Oncology is one of the fastest expanding fields of medicine. As medical technology advances, cancer survivability in the United States is expected to climb by 31.4% and extend the survival rate of cancer patients by 15.1 million.
There are also changes happening in the medical billing world. State and federal laws are changing the relationship between providers and insurance companies.
As changes in health care suggest a turbulent future, many providers are considering the advantages of outsourcing oncology medical billing company.
Medical Billing Services for Oncology
Outsourcing your billing to a medical billing company can help bring accuracy and consistency to your practice. These services both improve the quality of patient care while helping to cut time and costs due to administrative slowdowns.
1. Registration and Verification Services
A third-party billing organization can remove the hassle of patient eligibility and verification for your oncology patients. This includes oncology patient screening to determine their eligibility or if there are any limitations such as referral requirements or pre-authorizations.
2. Coding and Itemization of Medical Services
Logging every aspect of care appropriately to medical coding standards is crucial as most aspects of the medical billing process hinge on the accuracy of this information. Trusting a medical billing service ensures a more accurate coding experience with trained medical coding experts checking your work.
What’s In a Claim?
Once treatment has ended, a claim can be made. This document contains not only information about the services used but also:
- The National Provider Identifier (NPI) of the physicians and facility that provided the care
- The Primary diagnosis code (ICD) – Indicates the primary focus of a particular medical visit
- The Diagnosis Related Group (DRG) – which standardizes the coding process into payment so that the provider can be billed
- Record of the persons primary and secondary insurance claims
- The total charge for all services in the claim
3. Claim Auditing
When a claim is error-free, it reflects the procedure authorized by insurance and is compliant with state and federal law. Top medical billing companies offer high-accuracy coding and claim-to-check services which greatly minimize errors the likelihood of claim rejection.
4. ClaimRecovery and Collections Services
Sometimes outstanding or partially paid claims can separate you from hard-earned revenue. If an insurance company denies your claim, there is a short window of time in which it can be recovered. Claim recovery and collection services from a third-party medical billing company allow you to concentrate your focus on providing optimal care to your clients.
5. Financial Statement Reporting
Determining whether you are getting a return on your investment is important for your oncological practice. Medical billing companies know this and offer regular financial statements and operation reports so you can know exactly how your billing is being handled.
Streamlining Oncology Billing
Oncology entails a wide range of dynamic cancer treatments to both prevent and cure a variety of cancers, with patient care often taking place over years. This can put pressure on providers who must much adapt to the ever-changing medical needs of their clients.
By allowing a third-party medical billing company to handle the coding and claims process, the impact of administrative slowdowns due to staff shortages, training, and vacations are sharply reduced. This allows providers to administer life-saving treatment with haste while helping to expedite the claims process.
Best Medical Billing Services for Oncology
Oncology is a rapidly progressing field. With developments in medical technology, government regulation, and billing practices big changes are ahead. For providers with in-house medical billing, decisions must be made about whether to adapt to the changes or to outsource their billing.
If you are considering whether a right medical billing services for your oncology practice, here are some of the best billing services for your oncology practice:
- Client benefit verification
- Medical claims recovery
- Regular claim auditing and follow-ups
- Faster claims processing
- Regular financial reports
Conclusion – Why Outsource Your Oncology Billing?
With the fast-approaching changes to medical billing as a result of the No Surprises Act and existing state laws, now has never been a better time to switch to a third-party medical billing company.
In the past, patients were billed directly for this kind of out-of-network cost in most US states, but come January 1st, 2021, these costs will have to be negotiated between insurance companies, providers, and their ancillary staff. This is just another layer of complexity for an oncology practice with an in-house medical billing infrastructure.
The oncology practice is multi-disciplined and truly dynamic with providers focusing on both preventative care and life-saving interventions. Outsourcing your oncology billing to a medical billing company can free up time and money while helping you provide quality care to your oncology patients.
Statim LLC is a billing and coding company based in Brea, California. We are dedicated to serving medical providers in the state of California. To learn more about how our comprehensive approach to billing can save your medical practice money while letting you focus on providing top-level care, get in touch with us here, or call us at 888-544-3537.
Statistics, graphs, and definitions. Statistics, Graphs and Definitions | Division of Cancer Control and Population Sciences (DCCPS). (n.d.). Retrieved October 18, 2021, from https://cancercontrol.cancer.gov/ocs/statistics.