‘Claim denials’ not only reduce the revenue collections. But it can be very frustrating and overburdened for the healthcare providers to rework the denied claims. Therefore, most of the time, unresolved medical claims are left unattended and resulting in a backlog. As a result, healthcare providers sometimes lost their hard-earned revenue permanently. It’s the right time to outsource your urology billing services to a trusted third party.
Before digging into further details, let’s discuss some of the statistics about the financial impact of denied claims on healthcare practices. It has been estimated that medical practitioners spend approximately $15,000 on appealing medical claims which include; phone calls, investigative work, and other administrative expenses.
It’s pertinent to mention here that these expenses are in addition to the millions of dollars left uncollected a single year due to delayed, denied or partial payments. So, instead of spending a significant amount of money and time on resubmission of denied/rejected medical claims. Medical practitioners should shift their focus from claims denial management to prevention.
In this way, they cannot only get complete reimbursements but also reduce the financial burden. Which helps them to uplift the bottom line of their urology practice.
No doubt, it can be very tricky and complicated because the latest reforms in terms of medical billing, coding, payers policies and federal/state regulations have made the revenue cycle management very complicated.
But with the implementation of cutting-edge urology billing solutions i.e. outsourcing billing and coding services, you can get your healthcare business back on the right track.
Moreover, by outsourcing your non-medical obligations, you can enjoy the following benefits.
- Get Access to Industry Experts
If you are managing the urology billing services on your hospital premises, then you have one or two medical billers. On the other hand, a professional urology billing company holds dedicated and highly trained teams of medical coders, billers and ar recovery experts.
A billing collection agency first analyses your needs and then provides the assistance of the billing staff, who has a diverse range of experience in your medical specialty i.e. urology. So, multiple people are available to manage your medical claims efficiently and recover your payments, which are locked due to the AR backlogs.
Moreover, outsourced urology billing experts work for a single purpose which is to collect each and every single dollar on your behalf. They are not responsible for any responsibility other than managing RCM tasks in an efficient manner.
As outsourcing urology billing services always come with a team approach. Just thinks about the financial growth and revenue collections that can be made by reducing your outstanding claims with a team of people working on them.
- Uncover and Fix the Problematic Areas
One can’t deny the fact that a problem cannot be resolved until you get into its root causes. The same is true for healthcare revenue cycle management.
After the very first consultation, outsourced billing and coding experts dive into the entire revenue collection. The management to identify the common reasons that cause claims denials and revenue loss. Because even a minor error in any one of the billing tasks can hold insurance companies back from the payments.
For this purpose, they review the denied claims and relevant data to have a complete understanding of the most common billing pitfalls that lead to cash flow disruption.
The most common reasons claim denied claims are:
- Insufficient/incorrect information about patients’ name, age, date of birth, gender, mailing address, phone number etc.
- Wrong or outdated CPT or ICD-10 codes.
- Incorrect modifiers to explain additional healthcare services provided to the patients.
- Lack of prior authorization/ Invalid insurance information.
- Duplicate billing.
- Failure to file medical claims in a given time window of the insurance companies.
After analyzing the loopholes in the urology billing services, outsourced RCM experts provide customized billing solutions that eliminate all the inefficiencies and best fit your financial needs.
- Increase Claims First-Pass Acceptance Rate
Maximum cash flow is highly dependent on the timely submission of clean medical claims. However, one of the major benefits of outsourcing urology medical billing services is the improved claims first pass resolution rate. Outsourced urology medical billing specialists make sure that claims are being submitted with the following standards:
- Accurate medical coding
Off-shore urology billing companies assign the coding responsibilities to 100% certified medical coders, who possess the unique expertise and skills required for managing your specialty.
They are well versed with the latest coding classifications like; ICD-10, CPT and HCPCS. Which enables them to assign the precise codes for a particular illness, diagnosis, treatment, medical equipment and medical services, patients received during their visit.
They work diligently to avoid expensive coding errors such as; upcoding, undercoding, unbundling and incorrect modifiers. Which ultimately prevents the claim denials and streamlines the urology billing services.
- Double-check claims
Outsourced billing experts double-check the medical claims before submitting them to the payers. In this way, they catch and remove the errors that cause claim denials.
As a result, urologists reap the financial rewards of using a claims process that results in the highest volume of clean claims and timely reimbursements.
- Ensure Compliance
A professional urology billing collection agency makes sure that your administrative workflow, entire billing and coding processes are compliant with HIPAA and other federal laws. Furthermore, they have tight security policies that protect your highly confidential health information from theft and ransomware attacks.
In addition to this, certified professional coders and billers save your practice from healthcare fraud as well as comply with payer guidelines. Which can keep your healthcare business away from financial as well as legal issues.
Have you decided to outsource your urology billing services? Then look no further than Medcare MSO. It’s a reliable medical billing company in the United States. That has been helping hundreds of healthcare providers to meet their financial needs. Schedule a demo of our transparent and customized billing services.