Cardiology is a specialized field in the healthcare industry that involves a myriad variety of treatment services. In general, billing and coding cardiology requires expert knowledge as even a minor mistake can trigger huge claim denials. The introduction of new coding terminologies has made cardiology billing all the more complicated, resulting in the loss of a significant percentage of the revenue. Although there has been an increase in the average Medicare fees by 1.1%, cardiology has suffered a 2% reduction in the Medicare fees every year. Therefore, the earnings of cardiology practices have been affected furthermore. In this article, lets learn more about cardiology billing and how outsourcing can help incur such revenue losses:
Cardiology is an intricate field and coding interventional procedures like electrophysiology, Computerized Tomographic Angiography (CCTA) and cardiac catheterization lab needs utmost accuracy in coding. Therefore, cardiology medical billing services should be handled by highly-trained and experienced professionals. The staff must be well-versed in the ICD-10 coding terminology pertaining to cardiology billing. However, not all US medical billing companies have such trained staff in their inhouse team. Hence, medical billing outsourcing to an offshore vendor would be a good choice.
The US healthcare industry is continuously evolving with new reforms and regulations. Staying up to date is essential to ensure accurate cardiology medical billing services. Updating software and technology systems as per the current standards has become one of the top priorities, but it requires a huge investment. That’s why medical billing outsourcing is a better solution as offshore vendors come with fully-loaded tech systems. Also, these companies stay compliant with latest HIPAA rules and possess ISO certifications.
Complete Clinical Documentation:
It has been estimated that over 450 code changes are made to the ICD-10-CM code set in the Cardiology department for the year 2019 (subject to change in upcoming years). Some significant changes include addition of new codes in the category, cerebral infarction, inclusion of a new subcategory to hereditary cerebrovascular diseases and some other code revisions. To ensure proper cardiology medical billing services and reduced coding errors, thorough clinical documentation is essential. Experienced offshore vendors perform this documentation extremely well, so outsourcing would be an ideal choice.
Other Benefits of Outsourcing: In addition to the aforementioned advantages, cardiology medical billing outsourcing carry other benefits such as,
• Checking and updating codes frequently
• Conducting regular QA (Quality Assurance) audits
• Timely AR follow-up
• Reducing claim denials
• Offering custom-friendly analysis and monthly reports
• Faster turnaround time
• Saving overhead costs
• Maximize revenue generation