With the constant change in standards for medical billing as well as the development of new regulations and techniques, the way we go towards the medical billing system has been totally transformed. In the last few years, the oncology practices that do lack a reliable medical billing system have been swept into the pits of medical billing practices that have been updated. It is expected that the practices follow in line with specific healthcare trends. Through this article, we’d like to discuss the factors that impact oncology medical billing, and how 24 hours a day Medical Billing Services can make it easy for cancer practices to handle easily.
The ICD-10 Coding
The ICD-10 codes were introduced which tripled the number of codes with the replacement of ICD-09 and was classified as 71,924 procedural codes as well as 69,823 diagnosis codes. It’s a must and a burden for your in-house medical coders to understand all the codes, and then apply correctly when the billing process and when filing medical claims. Furthermore, it can impact your staff’s schedule and result in billing mistakes and delayed or pending reimbursements. This can affect your revenue and can put you in a difficult position.
This is one reason why some oncology medical practices opt for to outsource the medical billing processes to a third-party service provider, and maintain their current routine. By outsourcing oncology medical billing, it helps medical practices to concentrate on the care of patients instead of working on the implementation and adjusting to ICD-10 Coding.
Affordable Care Act
The Affordable Care Act was enacted to make health care accessible and affordable to everyone and also make it useful for those who had previously been not insured too. As more people become insured and the more procedures and medical billing and coding become. With the stringent requirements for documentation set through ACA and ACA in force, accuracy was an absolute requirement for medical coders and billers. Thus, many practices in oncology decided to outsource their medical billing processes so that they can receive 100% reimbursements and reduce delay in billing or denial rates and ensuring a balance between physicians, patients and medical professionals.
Electronic health records
There are many cancer clinics have started to maintain EHRs (EHR) however, certain practices aren’t integrating billing software. EHR with integrated billing helps doctors to be paid in time and with no hassle. It cuts down on time to complete forms in order to receive payments. To reduce time and costs in this administrative process Oncologists plan outsourcing their billing systems and avoid confusion in billing.
Payment based on value
It has been suggested that in 5 years reimbursement will be completely dependent on the quality of care, and fees-for-service models will be gradually being eliminated. Though many doctors have voiced concerns about the value-based model of payment however, it is certain that healthcare reimbursement’s future will grow at an unimaginable height.
If this happens the oncologists will be required to analyze the payers’ market and confirm the new billing procedure, coding and documentation. In addition the time that oncologists with patients may overflow, which will result in the allocation of less time for the operational needs of your practice.
As you will be spending much more time in your clinic with the patients you require an experienced team that can handle the medical billing process.
Medcare MSO is an extensive healthcare billing software to the practice of oncology that will help you reduce the burden of the area of medical billing as well as coding related to reimbursements and claims and get you transferred to value-based payments that maximizes your profits and efficiently handling the operational duties.
Medcrae MSO is the nation’s most renowned medical billing service catering services to over 43 specialties across all 50 states. We can be counted on for the management of your revenue cycle from end to end. We promise up to 10% to 20% increase in revenues, and reduce the cost of up to 50 percent.
Contact us now by dialing (800) 6409 for more about how we can improve the profitability of your practice.
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