Executing Cost-Effective Radiation Oncology Billing Solution
In the US healthcare market, it has been recorded that a sizeable amount of medical resources (money and effort) is spent on radiation oncology. However, most often, claims submitted are not cleared from the payer’s office; and radiation experts soon stop chasing those unrealized claims. Various research reports have also shown that radiation oncology is one of the most used medical services in the US, provided by care providers of all types (independent practitioners to hospitals).
Unfortunately, the rate of reimbursement in radiation oncology is rarely steady. To stop the episodic flow of revenue from claims, careful adherence to the best practices in claim handling, along with full compliance with applicable norms and a sound understanding of billing & coding nuances, is required. It will free radiation specialists from many of the usual administrative hassles. Outsourcing these critical tasks to a leading third-party partner will help them manage their collections better.
So how does one spot a good radiation oncology billing partner? Is it cost-effective to hand over all billing tasks to such a vendor? For a start, look for multiple years of experience in handling radiation billing in a potential vendor. Such experience usually translates into increased claim reimbursements.
Cost-effective aspects of radiation Oncology billing Solutions:
♦ To initiate, the segment of charge entry needs careful attention. It ensures error-free claim submission through verification of patient demographics, medical codes, and other nitty-gritty. Charge entry also demands indiscriminate quality checks as part of audit.
♦ Payment is another aspect that cannot be overlooked at any cost. Third-party partners billers and coders work on superior electronic remittance processes — including denials, underpayments, overpayments, multiple adjustments, automatic cross-over, and secondary remittance.
♦ To retain a robust cash flow, unequivocal clearing of accounts receivable will bring parity in business. Reducing claim rejection rates and ensuring a timely payment of services by following up with payers redeem enhanced revenue.
Oncology radiation specialists should follow a progressive and cost-effective billing model to bring uniformity in revenue cycle management. And it’s always worthwhile to remember that a certain amount of professional assistance can really do wonders to keep the profitability up.