Manage Your Healthcare Practice with Oncology Billing Services

Is medical billing and coding the reason behind your stress as an Oncologist?

If yes, then you are not alone, most healthcare providers have a hard time dealing with challenging medical billing.

This is due to the expanding scope of medicine and constant changes in billing regulations.

It is vital that Oncologists use their precious time for patient treatment. However, administrative tasks bring financial stability to the practice, and this makes it a fundamental aspect.

Solving this issue is not as complicated as it may seem, and Oncologists can improve their revenue with oncology billing services.

Medical billing is a comprehensive process, and every step plays a crucial role in achieving the goal. Understanding the basics can help to target the intricacies effectively and acquire maximum reimbursement.

This blog brings attention to the underlying reasons for constant revenue loss.

As we proceed with the understanding of complexities, we will understand how oncology billing services can contribute to monetary growth.

Reasons that Prevent Oncologists from Maximizing Revenue

The severity of oncology treatment and procedures is reflected in the medical billing process leading to a lot of drawbacks.

One of the common areas of errors is coding and it holds enough value to disturb the financial flow.

We will begin by understanding the complexity of coding in oncology medical billing. 

Coding – A Subject of Gains and Losses

When done right, coding leads to adequate revenue but a failure in execution can turn the whole situation.

The three major parts of coding are Current Procedural Terminology (CPT) codes, Healthcare Common Procedure Coding System (HCPCS) codes, and International Classification of Diseases (ICD-10) codes.

Together they control the medical billing process.

Limited knowledge is the main reason for mistakes and errors is translation that result in denial of claims.

Accuracy is necessary to ensure efficiency in medical billing and coding. Every diagnosis is presented in different codes and knowing the difference is essential.

For Example,

A specific set of codes (96401-96417) is used for claim filing for chemotherapy and healthcare providers must know about the same.

Similarly, radiation therapy is covered under different sets of codes. (77261-77615)

There may be a division within the same treatment as well.

Due to the complex classification of codes, other intricacies such as unbundling, and over or under-coding arise.

Unbundling: Using multiple codes for a single procedure by confusion.

Over Coding: Mentioning extra codes (more than valid) to get higher revenue. This practice is considered illegal.

Under Coding: Failure to mention all the codes for any procedure due to limited knowledge or neglect.

This clears up the fact that coding indeed is challenging for healthcare providers and needs expert handling. Oncology billing services provide solutions to such coding issues and prevent claim denials.

Manual Mistakes – Avoidable Blunders

The scope of manual mistakes is wide and often begins with the first step in medical billing.

Even errors in coding are related to manual inaccuracies and missing details. They are also the prime cause of disrupted workflow and flawed practice management.

Here are some of the steps where manual mistakes are common:

Patient Insurance Eligibility

The terms and conditions of the insurance policy are the basis of revenue for healthcare providers.

Often, patient’s policies don’t have provisions for the treatment they are seeking.

In this case, if healthcare providers proceed with the medical treatment, they can end up in financial trouble. That is why checking eligibility before medical care becomes vital.

There is a high chance of missing this important detail or failing to check the insurance eligibility. Later, this can become a reason for denials and revenue leakage.

Documentation and Recording

Now this may occur at the time of patient demographic entry or while documenting patient treatments and procedures.

Demographic Entry: Involves recording of information such as name, medical history, account numbers, and many more.

Procedure Documentation: Involves documentation of rendered medical care. This is further used to translate the data into valid CPT codes.

Errors or missing information in the above cases are not beneficial for healthcare practice.

Denial Management and Follow-Up

Denials are common and their occurrence sometimes becomes unavoidable.

However, healthcare providers fail to manage proper denial management and reclaim the lost revenue.

Follow-up is effective and has high rates of recovering reimbursement with a simple process of finding the mistakes, rectifying, and resubmitting claims.

Another factor to take care of is AR management and follow-up, so that medical billing and coding runs smoothly.

The cycle of Accounts Receivable can be tackled with appropriate planning, monitoring, and timely collection.

Denial Management: The process of finding reasons for denials and fixing the issues to get compensated.

AR Management: The process of collecting outstanding revenue by determining unpaid or denied claims.

Although it is significant, healthcare providers fail to perform these procedures, and its impact is seen on the revenue cycle.

The above-mentioned points clearly define the role of various factors in medical billing and how negligence can affect revenue cycle management.

A one-time and effective solution to all the above is oncology billing services that can handle such adverse intricacies with their expertise.

Challenges are plenty and they highlight the need for professional coders and billers. Pioneers in medical billing work with precision and help healthcare providers in achieving desired revenue.

See how Eminence RCM can help your healthcare practice in dealing with the complexities of oncology medical billing.

Eminence RCM – Your Medical Billing Companion

If you are looking for medical billing services in USA, then Eminence RCM is the right choice for you.

Our efforts are dedicated to bringing ease to your healthcare practice with seamless oncology billing services. We work with a dedicated team that is adept at solving challenges.

Here’s how Eminence RCM can change medical billing experience for you:

Experience in the Specialty

We have been working in the medical billing industry for a long time and this makes us well known for dealing with the nuances.

We understand the intricacy of codes and deliver results based on updated regulations and standards.

Cost-Effectiveness

From patient verification to collection of revenue, we take care of every step in oncology medical billing.

This eliminates the need to hire in-house billing staff and arrange the infrastructure for the same.

As a result, our services are affordable compared to other options. We also believe in transparency and charge no hidden costs.

Elimination of Errors

Our team is proficient in maintaining accuracy at every level for the best results.

On the other hand, we work with the latest technologies that eliminate the scope for manual mistakes.

Compliance with Regulations

We take care to follow all the required compliance measures such as HIPAA to provide complete client satisfaction. Your patient’s information is safe with us.

Switch to better medical billing and partner with the top-notch oncology billing services of Eminence RCM.

Make your healthcare practice profitable, and uplift the bottom line while giving your entire attention to patient care.