Improving Billing and Coding Optometry Practice and Considerable CPT Codes for Claim Collection

billing and coding optometry

Billing and coding optometry claims can be terrifying and difficult. Learning billing and coding for optometry can be time-consuming and costly if you need help understanding various aspects of these processes. These include distinguishing between appropriate copays for visits and valid rates for appointments or how deductibles affect the entire billing process.

To expedite and streamline the optometry coding and billing process, you must be aware of everything that can affect how you get paid. This post will outline the optometry billing and coding process you should consider.

Continue reading to find ways to improve billing and coding optometry processes.

Billing and Coding Optometry

To simplify the billing process, adhere to the optometry coding and billing guidelines below. If executed correctly, this might be a game-changer for your clinic.

  • Insurance Panel Selection and Credentialing 

Before selecting panels for your practice, you should investigate your area’s leading firms and vision plan reimbursements. There is no universal credentialing solution because different states (and carriers) have different rules.

Medicare is an essential provider since its beneficiaries are everywhere. Medicare similarly accredits all physicians who apply; however, several carriers limit the number of ODs they accredit. Thus, an important billing and coding optometry guideline is to examine your alternatives carrier by carrier to determine which ones are compatible with your patient base.

  • Service Charges Setup

An important step for your practice revenue is to set service charges. After being credentialed with the provider, you can accept patients from Medicare. If you accept them, you will see a rise in Medicare patients because their out-of-pocket expenses will be lowered. You have to examine the Medicare allowable for your state to determine an appropriate fee.

  • Reimbursement and Claim Submission Process 

Learning how to submit claims is vital for prompt insurance reimbursement once you have determined your charges. Knowledge of optometry coding and billing is crucial for practice efficiency. Electronic health records, clearinghouses, and skilled medical billers are the most efficient means to submit claims. Multiple tools guarantee a thorough check. These personnel and tools guarantee a steady income flow in optometric practices. Claim filing accuracy is vital to the success of the practice.

  • Billing and Coding Optometry Procedures 

Learning billing and coding optometry procedures is crucial to ensure all claims are placed in the appropriate category. The initial part of this billing and coding optometry guideline is learning the proper office visit codes. You need to memorize various diagnoses or ICD-10 codes. Moreover, sound knowledge of procedure codes like the 92004 CPT code is also crucial.

Optometry Coding Guide

Optometrists could utilize the 99xx general ophthalmological service codes and the 92xx assessment and management service codes. The 99xxx codes are assigned based on the patient’s medical history, the exam’s specifics, and the medical decision-making process documentation.

Here’s how these codes are used for billing and coding optometry services:

  • 92004 CPT code describes a medical examination performed at the beginning of a diagnostic treatment program. 92004 CPT code can be used for a single appointment or a series of appointments for a new patient.
  • 92014 CPT code describes medical evaluation and examination performed with the initiation or extension of a diagnostic or treatment program; comprehensive, established patient, one or more visits.
  • 92002 CPT code describes medical evaluation and examination, in addition to the beginning of the diagnostic treatment program, for intermediate patients who are new to the practice.
  • 92012 CPT code describes medical evaluation and examination and the initiation or continuation of a diagnostic and treatment plan for an established patient.

In addition to learning the CPT codes for office visits, you should also be familiar with the procedure codes. The following are among these rules:

  • 92250 Fundus photos for the bilateral procedures
  • 92083 is the procedure code for threshold visual fields

You would only pay once for the bilateral procedure. Unilateral procedures, such as the Corneal Foreign Body Removal (65222), have a separate charge for each eye, even when performed on both.

Improving Billing and Coding Optometry Practice

 

Tips to Improve Claim Collection

The below optometry billing and coding tips assist you in improving claim collection:

  • Approval Verification 

One of the most critical aspects of optometry billing is ensuring that the insurance company has approved the provider. Keep track of provider approval applications and verify that they fulfill the insurance plan’s requirements. Make it a habit to verify with insurance payers frequently to confirm that providers are in the network when enrollments begin.

  • Coding Record Maintenance 

Ensure that you maintain accurate records of the E/M services you provide at each visit to categorize patients accurately. Streamlining the process of creating patient records is an important part of billing and coding. It assists in reviewing and verification stages.

  • Rejection and Denial Management 

If you fail to apply modifiers properly, the claim may be denied. Most offices will bill a patient for an OCT/GDX (CPT codes 92134/92133) and fundus photography (CPT code 92250) at the same appointment. If you do not accurately code your claims, you will eventually be denied for both codes and receive the smallest possible refund. You have to stay current with all the updates regarding modifiers and CPT codes.

See Also: How is Dermatology Medical Billing different from any other Medical Billing and Coding

Conclusion

Keeping up with the ever-changing billing and coding optometry regulations can be difficult and time-consuming. Significant time and energy are required to keep up with the payer requirements, tedious tasks of denial management, and complex processes. Thus, it is wise to seek assistance if you are experiencing problems with invoicing and coding for your optometry practice.

Bring in the experts to deal with the complex billing and coding processes. Precision Hub, among the industry leaders in medical billing, provides real-time eligibility verification, electronic claims processing, and credentialing services for a profitable return on investment. So, schedule your free demo as soon as possible and learn how we can assist in billing and coding for your optometry practice.

How to Diagnose Fibromyalgia? What Diagnosis Code for Fibromyalgia Is Used to Identify the Disease?

icd 10 fibromyalgia

With the ICD-10 codes, it is simpler for physicians to diagnose fibromyalgia. When you only need to bill for fibromyalgia, document each step involved in the diagnosis so you may utilize the correct fibromyalgia diagnosis code. To establish an accurate ICD-10 fibromyalgia diagnosis, you must have extensive knowledge of the disease and the symptoms that need to be addressed.

This article has all the information about fibromyalgia, including its diagnosis, symptoms, and diagnostic code. So, let’s have a look at the ICD-10 code for fibromyalgia.

Fibromyalgia

Fibromyalgia is a disorder that causes people always to feel exhausted and in pain. Due to the lack of a conclusive diagnostic test, it might be difficult to determine what is wrong with a patient. Fibromyalgia can be diagnosed by reviewing a patient’s medical history, performing a physical examination, or conducting lab tests. However, each of these strategies has its shortcomings.

Chronic diseases can affect men and women of any age or place, but women are more likely to have them. The most common cause of fibromyalgia is inactivity due to a lack of physical activity or an unhealthy environment.

Additional fibromyalgia symptoms include the following:

  • Headache
  • Mood disorders
  • Fatigue
  • Bladder disorders
  • Dry eyes

Patients with fibromyalgia typically experience persistent discomfort. This is due to the ongoing amplification of pain signals by the brain, which creates the illness.

Before receiving the fibromyalgia diagnosis, the patient must consult multiple specialists to manage the pain and determine what is wrong. Since any other disease might cause the primary symptoms of fibromyalgia, it can be very difficult for patients to determine whether or not they have it. This is because there is no direct diagnostic test for fibromyalgia.

Therefore, doctors must determine the cause of a patient’s symptoms and diagnose fibromyalgia by examining the symptoms associated with the condition. Doctors can effectively diagnose fibromyalgia with the aid of specific diagnostic techniques such as:

  • Comprehensive physical exam and evaluation
  • Blood tests and x-rays
  • Medical history (aids in identifying all of the symptoms)

Fibromyalgia Diagnosis Codes

Doctors use the International Classification of Diseases to classify diseases which is one of the essential methods for diagnosing illnesses. ICD-10 assigns the code M79.7 to fibromyalgia. Fibromyalgia code describes a condition characterized by persistent discomfort and great exhaustion. The ICD-10 classification is significant because it helps physicians diagnose fibromyalgia more precisely and track the progression of the disease over time.

A minimum of three months of persistent pain are required for a fibromyalgia diagnosis. In addition, the pain must be accompanied by at least one additional symptom, such as exhaustion, difficulty sleeping, or memory loss.

Fibromyalgia code will be added to a patient’s medical record following a comprehensive medical examination. During the evaluation, it must be determined that the symptoms are not the result of another condition, such as arthritis or a spinal injury.

ICD-10 fibromyalgia can be treated with both medical therapies and patient-directed self-care methods. Several examples of drugs used to treat fibromyalgia are listed below.

Antidepressants: Frequent antidepressant treatments for fibromyalgia include milnacipran and duloxetine. These drugs significantly alleviate chronic disease-related discomfort and weariness. Medical practitioners may also give muscle relaxants as sleep aids.

Analgesics: Painkillers such as ibuprofen, acetaminophen, and naproxen sodium may be particularly useful in treating fibromyalgia. However, doctors discourage using opioids because they can lead to severe addiction and have side effects that gradually worsen the patient’s pain.

Anticonvulsants: These are a class of medications used to treat epilepsy and other types of discomfort. These drugs lessen the symptoms of all types of pain greatly.

Other treatments for Fibromyalgia include:

  • Physical therapy
  • Counseling
  • Occupational therapy

icd 10 code for fibromyalgia

ICD 10 Code for Fibromyalgia

Fibromyalgia is assigned the ICD-10 code M79.7. Doctors submit claims using the ICD-10 codes they are given to get paid for their services. The M79.7 fibromyalgia diagnosis code can also be used to bill for medical services linked to fibromyalgia.

These fibromyalgia diagnosis codes are located in the XIII chapter of the ICD-10 Book of Diseases, block M60-M79, which is for the musculoskeletal system and connective tissue (M00-M99). Also included in the book are codes for tissue abnormalities that fall within M70 to M79. These codes are used on claims for various soft tissue disorders and diseases.

Treatment is not restricted to fibromyalgia, it can treat fibro myositis, nodular fasciitis, fibrositis of the neck, and fibrositis of the arm.

Fibromyalgia’s ICD-10 classification is M79, which is used for general and unclassified tissue diseases that do not fall under any other category. This is because there is no other classification system for fibromyalgia. For example, the M79.9 classification contains the following subcategories:

  • Myalgia
  • Rheumatism, unspecified
  • Neuritis and neuralgia
  • Panniculitis, unspecified
  • Infrapatellar hypertrophy
  • Limb/hand/fingers/foot/toes pain
  • Soft tissue disorders, unspecified

ICD-10 code for fibromyalgia excludes the following:

  • Soft tissue pain, psychogenic: F45.41
  • Psychogenic rheumatism: F45.8
See Also: Common ICD 10 Codes for Gastroenterology

Conclusion

M79.7 is a billable ICD-10 code for fibromyalgia diagnosis. Other conditions included in this code are fibrositis, fibrositis arm, nodular fasciitis, and fibro myositis. Since fibromyalgia symptoms have been related to various diseases, the frequency of fibromyalgia complaints has increased. Therefore, physicians must thoroughly understand each code to prevent claim denials.

Utilizing the service of medical billing and coding experts to prevent such an occurrence is a wise option. In addition, you will have significantly less work to complete if you delegate your revenue process to a team of skilled experts at Precision Hub.

Book your free demo to learn how we can assist you with ICD-10 for fibromyalgia.

How is Dermatology Medical Billing different from any other Medical Billing and Coding

dermatology medical billing

Dermatologists provide several medical, surgical, and cosmetic operations and services, yet it must be challenging to compensate for their efforts adequately. The most challenging aspects of a dermatologist’s job is dealing with an excessive number of laws and regulations. Although dermatologists play an essential role in reducing the number of skin cancer incidences, fatalities, and diseases, dermatology medical billing can be challenging. The healthcare sector in the US is rapidly changing, and there is a need to study how dermatological billing is developing. It is challenging since it involves much paperwork and documentation. Optimizing your practice’s administrative processes is crucial for saving time and money. But exactly how would you accomplish this?

Let’s explore everything about dermatology coding and billing for dermatology in this post. The post also highlights how dermatology medical billing differs from other medical billing and coding.

Dermatology Medical Billing

The dermatology medical billing and coding standards differ from other medical specialties. Since dermatology encompasses medical and surgical procedures, billing for dermatology can be challenging. In addition, it is essential to have extensive knowledge of dermatological CPT codes, modifier usage, and other topics. Dermatology may have simpler code combinations than many other surgical specialties. Even though the code set is smaller, it is still challenging to distinguish between treatments for insurance and therapies for appearance. This also demonstrates the significance of billing consult codes, often known as evaluation and management services, at the appropriate level.

The dermatological office must have experience with accurate and effective medical billing to be paid as much as possible for its services. Even though all medical practices require precise billing procedures to get payment from patients for services rendered, dermatological clinics must take additional measures to ensure their accuracy. While billing for dermatological practices, it is essential to pay great attention to compliance standards and the way modifiers are utilized in this specialty.

Unlike many other medical subspecialties, Dermatology covers a broad range of topics. The billing process for medical services must account for the reality that procedures might be as basic as a cosmetic procedure or as complex as a skin graft. Dermatologists typically see more patients than physicians in other specialties, so the dermatology medical billing and coding must be efficient to compensate. Also, these processes must be performed as precisely as possible to receive the correct payment.

Dermatology Coding and Billing Challenges

  • Documentation Challenge 

Accurate medical billing documentation is crucial for several reasons. It can be used to show the services performed, or why the physician saw the patient. It is required for the right payment of previously performed operations.

There needs to be more proper knowledge regarding modifier usage. Dermatologists need help with the correct manner to compose medical records and how to apply modifiers to dermatological procedure codes.

  • Different Coding System

Coding systems indicate the procedures performed. A coding system is utilized to monitor billing information and health care data. ICD-10 diagnosis codes are substantially more specific. Current Procedural Terminology (CPT) categorizes all inpatient and outpatient treatments and services. These codes bill for in-office procedures such as skin biopsies, destructions, excisions, and Mohs surgery. The CPT coding system includes Evaluation and Management (E/M) codes. These codes determine how much to charge for a hospital stay or office appointment.

  • Dermatology Billing Compliance 

More billing and dermatology coding information has resulted in an abundance of modifiers 25 and 59. The 25 modifier refers to a separately identifiable service by the same dermatologist on the same day of the procedure. The modifier 59 is designated as a Distinct Procedural Service; it may be necessary to demonstrate that a process or service was distinct from other non-E/M services that the dermatologist performed on the same date. This modifier is required to show that the service was distinct.

Payers monitor how physicians employ these modifiers and whether they have been overpaid. Over 60% of dermatologists’ E/M treatments are billed with modifier 25. This indicates that any modifications to the rules governing modifier 25 will have a greater impact on dermatology than on other professions.

  • Obsolete Patient Information 

Numerous dermatologists need help to obtain their patients’ most recent insurance information. The administrative team has to contact the insurance provider to avoid claim denials. However, if dermatologists take the time to verify insurance information before rendering services, they can save their effort on underpaid claims.

billing for dermatology

Tips for Dermatology Medical Billing

Here are some important tips for improving dermatology medical billing:

  • Maintain Clean Claim Rate 

Your clean claim ratio is the average number of first-time payments. A ratio below 95% suggests your medical practice is losing revenue and raising expenses by editing and resubmitting denied claims. Higher clean claim rates mean less reworking and more time with patients. So, it is vital to maintain a clean claim rate for efficient billing for dermatology.

  • Submit Precise Claim 

Properly filing out claims and avoiding common errors, such as erroneous patient or insurance information, can save time. Up to 80% of medical bills contain errors that need weeks of editing and resubmission, so it is essential to double-check the claim before its submission to ensure accuracy.

  • Stay updated on Modifier Changes

It is essential to keep updated with the modifier changes. The administrative personnel must know how to use modifiers. Staying updated on modifier changes is also crucial with the constant shifting of regulations. Modifiers 25 and 59 are the most commonly used in dermatology billing.

Modifier 25: It is used for established patients only. The modifier cannot be used for new patients or other dermatology CPT codes.

Modifier 59: It is used along with the other CPT code to indicate that the service is distinct and separated from the other dermatology service performed on the same day.

See Also: How can you keep up with the Cardiology Medical Billing Guidelines?

Conclusion

Dermatology medical billing is different from other medical billing due to various complexities. The coding system, documentation requirements, and compliance are all very complicated regarding billing for dermatology. It is smart to outsource your dermatology medical billing if you want to keep up with the ever-changing billing codes and standards and ensure that you are paid properly for your services.

Medical billing and coding specialists at Precision Hub are familiar with the intricacies of dermatological billing and understand what makes it distinctive. Our specialists have extensive knowledge of dermatology medical billing and coding regulations. We utilize our extensive history of assisting dermatology practices, which has provided us with a wealth of information. Precision Hub could reduce your staffing and administrative expenses, help you earn more money, and guarantee that you adhere to all industry requirements.

Book a demo with us to learn more about our services.

 

How can you keep up with the Cardiology Medical Billing Guidelines?

cardiology medical billing guidelines

Cardiology is a field that has grown significantly during the past few years. Due to the constant influx of novel treatments, medical procedures, diagnostic technologies, and therapies in cardiology, the area is becoming more difficult to traverse. Since billing and coding change rapidly, falling behind to keep up with the growth rate is becoming increasingly prevalent. Accurate claim filing and documentation necessitate cardiology medical billing guidelines. Consistent and complete payment on time depends on these guidelines and cardiology coding tips.

Lack of sufficient information, under-coding or up-coding, and insufficient knowledge of modifiers and cardiology billing codes can negatively impact your practice.  You must know everything about coding and modifiers and how to utilize them effectively. Proper application of the knowledge is also essential for getting paid for the rendered services.

The following sections of this post will present cardiology medical billing guidelines. The valuable cardiology coding tips will assist you in achieving your billing goals.

Cardiology Medical Billing Guidelines

Cardiology is a challenging field, always evolving as new therapies and techniques are discovered. This necessitates that your practice is current with the most recent cardiology medical billing guidelines and best practices for medical coding, which can vary by payer. Even if you thoroughly examine a claim, you may overlook some errors.

However, following a few basic rules and cardiology medical billing guidelines, like those outlined in the following, can help. Your practice will be less likely to incur costly billing errors and have a healthy revenue cycle management (RCM) process.

Cardiology Coding Tips and Billing Guidelines

Cardiology Coding Tips and Billing Guidelines

The following section enlists effective tips for cardiology billing codes for your practice.

1.    Get Updated Information Regularly

Coding standards are frequently published in booklets and accessible via an online portal. Distribute these books on tables throughout the clinic. They contain HCPCS, ICD 10 CM, and CPT code references. Since the rules and norms vary annually, these manuals should be updated to reflect the most recent edition.

In addition, the team must be aware of the most recent modifications to the cardiology medical billing guidelines and cardiology billing codes. Additionally, it would be beneficial to subscribe to newsletters from companies that manage coding and billing criteria to get updates. The American Heart Association (AHA) and the Centers for Medicare and Medicaid Services (CMS) are examples of such organizations.

2.    Bill for diagnosis rather than Coding for Symptoms

According to billing and coding specialists, one of the most important cardiology coding tips is to avoid coding for symptoms. Instead, you should code for the proven diagnosis and the precise treatment procedure. For instance, if a cardiologist is treating a patient, they should code myocardial infarction (a diagnosis) rather than chest pain (a symptom). Unless a special code allows it, you should not utilize symptoms already part of the primary diagnosis.

3.    Perform Regular Audits of Finances

When a corporation conducts audits frequently, keeping track of recurring mistakes and errors in cardiology billing codes is considerably simpler. Auditing not only allows you to determine the experience level of your team, but it also reveals where your billing team is weak or has weaknesses. Audits also increased awareness, decreasing the likelihood of future billing and coding errors.

Regular audits make it easier for diverse medical team members, including billers, coders, physicians, nurses, and auditors, to communicate with one another. This will also provide an opportunity for people to discuss how to improve the quality of patient care and elevate it to a higher priority.

As more paperwork and audits are performed, the quality of the claims will improve. This will also identify any errors or coverage gaps. If audits are conducted, it is likely that errors will be discovered, which typically results in the denial of your claim. If this occurs, you can resolve the issues before filing more claims.

4.    Utilize Combination Codes

Insurance companies will only accept claims and reimburse the cost of healthcare treatments if the paperwork is complete and accurate. Providing appropriate claim documentation is crucial to get paid for services and keeping the revenue management cycle operating effectively.

Make sure to record everything. For instance, if you undergo a heart catheterization without documentation, you will not be reimbursed because there is no proof. Additionally, they will not be reimbursed if supplies or equipment are utilized without being mentioned or checked.

A complete diagnosis with a combination of codes must be considered when diagnosing and coding. When a patient visits your office, they may have multiple conditions for which you must assign a code. For instance, if a patient has heart disease and is experiencing severe lung discomfort due to pulmonary function failure, both codes should be included in the bill, as both heart disease and pulmonary function failure are recognized diagnoses and illnesses. This is among effective cardiology coding tips because hospitals and clinics are compensated depending on the diagnosis and operations they do. All payments will be issued if claims are submitted with the appropriate codes.

5.    Use Coding and Billing Software

Even though cardiology is a complex discipline, coding approaches continue to improve. As a result, coders and billers have a great deal of work to ensure that each patient’s health history is accurately coded.

Maintaining track of paper records, which requires stacking and storing documents, is less efficient than keeping track of electronic health records. This makes it feasible to locate reliable and well-organized clinical data using EHR. Also, medical billing software such as EHR automatically updates the coding rules, so there won’t be a need to manually look up the code in the booklet before adding it to the patient’s record, which increases the risk of error.

See Also: Medicare billing Guidelines for Skin Substitute Grafts

Conclusion

Cardiac medical billing procedures might be cumbersome at times. All members of your team must be up-to-date on the most recent cardiology medical billing guidelines. Engaging qualified cardiac coders and billers also helps your cardiac practice. Only professionals can ensure that reimbursement is appropriate and that cardiology billing codes are issued on time.

If you are experiencing problems receiving payment for cardiac care, Precision Hub’s RCM experts will assist you in streamlining your billing process and submitting more accurate claims. Exceptional coders at Precision Hub can decipher the hidden subtleties in the codes, comprehend the modifiers and disqualifiers contained in the codes, and use this knowledge in various healthcare settings. We have assisted cardiology practices in getting timely payments since our professionals are up to date with cardiology medical billing guidelines.

Medicare billing Guidelines for Skin Substitute Grafts

medicare billing guidelines for skin substitutes

Introduction

Wound care is a business that must adhere to strict rules and regulations. It requires adherence to Medicare billing guidelines for skin substitutes.

The specialty electronic medical record (EMR) information is critical to demonstrating that the practice adheres to clinical, financial, and operational guidelines. The documentation process begins when a patient calls to schedule a service.

Medical necessity and insurance coverage are verified and recorded in the system. Medical necessity rules vary by payer, but most payers follow the rules established by Medicaid Services. These regulations are referred to as Local Coverage Decisions (LCDs). Cellular and tissue-based products (CTPs) should be used based on how the patient appears clinically, as indicated by the LCD.

Are you tired of this complex process of billing for skin substitutes? Do you need a checklist providing important Medicare billing guidelines for skin substitutes? If yes, then continue reading.

The below Medicare billing guidelines for skin substitutes cover different aspects of medical billing in the grafting or wound healing process. Let’s find out all the important points of Medicare guidelines for skin substitutes.

Medicare Billing Guidelines for Skin Substitutes

According to the Current Procedural Terminology (CPT), skin substitute grafts consist of the following:

  • Non-autologous skin, which includes dermal/epidermal and cellular/acellular components
  • Grafts of both types, including the homograft and allograft
  • Non-human skin substitute grafts are known as xenograft
  • Biological products for skin growth capable of forming scaffolding (sheet)

It is unnecessary to report skin substitute graft codes when using gel, ointment, liquid, or foam (non-graft dressings) to treat wounds or when injecting skin replacements.

Claims for skin replacement grafts must include the applicable CPT code required by Medicare billing guidelines for skin substitutes. If the requested service for the CPT cannot be fulfilled or denied, the requested service for the skin substitute cannot be fulfilled.

It is improper to utilize wound dressing codes that do not involve grafts or injected skin substitutes with skin replacement surgery codes, as these codes are not associated with these treatments. According to Medicare billing guidelines for skin substitutes, if a product is deemed medically necessary, it will be included in one of the other regular management procedures and will not be charged separately.

When billing for Part B pharmaceuticals and biologicals, the Medicare billing guidelines for skin substitutes require the usage of a JW modifier. It must be used to identify unused drugs or biologicals from single-use vials or packages that should be discarded. The amount to be discarded must be indicated on a separate claim line and billed with the JW modifier. Any discarded medicine or biological must be documented in the patient’s medical record.

When a product is supplied in numerous sizes, payers assume that the patient will choose the size that offers the greatest comfort level while minimizing product waste.

When a biological/drug is discarded, the quantity administered and discarded must be precisely documented in the patient’s medical record. The record must include the date, time, discarded amount, and reason.

To discard a piece of a single-use package, you will be compensated for that portion. The information provided above in medical records must be presented clearly and concisely per the Medicare billing guidelines for skin substitutes.

Billing Process for Skin Substitutes

As per the skin substitutes Medicare requirement, before beginning treatment with a specialized wound care product, all wounds must be recorded (per the policy’s documentation criteria), and a comprehensive treatment plan must be developed.

  • Prior authorization is advisable before providing a skin substitute graft. The payor will examine the product, dose, and medical need.
  • Payment allowance limits for biologicals not in the ASP Pricing File or NOC pricing, i.e., Not Otherwise Classified File, are based on Wholesale Acquisition Cost (WAC). The payment allowance limit is 95%. 106% of the WAC for the lowest-priced brand or the WAC for the generic with the median price, whichever is smaller, is the maximum price allowed. When CMS does not include a drug’s price in the ASP pricing file, it is up to the Medicare Administrative Contractors (MACs) to establish payment-allowed limitations.
  • The WAC of Allograft and Dermal Matrix has been published and is accessible online. Before sending in invoice papers by hand, providers should be able to point MACs to the published WAC.
  • Providers must provide the product name, NDC/UPC/HRIC, WAC or invoice price, and HCPCS code when billing for a skin substitution graft.
  • Verifying that the right number of units has been entered in the “24G” field is crucial. For instance, because different skin replacement grafts are paid per centimeter squared, a whole 4 cm by 4 cm graft needs the reporting of 16 billing units.

Medicare guidelines for skin substitutes: Required Documentation

Billing for skin substitutes as per Medicare requires complete documentation. These requirements are listed below:

  • All paperwork must be kept in the patient’s medical record and provided to the contractor upon request.
  • Every record page must be easy to read and contain accurate information about the patient (e.g., complete name, dates of service). The paperwork must include a legible signature from either a doctor or a practitioner who is not a doctor but is responsible for the patient’s care.
  • The medical record must include evidence that the chosen ICD-10-CM code should be used. The service provided must be described in the CPT/HCPCS code that is sent.

Documentation in the pre-service record must explain why the wound has not healed following standard wound care treatments for more than four weeks. It also needs to describe the individual therapies that have not been successful. The record should include an up-to-date list of medications, a review of any pertinent medical issues that have arisen since the previous wound examination, a description of the planned skin replacement surgery, and the selection of the skin replacement graft product. Additionally, the potential risks and problems of the procedure should be evaluated and documented.

Medicare guidelines for skin substitutes: Required Conditions

Meeting the following conditions is essential for the coverage of the skin substitute’s application for the patient:

  • Neuropathic foot ulcer as a result of diabetes for more than four weeks
  • Venous stasis ulcer for more than one month
  • Foot ulcer that failed to respond to the measures for a more than one month
  • Full-thickness or partial ulcers
  • Measurement of the ulcer’s initial size, size of ulcer at the treatment beginning, and size following the management

In all the above cases, it is required that the ulcer must be without any infection or other condition like osteomyelitis.

See Also: What To Know About Medical Billing Errors And Patient Rights

Conclusion

The Medicare billing guidelines for skin substitutes encompass all the necessary steps, from prior authorization to medical necessity.

Billing for skin substitutes requires important consideration for authorization, allowance limit, coding and modifier details, and discarding the excess product. Billing experts at Precision Hub are here for your assistance in this complex billing process for skin substitutes. Contact us now to resolve any difficulty with graft billing.

Medical Coding vs. Medical Billing: What’s the Difference?

medical billing vs medical coding

Introduction

Despite the widespread misconception that medical coding and medical billing are identical, these two tasks are distinct in significant respects. To be successful, individuals in both industries must possess comparable skills. Nevertheless, how they achieve their objectives and the routes they travel to get there are vastly distinct.

Most individuals are uninformed of the difference between medical billing and medical coding. There is a degree of overlap between these two skill sets, as both positions entail encoding medical data into standard codes so that vital medical information can be transferred across individuals. A medical coder’s job is to provide the most comprehensive description possible of a medical visit. It is the responsibility of medical billers to provide accurate and timely reimbursement based on the used codes. A medical coder’s job is to provide the most comprehensive description possible of a medical visit.

The present post explores Medical billing vs. Medical coding. It identifies the difference between medical billing and coding. Moreover, the post also highlights the benefits of medical billing and coding services.

Medical billing vs medical coding

Medical Billing Vs. Medical Coding

Before discussing medical billing vs. medical coding, we must understand the meanings of billing and coding in the medical field.

Medical Billing Services: Medical billing involves the preparation and submission of medical claims on behalf of patients to insurance companies and government organizations in exchange for payment for services rendered to patients.

Medical Coding Services: Coding in medicine focuses on each patient’s health records. Correct coding reduces the likelihood that incorrect diagnoses or notes will be recorded. Medical billers must communicate with patients and insurance companies to submit claims.

Medical Billing vs. Medical Coding: Medical billers typically have more client-related responsibilities than medical coders. In contrast, medical coders typically collaborate with others in the healthcare industry to appropriately classify the services and products provided to patients.

Difference Between Medical Billing and Coding

Medical billing vs. medical coding: Medical billing and coding encompass a variety of duties, including patient registration, claim payment, and provider payment. It requires the collaboration of billers, coders, insurance companies, patients, and healthcare personnel to complete the process. Billers and coders ensure that the healthcare revenue cycle operates as efficiently as possible.

Let’s explore medical billing vs. medical coding.

Medical billing vs. medical coding involves submitting and following up on insurance claims so that healthcare practitioners can be compensated for their services. In contrast, medical coding is the process of translating various medical treatments into computer-understandable codes. Billing and coding for medical services are essential components of healthcare administration. They collaborate to ensure that patients receive the necessary care and that providers are compensated for their services. Unlike medical billing, which focuses primarily on the patient, medical coding concerns how insurance companies will reimburse for medical care rendered.

Medical coders must first translate how patients were treated into a computer-comprehensible language. ICD-10 and CPT codes are the two most prevalent types of medical codes. When medical billers submit insurance claims and add payments to patient accounts, they follow coders’ instructions. For claims to be reimbursed, the correct medical information is required. Billers collaborate with insurance companies to resolve issues with denied or rejected claims, finalize case facts, and send billing statements.

The following table shows the differences between medical billing and coding services:

Medical Billing vs. Medical Coding

Medical Billing

Medical Coding

Primarily entails entering information into a billing program using specialized software.

Categorize a patient’s care by consulting with physicians, registered nurses, and other health care experts

Providing insurance companies with proof of an insurance claim

Adding standard codes such as CPT, HCPCS, and ICD-10 to patient data to appropriately capture the services rendered

Maintaining contact with patients, healthcare providers, and insurance companies to ensure claims are paid.

Recording/Storing information into the Electronic Health Records (EHR) and Electronic Medical Records (EMR) software used in hospitals and private practices

Taking care of billing and managing payments for accounts

Including procedure codes on the surgical records utilized during the operation

Investigating claims that have been denied or rejected

Performing audits of medical charts if a claim is rejected

Ensuring that insurance companies compensate both patients and providers

Maintaining a level of familiarity with the most recent iterations of coding standards and federal laws

Determining whether or not medical coders have correctly classified patients’ services and products using the standard healthcare codes

Examining the medical records as well as histories of patients to guarantee that coding appropriately reflects a patient’s treatment

 

Benefits of Medical Billing vs. Medical Coding

Benefits of Medical Coding Service

Medical coding is quite similar to the process of translation. Coders transform medical reports from physicians into codes. The reports contain information including:

  • Patient’s condition,
  • Doctor’s diagnosis
  • Prescription
  • Any operations/procedures performed on the patient

These codes are a crucial component of the medical claim. Coders are responsible for ensuring that insurance firms receive accurate and comprehensive data. Below are the reasons why medical coding is vital:

  • Less past-due days in accounts receivable
  • Eliminating back billing, which can be costly
  • Fewer rejections when claims are clear
  • Accuracy above 98%
  • Capacity to generate customer-specific reports

Benefits of Medical Coding Service

Benefits of Medical Billing Service

Most practices know that medical billing services and revenue cycle management can assist cut costs and improving income by utilizing electronic eligibility verification and other benefits. Some of the most important benefits of medical billing are as follows:

  • Enhanced cash flow due to increased client revenue
  • Expedited claims processing
  • More time to concentrate on one’s primary abilities and achieve more
  • The practice’s overhead expenses dropped
See Also: How To Improve Medical Coding Quality

Conclusion

The post articulates medical billing vs. medical coding. People frequently believe that medical billing and medical coding are the same services. In contrast, medical billing and medical coding are two quite distinct professions. There are several significant differences between medical billing and coding.

Even though both of these services involve patients’ medical data, medical coders are the ones who examine the records and assign the correct codes based on what the medical staff says. After that, medical billers utilize specialized software to insert all necessary medical codes. Coders and billers work to ensure the correct amount is billed to the patient’s insurance carrier.

Precision Hub has been assisting customers with their medical coding and billing issues. Proficient medical billers and CPT-certified coders at Precision Hub can manage any volume of work and complete it on time to provide clients with the best possible medical billing and coding services. If you employ our services, we guarantee that your claims will be more accurate, you will have fewer denials, and your income will increase.

If you require assistance with any aspect of medical coding or billing, please do not hesitate to contact us; we will do all possible to assist you.

The Fundamentals Of Pharmacy Billing And Reimbursement

pharmacy billing process

Understanding how the revenue management cycle works in a pharmacy is vital to navigating the nuances of the pharmacy billing process and reimbursement. While medical coding and billing ensure that patients and payers reimburse the healthcare providers for the services availed, pharmacy billing and reimbursement focus on payment collection on the provision of prescription medicine by the pharmacy as the pharmacist’s compensation.

In pharmacy billing and reimbursement (PBR), both the pharmacy and hospital outpatient department are part of the reimbursement process. The physician, for instance, writes the prescription and orders the drug on behalf of her/his patient. The pharmacist, on the other hand, completes the order by issuing the drug to the physician, and bills the insurance company for it.

In due time, the prescription is accepted by the health insurance company. The payer compares the charges to the patient’s benefit plan to determine how much the patient owes or what the insurance plan will cover. Information is then returned electronically to the pharmacy. The claims adjudication in a pharmacy takes place in a matter of seconds. This process helps to prevent errors and delays in reimbursement.

Managing the flow of pharmacy billing process, from entry to reimbursement, can be challenging. Nevertheless, understanding and efficiently handling the various stages of the pharmacy billing process is key to improving both income outcomes and patient care.

The Costs of Providing Pharmaceutical Products

The U.S. pharmaceutical industry spends $83 billion a year on research and development (R&D) of new drugs. Many of these drugs have valuable medical benefits. However, they are also very expensive, contributing to the rising cost of healthcare. Many policymakers have considered lowering drug prices and reducing federal drug spending, but those policies would reduce the industry’s incentive to develop new drugs.

Currently, the cost of brand-name prescription drugs is on the rise due to manufacturers raising prices for their current medications and the entry of new ones. An assistant professor at the University of Pittsburgh School of Pharmacy, Inmaculada Hernandez, compiled data on the price of 27,000 prescription drugs.

According to her research, the price of brand-name oral and injectable prescription drugs increased on average by 9% per year between 2008 and 2016, as compared to the general inflation of only 2% in the same period. It is, therefore, crucial to identify and address what is driving up costs for providing drugs to patients.

The Costs of Providing Pharmaceutical Counseling

The costs of providing pharmaceutical counseling vary greatly. Some costs can be avoided entirely, while others are reduced or eliminated altogether. One example is cost avoidance, where a pharmacist can suggest discontinuing a potentially inappropriate medicine and saving the patient the cost of hospital admission or referral to a physician.

Other costs can be avoided or reduced to a large degree, such as by eliminating the actual cost of the medicine. These savings, however, are often less apparent than the potential costs of not providing pharmaceutical counseling.

Another method of reducing the cost of medication is by engaging clinical pharmacists. Research has shown that engaging pharmacists is an effective way to reduce the number of prescriptions written and the costs incurred. For example, engaging pharmacists in the clinical setting can help hospitals avoid the negative financial consequences of improper medication administration and lead to better quality care for patients. The effective use of pharmacists in the healthcare team requires that physicians view them as full-fledged practitioners.

adjudication in pharmacy

The Pharmacy Billing Cycle

Obtaining a National Provider Identifier

Obtaining an NPI is an important step for pharmacy businesses. In order to be reimbursed for pharmacy services, a business must have an NPI. A business can obtain more than one NPI, such as if it is involved in both OCD (over-the-counter dispensing) and DME (durable medical equipment). However, if the business has a combination of both, it may only need one NPI.

The National Provider Identifier (NPI) is a 10-digit identification number issued by the Centers for Medicare and Medicaid Services to all health care providers. This number is used in health care claims and electronic health records, and it may be tied to notes made by the provider. In addition to health care claims, NPIs are also increasingly being used to match providers to data.

Getting a Detailed Contract

If you’re looking to improve your revenue and increase your profitability, it’s crucial to get a detailed contract for pharmacy billing and reimbursement services. The current state of health care has made it necessary for pharmacy practices to bill for prescriptions.

According to the latest statistics, $325 billion of prescriptions are paid for annually, and this number is only expected to increase after the Patient Protection and Affordable Care Act takes effect in 2018. The current process involves entering patient information and processing insurance claims. A pharmacy’s billing and reimbursement services should make this process as smooth as possible for both patients and pharmacists.

When choosing a third-party administrator, get a contract that outlines the process. The contract should outline what each party will do and will not do to ensure payment of prescription services. It should define which fees are included in the reimbursement process.

This document should also address 340B pharmacy fees, which apply only to independent pharmacies. To get the most out of the partnership, focus on the most important parts of the contract. Each decision may have an impact on inventory, cash flow, and financials. It’s best to have everything work in harmony to ensure a smooth operation.

Getting Paid For Services Rendered

If you’re a pharmacy provider, you’ve probably heard of the many challenges that come with billing and reimbursement. It’s an important part of the pharmacy business, but not everyone is ready to take the plunge.

The first challenge you’ll face in the pharmacy billing process is figuring out how to bill for services rendered. Because pharmacists are not federally recognized as medical providers, they must work within the legal system of their state.

This requires them to use the CPT/ICD-10 codes for medical provider services when they bill for clinical care services. They must also track the outcomes of these services, register with a National Council for Prescription Drug Programs database service, and implement a professional pharmacy billing software such as QS1.

Strategies to Improve Revenue Cycle Management

Managing the revenue cycle is an important mission-critical activity for all healthcare providers. When performed correctly, revenue cycle outcomes impact the quality and efficiency of patient care, including clinical documentation, timely reimbursement, and communication between payers and providers.

Over the last decade, many healthcare organizations have automated RCM processes, leading to greater efficiencies and improved patient experiences. However, significant challenges remain.

Implementing new technology and processes can help improve the overall efficiency of the revenue cycle. In addition, hospitals should ensure that their formularies meet the requirements set forth by payers. These changes should be implemented at the earliest possible time to maximize the financial and clinical value of their medicines.

In addition to implementing new technology, pharmacies must ensure that their processes capture maximum revenue and minimize the risk of losing reimbursement. To do this, pharmacists must understand the demands of the payers and develop processes to ensure that they are compliant.

adjudication pharmacy

Tips for Pharmacy Billing and Reimbursement

Pharmacists must understand how to manage the pharmacy billing process and reimbursement to maximize profits. The cost of dispensing a prescription and the total reimbursement rate determine the profit of a pharmacy.

Pharmacy revenue depends on both. This is why pharmacies need to be very careful in determining the cost of a prescription.

Proper documentation is required for every prescription. It is important to collect information from the patient and the prescriber, including insurance and DEA numbers (Drug Enforcement Administration). Pharmacy claims must contain accurate information to avoid denials by insurance companies.

Pharmacy workflow includes planning the entire process from ordering from a wholesaler to delivering a claim to the patient. To avoid a delay in payment, the pharmacist must have accurate information at all times.

Paying patients directly is possible in many circumstances. Many patients have private insurance or Medicare. However, a large portion of the U.S. population is uninsured or underinsured. While the percentage of patients paying directly for prescription drugs has declined since the passage of the Medicare Modernization Act, it still exists in some instances.

In such cases, pharmacy reimbursement formulas are similar to those described above. The patient is ultimately responsible for the amount of money he or she pays for a drug. Sometimes this is referred to as the “usual and customary” price.

Pharmaceutical goods are reimbursed in one of three ways: private insurance, public insurance, or cash. Private insurance plans are provided by the employer or family member. Individuals can also purchase insurance through the government or buy a health insurance plan themselves.

Public insurance, meanwhile, is provided by the government and subsidized by the government. If an individual does not have health insurance, he or she may pay for the drugs themselves.

See Also: Avoiding Prior Authorization Denials

The Bottom Line

The healthcare industry is complex. There are numerous layers of data handling and the complexities of the revenue cycle involved. Pharmacy claims may be distinct from hospital claims and may have HIPAA compliance requirements.

Consequently, pharmacists should understand how to manage this revenue cycle to ensure optimal patient care. If they are unsure about the proper way to bill patients, pharmacy management software can help. It is the best way to avoid pitfalls.

While pharmacists are increasingly becoming involved in clinical care, the pharmacy billing process and reimbursement process is not always flexible. The process can cause big losses in revenue, practice, and patient satisfaction. As a result, pharmacists should be aware of these risks and implement a flexible billing system.

A pharmacy management solution like revenue cycle management can streamline the billing process by providing comprehensive tools to optimize reimbursement for covered items. It is also the best way to stay up to date on new guidelines and regulations.

At Precision Hub, we offer end-to-end solutions for healthcare providers and pharmacists to help them meet their revenue goals. From BI tools and reports to coding services to finance and accounting, we provide complete revenue cycle management solutions to help you unlock the benefits of professional pharmacy billing and reimbursement.

 

Avoiding Prior Authorization Denials

authorization denial

The prior authorization process haunts physicians and steals the precious time that could be spent on delivering quality care. Authorization denials hinder the care process by delaying the necessary service delivery.

The survey by AMA, i.e., the American Medical Association, reveals eye-opening statistics related to the burden of prior authorization faced by American doctors. As raised by prior authorization, the administrative burden of healthcare practices damages providers and slows patient care. According to the survey results, medical practitioners complete 41 prior authorizations per week and spend an average of 2 days per authorization. 88% of respondents deemed prior authorization a high hardship. 940 out of 1,000 physicians had to wait longer to assist their patients owing to prior authorizations (PA), and 8 out of 10 physicians indicated that their patients discontinued treatment during the delay.

Despite healthcare providers’ efforts to limit the amount of prior authorization claim denials, insurance companies continue to seek authorization for new consultations and procedures. Consequently, the number of denied claims has grown.

Do you also face difficulty related to prior authorization denials that disrupt the whole process of your workflow?

Let’s explore everything about authorization denial here. This article also discusses the types of authorization in medical billing.

Authorization Denial

In medical billing, “authorization” refers to the payer’s agreement to pay for specified treatments before execution. These services are also referred to as preauthorization and prior authorization. As the name suggests, the insurance provider must authorize the planned treatment or service. Failure to do so leads to authorization denial.

A variety of procedures require insurance company approval before they can be performed. When determining an individual’s eligibility for insurance, it is necessary to establish whether some services require prior authorization. The request will be made based on the patient’s health insurance coverage. Before granting coverage, insurance companies must approve requests for necessary medical treatments and benefit conditions. The preauthorization number must be included on the final claim form submitted following the treatment. Preauthorization is a component of medical billing that guarantees claims are processed efficiently and error-free. If there is no pre-approval, invoices are not paid.

Let’s find out the reasons for authorization denials and how to avoid them:

Claim without

1. Claim without Prior Authorization Number

Automated systems process the claim; if there is no prior auth number, the system denies it. A manual check is necessary to prevent authorization denial because of a lack of numbers. Double-checking the claim before submitting it is a good practice to save time and money.

2. Claim with only one Pre-Approved Service

A claim can be refused because just one of the claimed services was authorized beforehand. Personnel responsible for billing and coding must pay special attention to all services specified on a claim. Staff members responsible for billing and coding must cooperate with providers to ensure that providers understand which services require prior authorization and that all authorizations are received before the delivery of services.

3. Failure to Obtain Authorization Prior Treatment

It might be challenging when you need to treat a patient in an emergency and do not have time to seek pre-authorization. It is particularly significant when the patient’s condition is critical. In an emergency, payers are typically more likely to cooperate. On the other hand, they are typically quite rigid regarding non-emergency care.

4. Incorrect Claim Process

The incorrect processing of the claim by the payer leads to authorization denial. It is thus crucial to identify why the claim is wrongly processed. Warranting the reason is vital for preventing it. Identifying the error’s reason helps in the future by avoiding the mistake.

Incorrect Claim Process

Types of Authorization in Medical Billing

The common types of authorization in medical billing are prior and retroactive authorization.
Retroactive authorization requests the payers for approval after the treatment is provided. It is provided in emergencies when the patient is mostly unconscious and immediately needs the service.

Prior authorization, as explained earlier, is the approval made before the provision of treatment or service.
Medical practitioners and organizations can take several measures to make managing pre-authorizations easier. Since insurance companies modify the requirement for pre-authorizations depending on the standards, healthcare providers must remain current on the constantly changing clinical criteria for each illness state. When a patient orders a prescription drug in a manner that deviates from the norm, they are frequently required to receive prior approval from their health insurance company. In this case, preparing a list of the medications and treatments covered by each plan may be useful. These lists can also be incorporated into an electronic health record to alert physicians if they seek something that requires prior approval. Delays can be reduced in patient care by remaining up-to-date with insurer policies and formularies.

It may be advantageous to reduce the time doctors spend on the phone with insurance companies by designating and training individual staff to handle prior authorization requests. Having a Prior Authorization Certified Specialist on the team to aid with the administrative procedure is advantageous in multiple ways.

It is essential to establish effective documentation policies. The approval procedure will be a lot quicker if you maintain track of everything you’ve attempted in the past. Long-term maintenance of detailed records of past authorization requests can help facilitate renewals.

See Also: Billing And Coding For Pulmonary Procedures

Conclusion

Doctors strive to deliver the best possible care to their patients as quickly as possible while ensuring that their treatment options are effective, legal, and cost-efficient. Prior authorizations and claim denials are time-intensive procedures that might delay emergency medical care. However, outsourcing this complex process to Precision Hub (PH) can save time and energy. We are among the leading medical billing firms in the industry to handle all your prior authorization needs.

PH is an all-inclusive revenue management solution for the physician in the US. We aim to improve the financial health of your practice. Our experts are proficient in handling denied claims and preventing them in the future. It helps your practice generate more money.

With our years of experience in medical billing and coding, we build a solution to your clinic’s specific needs. Get in touch with our experts at Precision Hub to learn more about how we help manage authorization denial or support your medical practice.

 

Why Should You Hire A Medical Billing Company?

What is Medical Billing?

Healthcare providers often dedicate time, money, and resources for providing patients with the highest quality care. Receiving appropriate compensation for this work is a necessity for hospitals and other healthcare services to have enough capital to run their operations smoothly.

The lengthy process of managing accounts, billing, administrative work, and medical codes can become a great burden for hospital administration and staff. Hiring medical billers has proved time and time again to be the most effective strategy in today’s rapidly growing healthcare industry.

Healthcare providers often face a delay in receiving payments from insurance companies such as Medicaid, Medicare, and other insurance providers due to flaws in coding or filling forms. In an industry where $125 billion remains uncollected each year due to faulty claims, hiring medical billers can help take off the burden from hospital staff and administration. Neglecting the importance of outsourcing the critical billing procedures can be damaging, not only to the revenue management cycle of your practice but also to its reputation and the quality of service it provides to patients.

Continue reading to find out how hiring medical billers can benefit you immensely and run your practice as efficiently as possible.

1.Lower Labor Costs

Hiring in-house medical billers to work directly for the healthcare facility comes with several costs. Facilitating the process of hiring medical billers, paying salaries, providing benefits, additional training, etc., represent a high cost of doing business for healthcare providers and hospitals, also consuming much of their time before effective systems are put into place. According to a survey undertaken by The Commonwealth Fund, administrative costs per physician amount to $83,000 per annum, four times the amount incurred by a Canadian physicians.

Hiring a medical service provider and outsourcing this responsibility allows experts in medical billing to take over and shift the responsibility to those who have the necessary training, command, expertise and experience in this field. Medical billing companies will be responsible for incurring the costs of hiring, training, and paying the medical billers. Ultimately, this will reduce the number of claims being denied and promote greater reimbursement.

hire a medical biller

2. Increased Data Security

Patient data is constantly under threat as hackers and other cyber-criminals attempt to hack into and steal valuable patient data that can be used by insurance companies and other financial institutions. This information is very sensitive as it contains patient information, family information, addresses, patient history, diagnostic results, medication, and other important personal details.

Medical billing companies have often taken advanced measures and precautions to prevent this via the most up-to-date digital security software to protect sensitive patient data. This is done as billing companies follow HIPAA security rules and conduct risk assessments and risk management of all systems. Breaching Health Insurance Portability and Accountability Act of 1966  1996 (HIPAA) regulations can result in major fines and charges which can be detrimental for startups and independent medical practices.

Data security can also be enhanced with the use of innovative technology in the healthcare industry. For example, electronic health records (EHR) permit the practitioners to send, use, and monitor private and sensitive data most securely.

3. Decreased Logistics Costs

In-house medical billing staff requires their own office space, software, computers, and dedicated time from the HR department, all of which come with a substantial monetary price tag. Advance medical billing software requires experts to run and integrate it with currently existing systems in the hospital.

Hiring a third-party medical billing company shifts this responsibility and relieves the medical practitioner from this burden. Medical billers operate in their own offices, within their separate companies, and will use their own software. With a third-party medical billing vendor, the leftover space and business resources can be dedicated to therapeutic, diagnostic, pharmaceutical, and surgical facilities. Staff can also be hired or allocated to different areas of the practice where they may be of greater help and more productive.

4. Greater Revenue for Practitioners

Healthcare practitioners often bear substantial losses in revenues annually due to denied insurance claims. According to AARP, 1 in 7 claims is denied, resulting in over 200 million denials per day.  This occurs due to a broad spectrum of reasons. A few examples include incorrect medical coding, claim form errors caused by inaccurate information, missed deadlines, and insurance coverage issues. It is said that nearly 30% of all insurance claims are either ignored or denied.

In-house administration costs alongside errors in form submission that can result in long delays with insurance claims are also greatly reduced. An expert medical billing company increases the net revenue collection and corrects any deficiencies within the preexisting revenue cycle.

A greater revenue stream will allow the medical practice to grow and expand into other fields of medicine, improve patient care, or provide increased benefits to staff, to name a few advantages of outsourcing. Additionally, medical billing organizations can help identify areas of strength and weakness within your payments and collections system.

hire a medical biller

5. Streamlines Daily Billing Operations

Medical codes and insurance policies are ever-changing, and only someone deeply familiar with them can follow and apply them adequately. A coding specialist is well-versed and experienced in medical billing, coding, and the workings of the Affordable Healthcare Act, Medicaid, and Medicare.

Expert medical coders and billers can effectively identify compliance issues to limit insurance denials and allow the medical practice to receive greater cash flows and maximize revenues. Reclaiming rejected insurance claims will now be the responsibility of the hired medical biller, thus, reducing your stress and allowing you to dedicate more time to improving patient care or expanding your medical practice.

Maintaining and upgrading software solutions can take a large amount of capital and may also take up a lot of time. Outsourcing this responsibility of constantly updating and adopting newer software can be immensely beneficial in cost savings.

6. Greater Accountability and Reporting

Almost every medical biller relies on smart software that streamlines and automates the entire process of the revenue management cycle. This allows the greatest level of accuracy and prevents human error from interfering with the financial performance of your practice.

Hiring medical billers relieves the healthcare facility of most of the capital expenditures associated with acquiring and operating new software. Moreover, medical billing companies are fully compliant with HIPAA and follow all regulatory standards. A reputable medical billing company will also assist your practice in staying up-to-date with market trends, state laws and regulations, and codes.

7. Greater Financial Transparency and Analysis

Transparency in medical billing is a challenge. Healthcare professionals and hospital staff can help strengthen the patient experience greatly by streamlining the critical processes involved in billing and payments.

By hiring a professional medical billing company, a medical practice can easily reduce costs and delays. By automating and restructuring your billing operations, a medical billing vendor will be able to accelerate cash flows and improve operating margins. The subsequent operational transparency and financial efficiency will help you enhance the patient experience in turn, thus, enabling business success.

8. Reduced Errors in Billing

Hiring a medical biller will help you reduce potential errors in form submission and insurance claims. Almost four in five medical bills contain mistakes of some kind or the other, undermining your ability to receive timely reimbursement for services rendered from insurance providers.

A research study undertaken by NerdWallet reveals that nearly 49% of all Medicare claims contain errors. Other errors that practitioners should be cautious of include incorrect procedure codes, mishandled underpayments, missing information, and upcoding.

Hiring a medical billing company will help you prepare and dispatch error-free documentation and process insurance claims quickly. Relying on their billing experts means cutting down on coding and billing mistakes, better office management and compliance, and more savings per patient. Outsourced billers will help you save time in many ways, which you can then utilize more productively in enhancing your clinical practice.

See Also: The Importance Of Provider Credentials In Medical Billing

Conclusion

Medical billing is a complex field that is prone to errors and mismanagement. As the costs of managing medical billing processes in-house increase, so do the pressures of keeping up with multiplying rules and regulations in the healthcare industry.

Hiring medical billers can transfer this burden of administrative and financial duties from the medical professionals to those who are qualified and better able to handle them. If you are struggling with medical billing and need a reliable partner for assistance, Precision Hub provides the latest and most innovative tech-optimized medical billing solutions.

Let the experts take care of your outstanding claims and medical bills, while you focus on patient care! Hire a medical biller and let us handle all your billing, coding, bookkeeping, financial reporting and analysis.