If you own or work in a small to medium-sized healthcare practice, chances are good that you are running your coding and billing operations in-house. In most cases, this option was chosen because, on the surface, it appears to simplify things by keeping all operations under one roof and being able to manage it first-hand. However, in reality, this is usually not how it turns out. Frequently, these practices that stick to in-house cardiology medical billing services turn out to lose money compared to outsourcing, and that’s money that could have been earmarked for improving the practice and providing better patient care.
The most common solution, but also a largely underutilized one, is to choose a local cardiology medical billing and coding company to partner with. This solution is often one that results in higher efficiency within the practice, a greater patient focus, and greater effectiveness overall in practice management. At the same time, it greatly reduces claim rejection due to human error, lost time, and wasted money. Overall it can result in more time available for you and your staff to focus on providing the best patient care possible.
When you partner with a leading cardiology medical billing firm, it will be easier to provide you with a greater than 99% accuracy rate on submitted claims. To do this, they will use leading technology and software, as well as the leading human talent in the coding and billing space. In many cases, the coding and billing service you choose will also be able to manage other back-end functions of your practice, such as collections, patient scheduling, and other various clerical and administrative tasks.
Challenges In Cardiology Medical Billing
Providers in the cardiology specialty are no strangers to billing and coding auditing. Every single cardiology practice will have a wide range of different services, and the billing will need to account for all of the various treatments and procedures that can possibly come up in a cardiology practice.
Since cardiology billing and coding is so highly-inclusive of all practices even remotely related to cardiology, including aspects like diagnostic and procedural services, proper documentation is vital to accurate cardiology coding and billing. Knowing what documentation is needed for all of the procedures and diagnostics requires a solid working knowledge of all of the cardiology coding field, including specific coding rules, multiple procedure rules, and even standards for compliance.
Expert Cardiology Medical Billing And Coding
The most common source of claim denials is coding errors, such as incorrect or inaccurate coding, missing code modifiers, incomplete codes, unbundled codes, and coding that strays from local coverage determination guidelines. Since the guidelines in the coding field are constantly changing and evolving, incorrect or missing modifiers are one of the most common errors overall, and they can significantly impact your payment cycle length, as well as your revenue cycle.
As one of the leaders in the cardiology medical billing and coding space, AMS Solutions understands that your practice thrives or stagnates on the quality of its cardiology billing and coding services. Our team is constantly trained on new regulations and coding guidelines as they are published, so you can be sure your claim denial rate will drop dramatically once you begin outsourcing your coding and billing needs to AMS Solutions.
Major Benefits Of Partnering With A Cardiology Medical Billing Company
There are countless potential benefits of working with a leading cardiology billing service, and while this list is hardly exhaustive, it should be a solid representation of what types of results you can expect at your practice. Depending on your practice’s unique needs, you may even see an entirely separate array of benefits manifest. Here are some common examples.
Increased Focus On Patient Care
While the primary focus of your practice is to provide care for your patients, an undeniable and crucial element of that is your cardiology medical billing. When you partner with a cardiology medical billing company, you are able to refocus your team’s attention on providing the best standard of care possible. Not having to deal with coding and billing means you will be able to boost your daily patient flow as well.
Decreased Administrative Burden
One of the biggest drawbacks to keeping your cardiology billing in-house is the massive administrative workload it places on you and your staff. Since this often falls on the front-desk staff, it directly affects one of the most important patient-facing components of your practice. Without that administrative burden, your staff is able to spend more time addressing the patient’s needs, which makes appointments more efficient and increases patient flow overall.
When you work with a cardiology medical billing company, you’ll likely see a marked increase in revenue, sometimes as much as by one-third. You’ll be able to see a shortened billing and payment cycle, and without the expense of training, compliance, and credentialing for an in-house team, you could see significant savings on top of boosted revenue. Overall, outsourcing your cardiology billing services can make your practice more profitable.
Lower Billing Error Rate
The biggest cause of claim denials is incorrect coding due to human error, and by allowing AMS Solutions to manage your coding, you can achieve a more than 99% accuracy rate and can ensure that all of the claims your practice generates are submitted within the billing window. Your billing company will also track all of your denied and rejected claims, as well as late payments from patients and payers, and will keep you updated constantly on the performance of your practice.
Improved Patient Satisfaction Rate
Since you and your staff will no longer be distracted by coding and billing duties and administrative work related to that process, the improved level of care you provide to your patients significantly improves your overall patient satisfaction rate. This also results in a more healthy and positive work environment locally, because your staff isn’t spread thin on other tasks.
Secure Confidential Data
Personal confidential medical information is the most frequently targeted data by thieves, and outsourcing your billing and coding to a specialized company can help you maintain a higher level of data security than otherwise. Since a billing company deals heavily in patient information, they are able to keep a far higher level of security and breach prevention than the average practice.
Maintain Seamless Compliance
With a billing service, you won’t ever have to worry about training your front desk team on new coding updates, and instead can trust AMS Solutions to stay on top of the constantly-changing world of cardiology medical billing and coding. We stay current on all industry standards and compliance requirements and will make sure your practice is fully compliant with all regulations and requirements.
AMS Services Can Be Your Billing And Coding Partner
The largest healthcare providers have been leveraging outsourced cardiology billing and coding services for years. Not just because they can afford to, but because they can’t afford not to. They would lose far too much revenue if billing was kept in-house. Knowing that, why keep coding and billing in-house for your practice? If the big providers can’t lose that revenue, can you? Reach out to AMS Solutions today, and tell us about your practice’s needs.