The amount of money your Urology services bring in depends on timely billing, rapid follow-up, and account reimbursement. One of the most important business decisions that medical service providers must make is to choose a reliable Urology Medical Billing company.
A reliable and knowledgeable urology billing business must manage your revenue cycle. Medical billing for urology may be more difficult than for other specialties due to the intricate Urology medical codes. Therefore, skilled Urology coders who are conversant with cardiovascular terminology, coding, and billing are necessary.
What is Urology Medical Billing?
The process through which doctors file insurance claims for the services they provide to patients is known as urology medical billing. Medical billing and coding experts offer pre-determined codes for a variety of operations. As a result, it is feasible to entirely restructure the Urology Billing process to satisfy this demand.
The American Medical Association (AMA) recently conducted research that found that the average cost of investigating, contesting, and amending refused claims is close to $15,000. Since it takes more time and money to revise and resubmit claims to payers, a high denial rate.
Three Steps to Reduce Denials
Here are three actions you can do to lower your denial rate and put protections in place to keep a consistent stream of revenue.
- What is the current %age of denials?
To get your current denial rate, add the total number of claims that payers have denied during a certain period. Subtract that amount from the total dollar amount of claims filed during that period. Consider the span of three months as an example. Your denial rate is 10% if you denied claims with a combined value of $10,000 during this time while also filing claims with a $100,000 value. Simple!
If your urology practice has many locations, remember to divide the rejection rate by the payer, the reason for the denial, the provider, the specialty type, and the location.
- What are the major causes of denials?
Depending on the practice, these denial reasons may vary. It’s a good idea to start by gathering your claim adjustment reason codes. These codes may be difficult for some to understand and may differ depending on the payer, but they at least provide a foundation for creating a denial management strategy.
Map the codes to more precise, usable descriptions to go further into your data and identify the root of the issue.
- Consider Categorizing Denials According to These Common Reasons:
- Eligibility expired
- Claim not submitted within timely filing guidelines
- Duplicate claim
- Incorrect insurer address
- Global charges were billed when only the professional or technical component should have been billed
- Incorrect modifier
- Demographic errors (e.g., wrong spelling of the patient’s name or wrong date of birth)
- No supporting documentation
- Provider not permitted to see the patient under the plan
- No referral/authorization
- Lack of medical necessity
- Service not covered
- Invalid procedure and/or diagnosis code
- The wrong insurer billed
- Payer requires additional information from the patient
Common Medical Errors and Their Effects
Patients can receive medical bills for treatments they had a year ago due to a staffing shortage at medical facilities and an inability to physically process disputed claims. For a variety of reasons, some claims are rejected, including inaccurate codes, a lack of supporting documentation, missing information, and legal limitations. It has become tenser between hospital administration, personnel, and patients as a result of billing mistakes.
By collaborating with reliable Medical Billing companies, your employees will be free to focus on practicing medicine and giving exceptional patient care. Our Urology Medical Billing services match the providers’ goals. We’ve demonstrated our ability to develop plans, scale projects, and increase revenue for medical professionals across the country. Additionally, we are a top supplier of Revenue Cycle Management services that are specially catered to the requirements of providers. Additionally, NEO MD provides its clients with free Medical Billing audits.
What Stand-out NEO MD as a perfect outsourcing Urology Medical Billing Partner?
NEO MD is aware of the nuances of Urology Billing. It’s time to get in touch with us for a qualified Revenue Cycle Management consultation if you’re behind schedule with your revenue goals. Put your mistakes in the past and be ready to open your Urology practice.
NEO MD is your best choice for Urology Medical Billing and Coding Outsourcing. It won’t disappoint your trust in us.
What Makes NEO MD the Best Medical Billing Company?
NEO MD stood best among competitors’ Revenue Cycle Management companies due to the following cores;
- Improve RCM system efficiency with a robust credentialing team.
- Our experts work hard to reduce your front-end denials by 20%.
- First level of Claim acceptance rate 95-98%
- Refunds adjustment and Payment posting to improve the cash flow.
- Provide fortnightly financial and practice overviews.
- Increase the accuracy of fees and collection.
- Use the latest technology and tools.
- Out of Network Negotiations.
- Offer internal audits to uncover loopholes.
- Evolving state-of-the-art medical billing services for small practices
- We have consistently increased the collection rate for our clients because of the faster processing of accounts receivable and on-time follow-up.
- Provide Urology Medical Billing and collection services that are of high quality and error-free. Offer Services that are easily scalable at all times.