There has been a huge downfall in the revenue generated by cardiology medical billing over the last few years due to the new medical reformation. Adding to the burden, the Medicare fee reduction has affected the cash flow furthermore. Echo services like Doppler and Color flow witnessed many changes and so are the other categories. Understanding the new code set needs adequate training, which most of the practices’ in-house billing team lack. Outsourcing cardiology medical billing is a great option but many cardiologists have the question why they should go for it. Here are the top reasons that proven why outsourcing to a cardiology billing company is the best solution:
New Medical Reforms: While the ICD-9 to ICD-10 code set migration created a huge impact on the cardiology medical billing, some new changes have come up in 2019, complicating the process furthermore. The addition of new codes to the Cerebral infarction section and a new sub category to cerebrovascular diseases are some of the changes. An experienced cardiology billing company employs expert professionals who are well-versed in the new billing terminologies. Therefore, it would be wise to outsource instead of spending valuable time in training the in-house staff.
Medicare Fee Reduction: The Medicare fees for cardiology medical billing is reduced by 2% this year. It has become a repeated thing as the same happened in the past years as well. If every year, cardiology billing suffers a 2% Medicare fee drop, then there would be a great revenue loss for cardiologists. To save money, consider outsourcing to a reputed cardiology billing company.
Expenditures: As mentioned earlier, the new healthcare reforms have impacted the normal medical billing and coding while demanding a few changes. These changes include upgrading technology & software, training the staff, conforming to new regulations and standards. It would involve a lot of money to perform all these tasks. In simple words, such payments could be avoided through outsourcing cardiology medical billing.
Focus on Core Business: Time sharing between front and back-end cardiology medical billing services and patient care is a huge struggle for most cardiologists. Insufficient staff training, AR pile up, claim denials are already causing great stress for Providers. How could they possibly focus on patient care when their prime motive is to sort out billing services and revenue losses? Definitely a challenge! That is why cardiology Providers should choose outsourcing medical billing.
Coordination of Benefits: Sometimes, COB (Coordination of Benefits) can be truly challenging for certain treatment services that require complex billing. The in-house billing staff cannot handle it effectively. Therefore, partner with an experienced cardiology billing company who will manage the COB of patients seamlessly.
Other Reasons to Outsource:
- Increased productivity
- Timely follow-up on claims
- Avoiding AR pile-ups
- Rapid payment posting
- Customized billing solutions
- Conducting monthly audits
- Tracking progress and find areas of improvement
- Improved collection
- Faster turn-around-time (TAT)A
About MGSI: A leading medical billing company in the US, MGSI is the right choice to outsource your cardiology medical billing functions. This Florida-based medical billing company has more than 23 years of experience in providing exceptional cardiology billing services to its clients. It follows certain expert protocols to get the maximum reimbursement from Payers. HIPAA compliant and LIVE certified, MGSI offers top-notch network and data security. To learn more details, log on to www.mgsionline.com.