When it comes to making the business profitable, many medical practitioners think that they can become successful by just treating enough patients during check-up hours. No doubt, providing standard medical aid to the patients is the primary objective of the healthcare providers, but they can’t get paid without the optimization of the gastroenterology billing services.
Just imagine how it can be frustrating for gastroenterologists to leave their hard-earned revenue uncollected due to certain reasons. Moreover, failure to keep the gastroenterology medical billing services optimized can lead to a multitude of financial crises. Such as: a high percentage of claim denials, increasing s receivables, constant revenue leakage and interrupted cash flow.
So, neglecting the financial aspect of your business i.e. revenue cycle management can certainly be a problem, leaving you with several issues related to your financial well-being.
Healthcare providers should always keep in mind that the success of their medical practice is highly dependent on two factors: satisfied patients as well as streamlined billing services.
Managing the non-medical obligations of gastroenterology i.e billing, coding, claims submission, payment collections etc, undoubtedly a daunting task. Because billing for this medical speciality is totally different from the other specialities. Which requires a specific set of skills and knowledge about the latest coding classifications and billing standards.
As medical billing is itself a full-time job, healthcare providers find it very difficult to manage it efficiently while focusing on patient care. Therefore, they prefer to outsource their gastroenterology billing services to a professional medical billing company.
Outsourced gastroenterology billing specialists can help you to streamline your cash flow in the following ways;
1. Prevent Claim Denials
Denial occurs when an insurance company sends the medical claims back without payments due to certain factors. For example, incorrect/missing patients’ information, incorrect modifiers or medical codes for the healthcare services rendered, duplicate billing, failure to keep up with the claims filing deadlines, lack of prior authorization, or invalid information, can result in claim denial.
Having a claim denial rate of more than 10% can put your gastroenterology practice at financial risk. However, outsourcing gastroenterology billing services ensure the efficient management of medical claims. Outsourced billing experts, having a diverse range of experience in dealing with your speciality make sure that claims are being accepted in the first place. They are also legally bound to collect maximum revenue on your behalf.
Healthcare providers can see a positive change in their financial strategies even after the first consultation with the gastroenterology billing specialists. First of all, they analyse the existing revenue cycle management to uncover the inefficiencies that cause claim denials. Then they implement customized gastroenterology billing solutions to eliminate the loopholes and unlock maximum revenue.
They make sure that claims are being submitted with:
- The Precise Set of Medical Codes:
Precise and accurate medical coding is not only crucial for improving gastroenterology billing services but also important from a compliance perspective.
As medical claims containing coding errors such as: use of medical codes for less expensive medical services than actual performed leads to permanent revue loss and also can land healthcare providers in legal troubles.
However, off-shore gastroenterology billing companies employ certified and well experienced medical coders. They have in-depth knowledge about the ICD-10, HCS, T or the other coding classifications. Which enables them to assign the accurate diagnostic of procedural codes for the healthcare services a patient receives. So, using an accurate set of medical codes eliminate the chances of claims denials due to coding errors.
- Claims Scrubbing
Before submitting the claims to the insurance companies, outsourced gastroenterology billing specialists double-check the medical claims to set them free from errors.
The claims scrubbing can improve your revenue collect management in the following ways:
- Improves claims first- acceptance rate.
- Prevents claim denials.
- Faster payments.
- Streamlined cash flow.
- File Claims On Time
Time is the most important factor of optimized gastroenterology billing services. Because the late filing of medical claims can result in denied or rejected claims.
Meanwhile, outsourced billing specialists always stay informed about the payers’ deadlines and policies regarding claims submissions. They ensure the submission of clean medical claims in a timely manner. So, gastroenterologists get paid faster without any delay.
- Automate the Billing Process
Gone are the days, when healthcare providers used the orthodox and manual methods of data collection, processing and submission of paper-based medical claims.
All these traditional techniques always leave a huge room for errors, which ultimately slows down the gastroenterology medical billing services. And healthcare providers can lose a significant amount of money in of claim denials.
Professional billing companies provide automatic billing solutions. They have access to advanced billing software, which reduces the chance of human errors. And increase the efficiency of the entire billing system.
Furthermore, medical claims that are being filed electronically can be processed more quickly than manual submission. Which ultimately results in faster payments.
2. Streamlines Revenue Cycle Management
Consistent cash flow is one of the major benefits of outsourcing gastroenterology billing services. It reduces the financial burden of the healthcare providers as well.
For example, by outsourcing, you don’t need to invest a considerable amount of money in building an in-house billing department. You can get rid of the istrative and financial burden associated with the: deployment of highly trained billers & coders, higher salaries, employee incentives (paid leaves, healthcare insurance etc,) state of the art infrastructure required for the execution of billing tasks, installation and maintenance of innovative billing software etc.
It’s pertinent to mention here that the costs of an in-house billing department is significantly higher than outsourcing gastroenterology medical billing services.
So, healthcare providers who are already facing declined reimbursements find outsourcing as the best solution for their financial problems. In this way, they acquire the assistance of a professional billing team at affordable rates.
Hence by filing the clean medical claims, reducing the days in medical s receivables, and cutting the operational costs, outsourced gastroenterology billing specialists help healthcare providers to elevate their revenue collections.
Medcare MSO is a HIPAA compliant and multi-speciality medical billing company in the United States. Our experts have significant experience in managing gastroenterology billing services. That can increase your billing collections drastically. us today to make the best deal for your healthcare business.
Header image: Gastroenterology by Nick Youngson CC BY-SA 3.0 Pix4free.org
