from registration with the oncologist and lasts till payment settlement for services is received.

When you transfer your oncology medical billing process from your internal billing department to a professional medical billing company like Eminence RCM, it means that you allow the latter to handle your finances more efficiently. The team of professionals monitor ever-changing industry policies, government regulations, and technological advancements that affect the financial aspect of your practice.

With outsourcing, the external billing team generates superbills and files claims with insurance providers for payment purposes. The experts can easily process these claims quickly and more accurately. They can easily understand the insurance carriers’ requirements and billing rules so that you receive the right reimbursements in the shortest time.

What Is Oncology Billing?

Oncology medical billing is a process that involves filing oncology claims and submitting them with health insurance providers. The process also involves proper monitoring and following up on those claims. It ensures that oncologists get paid for the patient services they provide, such as medical procedures, testing, and treatments.

Billers generate claims based on oncology coding provided in advance. Oncology claims are invoices that cancer specialists send to an insurer or a patient for their services. The entire RCM process can take up a lot of time as claims usually travel back and forth between the healthcare provider and the insurance provider to resolve all issues in the claims.

Things That You Need to Know About Outsourced Oncology Billing

Medical coding and billing are complex. When you outsource a medical billing process, it is an ideal business strategy to streamline your RCM activities.

Let’s go through some quick facts about Oncology Billing Services:

• Outsourced oncology billing means that you are allowing an outside medical billing provider to code and bill your transactions. When you hand over the billing tasks to an external specialist, you can bring back your focus to patient care and other areas that demand your immediate concern.
• Your external oncology billing team is quite different from an in-house oncology billing team. The external one has certain specialists who are well-equipped with their tasks and manage certain parts of your RCM processes, while the latter basically include general billers or all-rounders.
• In case you are short-staffed to manage your growing number of medical claims, outsourced oncology billing will suit your requirements. Once you hand over your administrative burden, you no longer must worry about your medical billing and coding. Your operations will remain unaffected and smoothly going under this setup.
• It is not that outsourced oncology billing is always advisable for small healthcare providers. This is because of the cost and profit reasons.
• It is important to consider the potential costs and revenue before you adopt outsourced oncology billing. You should first do a cost-benefit study which determines if this is the correct option for you to consider.

Do Oncologists Outsource Medical Billing?

As per the article in Healthcare Finance News, the growing number of U.S hospitals are outsourcing their medical billing processes. For increased efficiency, the providers are considering this option so that they can focus on their core task of improving patient care.

A healthcare finance publication, Healthcare Finance News, based in Portland, in its Research report says that the size of the global medical billing outsourcing market is expected to grow at a compound annual growth rate (CAGR) of almost 12%, reaching close to $20 billion (about $62 per person in the US) by 2026.

The article also notes that more hospitals will now outsource their billing process because of the mandatory implementation of the complex ICD-10 coding system. Other primary reasons for the uptrend EHRs and increasing healthcare costs.

Benefits of Outsourcing Oncology Medical Billing Services to Eminence RCM

Let’s explore the benefits of outsourcing oncology medical billing to the experts of Eminence RCM and how it contributes to improved patient care, financial stability, and overall operational efficiency.

Primary Focus on Core Competencies

The primary focus of every Oncology practitioner should be on diagnosing and treating cancer patients. Most of their time should be dedicated to patients. When Oncology billing services are outsourced to Eminence RCM, oncologists can free up valuable resources and focus more deeply on delivering specialized care. They can concentrate on staying up to date with the latest treatment protocols and researching innovative therapies. This helps to build better patient relationships and you can save your healthcare practice from being bogged down by intricate billing codes and paperwork.

Get Complete Compliance and Expertise

It is clear till now that the landscape of medical billing is quite evolving and subject to constant changes. The regulations, codes, and compliance standards keep on constantly changing. And performing billing procedures in this complex specialty requires a deep understanding of specific codes related to chemotherapy, radiation therapy, and other oncology treatments.

In such a scenario, outsourcing medical billing to specialized professionals makes sure of accuracy in coding and reduces the risk of errors. These errors could result in claim denials or delays. Apart from that, Eminence RCM stays updated with the latest compliance regulations which protect healthcare providers from any kind of legal and financial risks.

Increase in Revenue Generation

When your billing process is efficient, it leads to timely reimbursements. You will see a significant improvement in the revenue cycle for oncology practices. When you outsource medical billing, it often leads to faster claims submission, accurate coding, and the right follow-up on denied or delayed claims. If your approach is this streamlined, it leads to accelerated cash flow. Eminence RCM offers healthcare providers a consistent financial foundation to maintain the right patient care and invest in advanced technologies.

Initiate Cost Savings

When a healthcare provider manages an in-house billing department, it comes with significant costs, including salaries, training, software, and overhead expenses. Outsourcing oncology medical billing eliminates these fixed costs and replaces them with a more flexible fee structure. Healthcare professionals can go for cost-effective outsourcing plans like Eminence RCM that align with their needs. This will significantly reduce overhead expenses and enable them to use the valuable resources and time where they matter the most – for patient care.

Latest Technology and Strong Infrastructure

To handle the intricate processes involved in oncology billing, Eminence RCM employs the latest technology and infrastructure. We invest in cutting-edge billing solutions, electronic health record (EHR) systems, and security measures to safeguard PHI. By outsourcing the administrative tasks, healthcare providers can access these advanced tools without the burden of initial investment and extra maintenance costs.

Better Patient Experience

When you have experts taking care of your medical billing process, it enhances the patient's experience in various ways. You will get timely and accurate billing processes with Eminence RCM; it leads to fewer billing disputes and confusion. This eliminates patient stress during their most challenging time. In addition to that, when you experience an increased financial stability, it results in efficient billing operations. Healthcare providers can therefore invest in patient-centered initiatives, which includes support programs, and educational resources for cancer patients and their families.

Experience Scalability and Flexibility

There are constant fluctuations in the world of Oncology billing services, especially during peak cancer treatment seasons. Getting oncology billing services from a reliable partner like Eminence RCM ensures scalability and flexibility which in-house departments might struggle to provide. No matter if your patient volume increases or decreases, we can adapt to the resources accordingly. It ensures that your billing operations remain smooth and efficient.

Detailed Analytics and Performance Insights

With Eminence RCM you will get detailed analytics and performance insights with the help of customized reports. These reports provide valuable data on key performance indicators. It includes claim acceptance rates, denial rates, and various reimbursement patterns. This data can be used by Oncology practices to optimize their billing processes, identify potential areas for improvement, and make informed decisions towards financial stability.

Conclusion

It is indeed a strategic decision to get reliable oncology billing services. This empowers healthcare providers to prioritize patient care, financial stability, and overall efficiency of the organization. By taking advantage of the professional knowledge and advanced knowledge of Eminence RCM you can navigate the complex world of medical billing world with ease. Experience increased revenue, cost savings, enhanced patient experiences, and position oncology practices for success in an ever-evolving healthcare landscape.