Claim denials have a significant impact on revenue collections. However, reconstructing denied claims can be very frustrating and time-consuming for healthcare providers. As a result, unsettled medical claims are frequently ignored, resulting in a backlog. As a result, several healthcare providers have permanently lost their hard-earned revenue. Is your company’s profitability being affected by a backlog of refused claims? Then it’s time to seek the help of a reputable Urology Medical Billing company to handle your Urology Bill.
What is Urology Medical Billing?
Urology Medical Billing is the process through which practitioners submit claims to insurance companies for services rendered to patients. Predefined codes for various treatments are provided by Medical Billing and Coding experts. This paves the way for the whole process of Urology Billing specific treatments to be transformed to meet this formality.
Let’s consider the facts addressing the financial impact of rejected claims on healthcare practices before getting into the details. Medical practitioners are estimated to spend around $15,000 on appealing medical claims, which includes phone calls, investigative work, and other admin expenses.
It’s worth mentioning that these expenses are in addition to the millions of dollars that go uncollected each year as a result of delayed, denied, or partial payments. Instead of wasting money and effort resubmitting denied/rejected medical claims, you may use this approach. Medical practitioners should focus on prevention rather than claims denial management.
Advantages of Outsourcing
You may get your healthcare company back on track by using cutting-edge Urology Medical Billing solutions, such as outsourcing Medical Billing and Coding services.
Modifiers and other complications are well-known issues in Urology Medical Billing. As a result, physicians are eager in outsourcing their medical billing to the top Revenue Cycle Management Companies.
You may also take advantage of the following benefits by outsourcing your non-medical obligations.
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Get Access to Industry Experts
If you’re in charge of Urology Billing at your hospital, you probably have one or two medical billers. Professional Urology Medical Billing companies, on the other hand, have dedicated and highly qualified teams of medical coders, billers, and recovery experts.
A billing collection company evaluates your needs before seeking the help of billing experts with a wide range of experience in your medical specialty, such as Urology. As a consequence, many people are available to efficiently manage your medical claims and recover payments that have been frozen due to AR backlogs.
Furthermore, Urology Medical Billing professionals that are outsourced work for a single goal: to collect every single dollar on your behalf. They have no other tasks than to manage Revenue Cycle Management activities in a timely and effective manner.
Consider the financial development and revenue collections that may be achieved by minimizing your outstanding claims with a team of individuals working on them. Since, Outsourcing Urology Billing services always come with a team approach.
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Identify and Fix Problematic Areas
It is impossible to deny that an issue cannot be solved until the fundamental causes are identified. The same may be said for Revenue Cycle Management in healthcare.
Outsourced billing and coding professionals look into the whole revenue collections management after the initial consultation to uncover the main reasons for claim denials and revenue loss. Because even a tiny mistake in any of the billing processes might lead insurance companies to delay payments.
They evaluate denied claims and related data for this purpose in order to have a complete understanding of the most typical billing mistakes that cause cash flow disruption.
The most common reasons for claim denials are:
The following are the most prevalent causes for claim denial:
- Inadequate/incorrect patient information such as name, age, date of birth, gender, mailing address, phone number, and so on.
- CPT or ICD-10 codes that are incorrect or obsolete.
- Modifiers used to describe extra healthcare services offered to patients are incorrect.
- Invalid insurance information/lack of prior authorization
- Duplicate Billing
- Failure to file medical claims within an insurance company’s specified time frame.
Outsourced Revenue Cycle Management professionals analyze the flaws in Urology Medical Billing Services. At the same time propose customized billing solutions that reduce all inefficiencies and best meet your financial needs.
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Improve Claims First-Pass Acceptance Rate
The timely submission of clean medical claims is critical for maximum cash flow. The higher claims first pass resolution rate is, nevertheless, one of the key advantages of outsourcing Urology Medical Billing Services. Outsourced Urology Medical Billing experts ensure that claims are submitted in accordance with the following guidelines:
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Accurate Medical coding
Offshore Urology Billing companies assign coding to 100 percent certified medical coders that have the specialized knowledge and abilities required to manage your specialty.
They are proficient with the most recent coding classifications, such as ICD-10, CPT, and HCPCS. This allows them to give specific codes to diseases, diagnoses, therapies, medical equipment, and medical services that patients received during their visit.
They work hard to prevent expensive coding errors including upcoding, under coding, unbundling, and the use of inappropriate modifiers. Which ultimately prevents the claim denials and streamlines the Urology Billing services.
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Double-Check Claims
Before sending medical claims to payers, outsourced billing specialists double-check them. As a consequence, they are able to detect and correct the flaws that lead to claim denials.
As a result, urologists financially benefit from a claims process that generates the maximum volume of clean claims and prompt reimbursements.
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Ensure Compliance
A qualified Urology Medical Billing collection company ensures that your administrative workflow, as well as your whole billing and coding systems, are in compliance with HIPAA and other federal regulations. They also have strict security protocols in place to protect your highly confidential health data from theft and ransomware attacks.
What distinct NEO MD as a Urology Medical Billing outsourcing partner?
NEO MD is well-versed in the nuances of Urology Billing. If you fall behind your revenue goals, it’s time to get our professional consultation about the Revenue Cycle Management process. Forget about the failures and get ready to take your Urology practice off the ground.
NEOMD stood best among competitors due to the following cores;
- Our experts work hard to reduce your front-end denials by 20%.
- Improve RCM system efficiency with a robust credentialing team.
- Refunds adjustment and Payment posting to improve the cash flow.
- Offer internal audits to uncover loopholes
- Increase the accuracy of fees and collection.
- Provide fortnightly financial and practice overviews.
- Offer Services that are easily scalable at all times
- Out of Network Negotiations.
- Offer Free Medical Billing Audit
- Provide Urology Medical Billing and collection services that are of high quality and error-free.
- Use the latest technology and tools.
- We have consistently increased the collection rate for our clients because of the faster processing of accounts receivable and on-time follow-up.
How NEO MD works?
NEO MD is well-versed in the nuances of Urology Billing. Whether you’re billing Medicare for a non-screening PSA (prostate Specific Antigen Test) or advanced prostate cancer immunotherapy or just working on structuring your out-of-network charges, NEO MD is there. For more than10 years, NEO MD has been working hand in hand with urologists nationwide. Our professionals maximize reimbursement, reduce costs and streamline practice operations. NEO MD will work to identify problem areas and ensure the correct use of modifiers. Furthermore, we will educate your practice on best-in-class billing practices and procedures.
Let’s Schedule a Demo to learn more about how we can improve your medical practice management. Get us at! (info@neomdinc.com) or (929) 502-3636).
LSI
- Urology Billing
- Medical Billing and Coding
- Medical Billing Services
- Revenue Cycle Management Companies
- Revenue Cycle Management
- What is Urology Medical Billing?
- What distinct NEO MD as a Urology Medical Billing outsourcing partner?for more information please click on this: https://www.articleritz.com/
