Managing a successful oncology practice involves juggling a long list of critical responsibilities, including patient care, staff management, and multiple different administration tasks. One of the most important departments in any healthcare practice or provider is the billing process, and billing for oncology can be particularly complex. Medical billing for oncology is a highly specialized field that requires expertise in handling the unique and challenging requirements of cancer treatment billing.
By outsourcing your billing for oncology to a leading billing service like AMS Solutions, you can focus more completely on what matters most: providing exceptional care to your patients. We’re going to look at the advantages of outsourcing medical billing for oncology, and why it’s such a smart choice for practices of all sizes.
The Complexity of Oncology Billing
Oncology billing is inherently complex due to the nature of cancer treatments, which commonly involve complex combinations of surgery, radiation treatments, chemotherapy, and other therapies. Each one of these treatments requires its own different and unique coding and billing processes, making it extremely challenging to ensure accuracy and compliance with anything but top-tier expertise.
The constantly changing healthcare landscape means that the complicated coding that is used for medical billing is being constantly updated, which adds to the complexity of oncology billing as a whole. Staying up to date with the various changes and updates to coding practices and industry processes requires a dedicated team of experts who understand the many intricacies of the industry, as well as substantial ongoing investment into training, compliance, and credentialing.
Benefits of Outsourcing Medical Billing for Oncology
valuable benefits. Here’s a quick rundown of several of the most significant improvements that are seen by oncology practices.
Improved Accuracy and Compliance
Medical billing errors generally result in denied or delayed claims, which can eventually lead to financial losses and strained relationships with both patients and providers. By partnering with a leading billing company like AMS Solutions you can gain access to a massive team of experts and billing professionals with an extensive collective knowledge of oncology billing codes, best practices, and regulations.
This wealth of expertise means there is a far higher level of accuracy in your practice’s billing operations, minimizing the risk of costly errors and delays. Additionally, healthcare regulations and billing codes are constantly being updated and changed, making it challenging for in-house staff to stay up to date.
Managing the medical billing process in-house can consume considerable time and resources, even potentially detracting from your overall ability to provide exceptional levels of care for your patients. By outsourcing your medical billing for oncology, you can streamline daily operations and allocate your practice’s resources much more effectively.
This results in your staff being able to focus more on their core responsibilities, such as patient care, scheduling, and general practice management, while the team at AMS Solutions handles all aspects of the coding and billing process. This makes a clear division of labor that allows your productivity to skyrocket and creates a practice that’s more organized and efficient overall.
Enhanced Cash Flow
Any practice that hopes to be financially stable needs to have a healthy cash flow. Outsourcing your oncology billing to AMS Solutions ensures that your claims are submitted properly and without errors, in full compliance with payer requirements. This leads to a greatly reduced chance of denial or delayed payments, helping your business to have a more consistent and reliable revenue cycle and overall cash flow.
Another important aspect of maintaining cash flow is to follow up on outstanding claims and effectively manage collections for payments that are past due. The expert team at AMS Solutions is proactive in their treatment of outstanding claims and works to minimize the risk of bad debt in your revenue stream.
Scalability and Flexibility
As your oncology practice grows, your billing needs will undoubtedly change and evolve. By partnering with a leading billing company like AMS Solutions, you can effortlessly scale your billing and coding department to accommodate changes in your patient volume or overall treatment offerings. This critical flexibility means that you can expand or contract your billing department as needed, without worrying about physical staffing, or the hiring process, onboarding, and training that are needed to get a new member up to speed.
AMS Solutions helps you grow your practice without worrying about investment in expanded departmental personnel or infrastructure to accommodate greater billing capacity. This means we can help you create a seamless billing experience for your patients, improving satisfaction and referral rates by making sure your patient experience doesn’t suffer as your business grows.
Choosing AMS Solutions for Your Oncology Practice
Choosing the right medical billing service for your oncology practice is a big decision, but when you work with AMS Solutions we make it easy for you to focus on your practice and patient care. Here are a few reasons we are a leader in the oncology billing space.
Every oncology practice, no matter how large or small, has a set of challenges that are unique to that practice. At AMS Solutions, we understand that there is no one size fits all approach that can be used for an effective medical billing plan. That’s why we offer highly individualized solutions that cater to your exact business needs.
Our experienced team of coding and billing experts will work closely with you and your team to perform a full assessment of your current billing process, identify areas for potential improvement, and develop a customized plan that is aligned with the goals and objectives of your practice. This highly personalized approach means that our services aren’t just efficient, but adaptable and highly functional with regard to the specific demands of the oncology space.
Transparency is one of the cornerstones of AMS Solutions’s dedication to quality and accuracy. We believe that you should always have complete visibility into your billing process, claims, and financial performance. Our comprehensive reporting system allows you to leverage powerful tools to see insights into your business so that you can always make decisions based on the most current, accurate information.
Our detailed reports include several KPIs, such as claim denial rates, days in accounts receivable, and net collection ratios. This depth of data enables you to not only track your billing success, but also identify trends, and drill down to make strategic adjustments or pivots as your business needs dictate. With AMS Solutions, you’ll always have the tools and information you need to keep control of your practice’s financial health.
Secure and Compliant
Another priority at AMS Solutions is the security of the countless points of sensitive and confidential patient information that you handle daily. We adhere to the highest industry standards for data protection and comply with all HIPAA regulations. This dedication to information security ensures that data between you and your patients stay between you and your patients. Additionally, these measures work to protect you from legal issues or other penalties for non-compliance.
Partnering With AMS Solutions Is The Smart Move For Your Oncology Practice
While managing coding and billing in-house can be complex and often difficult to manage, outsourcing to a billing partner like AMS Solutions means you can focus on more important things. Reach out to AMS Solutions today to get started.