How are outsourcing neurology billing services beneficial for the healthcare industry?
With as many as one-third of all Americans developing a brain or neurological disorder during their lifetime, your work as a neurologist is critical—and complex. Neurologists and neurosurgeons treat a wide range of conditions, from epilepsy and dementia to spinal injuries and cancer. That’s what makes neurology billing and coding both complicated and time-consuming tasks. You gain a reliable and experienced partner who can help you streamline your neurology practice and maximize your revenue stream when you outsource your neurology billing and coding.
Benefits of Outsourcing Neurology Billing
Neurology billing outsourcing has grown in popularity in recent years. It allows a neurology medical facility to focus on its core mission: providing the best patient care and services.
Let’s see how outsourcing neurology billing services are beneficial for the healthcare industry:
- Reduce billing errors
Even minor neurology billing errors can have serious consequences. All errors impact reimbursement and result in claim denials, which snowball into a mess that is challenging to recover from. Staff members have already moved on to other tasks when neurology billing is done in-house; these denied claims often go unnoticed, even if reimbursement is waiting to be claimed.
A highly experienced neurology medical billing partner ensures that your claims are submitted thoroughly and efficiently using best practice workflows. Errors are quickly identified and communicated to your front desk and providers. Every day, denials and appeals are processed. All of this equates to the highest-paid reimbursements in the shortest time and, ultimately, more money for your practice.
- Improve cash flows
A reliable outsourced neurology billing partner uses certified professional coders to scrub claims before sending them to payers. Claims are submitted daily and correctly on the first attempt, resulting in much faster claims processing, fewer rejections, higher reimbursements, and, as a result, a reduction in your outstanding A/R days.
Your goal should be to keep your outstanding days in A/R under 30 days. Reducing your outstanding A/R days will always result in more consistent and predictable cash flow while also increasing your days of cash on hand. Furthermore, using a neurology billing company lowers your upfront costs because their fees are collected AFTER your facility is reimbursed.
- Divide and conquer to increase your revenue!
There’s no denying that in-house neurology billing can take a back seat when staff is tasked with putting out immediate fires, which are usually related to assisting patients. Understandably, busy schedules, limited staffing, and patient care demands take precedence over claim submissions and reimbursement collections.
A strong neurology medical billing partner can help you increase your revenue in various ways. First and foremost, they improve your neurology billing and coding workflows. Timely, error-free claim submissions pave the way for the most reimbursements in the shortest time. Instead of ignoring denied claims, they are corrected and resubmitted daily. Every day, claims that require an appeal are processed. All of this results in increased cash flow and revenue.
You can then divide and conquer. While your in-house team is 100% committed to providing the best patient care and services, your neurology medical billing company is 100% committed to maximizing revenue cycle performance. It combines the best of both worlds. Outsourced neurology billing companies typically claim to be 5-15% better at collecting receipts than in-house billing teams.
One-stop Solution in Neurology Billing!
If you’re looking for a one-stop solution in neurology billing, outsourcing to 24/7 Medical Billing Services is the way out. Our billing and coding staff is trained in neurology billing and coding and its nuances. We understand the critical need for accuracy while billing and coding for neurology. Furthermore, we perform prior authorizations and eligibility verification and reduce days in AR in accordance with MGMA standards.
Our team uses the most advanced RCM technology to create a leakage-free revenue cycle for your practice. Additionally, we exclusively train your internal team on the most recent neurology billing and coding rules and regulations. Without a doubt, we are experts at reducing underpayments and denials. Our team ensures that all treatment procedures are coded from lab reports and physician notes, resulting in the highest possible reimbursement.
Read more: A Guide On Neurology Billing Services