The recent changes in the ICD-10, CPT codes, and E&M guidelines have made it difficult for health care providers to manage nephrology billing services effectively. Because they have to do multiple tasks along with the medical billing and coding process. As a result, they lose a significant amount of their net revenue.
Moreover, due to the constant evolutions in the healthcare industry, medical billing and coding have become more complicated than ever before. Small mistakes or errors can add up to costly denials. Therefore it’s imperative to learn how to avoid the most common nephrology billing and coding errors.
If you are finding it difficult to manage the billing process along with your busy schedule, then you must choose to outsource nephrology medical billing services. Because it is the best solution for your struggling medical practice. The outsourced billing vendors provide extensive services and proven strategies to uplift your bottom line.
Hence, medical practitioners cannot ignore the importance of the nephrology billing process. Because the financial stability of their medical practice mainly depends on the billing system.
What Does a Nephrologist Do?
Before diving into further details, let me clarify what is the role of nephrologists? Nephrology is a specialty of medicine that focuses on the diagnosis and treatment of diseases, related to kidneys.
A nephrologist treats disorders of the kidney, blood pressure, fluid, electrolyte, and complications of kidney failure.
How Does Outsourcing Add Profitability to Your Business?
If you are still confused to choose between in-house or outsource nephrology billing services, then you must consider the following benefits of partnering with a third party.
- Cut Costs Overhead
Sometimes healthcare providers don’t believe in outsourcing and prefer to build an in-house billing department. They have to spend a hefty amount on overall operational costs including the hiring of billing staff, higher salaries, health insurance of staff, employee incentives, office workspace, and purchase and maintenance of advanced billing software. All these expenses increase the financial burden on medical practitioners
In addition to this, staff turnover is another major challenge for practitioners. Because staffing costs do not only include the wage or salary of the employed person, but also the cost of their training. For example, if you hire a billing team, you don’t just have to pay their salaries, but also have to invest in their constant training.
And unfortunately if one of the employees resigns from his post, you have to begin the hiring and training cycle again. And your training costs will never end. On the other hand, by outsourcing nephrology billing services, you can save money on all these operational costs. Off-shore billing companies have a state of infrastructure and highly trained billers. These factors decrease the financial burden on healthcare providers.
- Minimizes Coding Errors
Medical coding is considered an invisible engine of the billing process. Because they tell payers about the patient’s diagnosis, medical services, or treatments that a patient received. Medical coders extract this information from medical documents and transform it into universal codes.
No doubt medical coding is a complicated and time-consuming process. Coding errors can lead to claim denials. Off-shore billing companies have certified and well-experienced medical coders, who have intensive knowledge about all the current changes in the coding rules. They try to make every possible effort to ensure accurate medical coding.
Some of the common nephrology billing and coding mistakes are
- Submission of unspecified diagnosis
- Failing to Show Link or Cause Relationship Between Diseases
- Current Issues with ESRD and Dialysis billing
- Submitting Incomplete Codes
- Reduces Claim Denials
The optimization of revenue cycle management depends on the maximum reimbursements and reimbursements are only possible through the submission of clean medical claims. So it is the responsibility of medical billers to ensure the timely submission of error-free claims.
If healthcare providers choose to manage the billing process in-house, it may be possible that they put this responsibility on the existing staff. That is already wearing too many hats. In this situation, they can’t properly concentrate on this process and end up with the submission of erroneous claims. Which ultimately leads to claim denials.
On the other hand, by outsourcing nephrology billing services, you can decrease the rate of claim denials. Because outsourced billing experts scrub every medical claim to identify possible denials before submission. For example, they double-check the provided information including patients’ names, date of birth, address, phone number, gender, insurance eligibility, ID, and policy number.
- Maximize Reimbursements
After the submission of claims in a timely manner, off-shore nephrology billing experts also track and monitor each and every medical claim. In the case of claim denials, first of all, they identify the common reasons behind denials. Then they rectify the errors and appeal the claims within a week. Hence the effective management of denied/rejected claims maximizes the reimbursements. Which leads to optimized revenue cycle management.
Medcare MSO Medical Billing Services
Are you looking for reliable billing partners? Then look no further. Medcare MSO is the best medical billing company in the United States. Which provides extensive nephrology billing services to uplift the bottom line of your medical business.