With constantly changing medical billing industry standards and evolving new regulation and technologies, the approach towards medical billing system has been completely transformed. In recent years, oncology practices that did not have a proper medical billing system in place have fallen into pit holes of new medical billing procedures. It expects practices to go well with certain medical trends.
Through this blog, we would like to highlight the reasons that affect oncology billing and how 24/7 Medical Billing Services can make it super light for oncology practices to handle effortlessly.
#The ICD-10 coding
The ICD-10 codes came into existence tripling the number of codes along with replacing ICD-09, and it was classified as 71,924 procedural codes and 69,823 diagnosis codes. It becomes a necessity and stress for your in-house medical coders to learn all these codes and apply it properly during billing and submitting medical claims. Moreover, it may affect your staff’s regular work schedule as well, resulting in billing errors and delayed/pending reimbursements. This affects your revenue generation and puts you in a stressful situation.
This is why many oncology medical practices prefer outsourcing their medical billing process to a third-party provider and continue with their regular workflow. Outsourcing oncology medical billing makes it easier for practices to focus on patient care rather than spending time on implementing and adapting to ICD-10 coding.
# Electronic health records
We could see many oncology practices have implemented maintaining electronic health records (EHR) but still some are lacking integration of billing software. EHR with billing integration helps physicians to get paid on time and without any hassle. It reduces the time taken to fill forms to receive payments. To save time and money with this administrative burden, oncologists intend to outsource their medical billing system and stay away from billing chaos.
# The Affordable Care Act
The Affordable Care Act was introduced to make health care available and accessible to all, along with making it beneficial for those who are previously uninsured too. The more the people get insured, the more procedures and medial coding & billing come. With strict documentation rules imposed by ACA in place, accuracy became a 100% necessary attribute to medical billers and coders. Therefore, many oncology practices approached outsourcing their medical billing process so as to get 100% reimbursements with reduced denial rates or billing delays, providing balance of work between patients, physicians, and providers.
# Value-based payment
It has been predicted that within the next five years, the reimbursement will be totally based on quality of care and operating a fee-for-service model will be slowly ruling out. Although many physicians have raised their concern against this value-based payment model, it is a fact that the future of healthcare billing will be to an unimagined level.
If this comes in place, then oncologists will be forced to a situation to assess the payers’ market and validate the new billing, coding and documentation process. Additionally, the time spent by physicians with their patient may exceed which results in allocating less time towards your practice’s operational requirements.
Since you have to spend more time with your patients, you need a dedicated team to handle your medical billing process.
24/7 Medical Billing Services can bring an extensible medical billing system to your oncology practice, allowing you ease out your burdens in medical billing and coding with respect to claims submission and reimbursements and can get you easily transited to value-based payment, maximizing your revenue and effectively handling your operational tasks.