Urology Medical Billing
Maintaining patient health can be difficult when you are not confident in the health of your urology medical billing process.
Urology medical billing is getting more complex each year. And with the financial strength of your urology practice directly correlated to your medical billing management, it’s vital to have a good system in place.
Urology billing requires specialized expertise and knowledge. In addition, while other practices only need to worry about their specialty, urology tends to overlap with other specialties such as:
As a result, it is distinct and challenging to understand. Due to the amount of work involved, you may want to outsource these tasks.
In-House vs. Outsourced Urology Medical Billing
While you likely have a talented and exceptional in-house team. The overwhelming and ever-changing landscape of the healthcare industry makes it challenging to stay up to date with regulations and perform tasks fast and efficiently. Outsourcing medical billing is a good option for physicians who do not want to manage an administrative team. Instead, coding, billing, and other tedious tasks are completed by an ample outsourced team. Since urology medical billers handle the finances, doctors can focus on clinical tasks.
Outsourcing billing is exactly what it sounds like:
Instead of medical billing being done in-house by full-time employees, it’s outsourced to a professional team of urology medical billers.
Why are Physicians Opting for Outsourced Urology Medical Billing?
An increasing number of practices are outsourcing their billing services. Despite how beneficial it is to have an in-house billing team, medical billing companies have become the only option in light of complex regulatory compliance and a lack of skilled staff.
Common Problems with In-House Billing
It can be extremely difficult to handle medical billing in-house. The following are the most common problems companies encounter when they try to handle medical billing internally.
Even though outsourcing urology medical billing is expensive, it's actually more expensive to do it yourself. Moreover, among the in-house expenses are employee salaries, benefits, technology, training, etc. Alternatively, you can hire professionals to handle everything for you at a set cost by outsourcing a medical billing company.
When it comes to medical billing, companies are under pressure to handle protocols that can lead to huge liabilities if not handled correctly. In addition, making sure all employees are knowledgeable and up to date on the latest code can be time-consuming.
If you staff your medical billing team, you will have a limited staff and a limited budget. As a result, you will have a compromised operating system.
Ongoing Training Needs
Ongoing training can be tedious, time-consuming, and requires additional resources and expenses. However, if staff training and billing procedures (such as coding, billing, and compliance operations) are not maintained, denial rates, unappealed claims, and reimbursement rates may increase.
Benefits of Outsourced Urology Medical Billing
Medical billing outsourcing has many benefits for urology practices. For example, it can help boost your revenue as well as streamline your workflow. Take a look at some of the other advantages it offers.
More Focus on Patient Care
With an outsourced urology medical billing company, you can spend time internally focusing on what you do best, provide quality patient care Doctors can’t provide excellent patient care if they are burdened with the financial side of their practices. Moreover, since the third party handles the billing details, members of your team can engage with patients with a reduced sense of urgency because they are not concerned with the details of billing statements. Not to mention, by not having to stress about medical billing, your patients receive more personalized and focused services from the minute they walk through your practice’s door.
Reduced Billing Errors
Mistakes happen, but when it comes to billing and coding, these mistakes weigh heavier than most. Furthermore, by outsourcing urology medical billing, you can reduce billing errors with an experienced team.
Outsourcing urology medical billing comes at an additional cost, but removing several expenses from inside the company ends up making it a cost-saving investment. For example, you’ll be able to remove covering the cost of new employee salaries, training, equipment costs, office space, benefits, and more.
In addition, outsourced medical billing companies can keep your practice under control with their efficient billing software. Leaving you more time to increase revenue by focussing on your patient care.
Healthcare regulations are an ever-changing industry, and it can be challenging to stay up to date with compliance and regulations. Not following direct compliance can result in severe problems and risks your patient’s privacy. Whereas outsourcing your urology medical billing provides you with security that your practice is staying compliant.
Services Outsourced Urology Medical Billing Can Help Simplify
While not every urology medical billing company offers the same services, there are some general standards to expect when it comes to services offered. Furthermore these could include:
- Medical Coding
- Financial Reporting
- Insurance Authentication and Verification
- Patients Appointments and Follow-up Reminders
- ICD-10 CODES
- Code Range: 50010 – 58294
- Customer Support
- And More
5 Standard Procedures:
Urology Medical Billing Pricing
Similar to other medical billing services, urology medical billing charges a rate per collection made. The industry average is approximately 7 percent for processing claims.
- With on-site equipment, medical billing can cost between $875 and over $10,000.
- Cloud computing (offsite servers) can cost as little as $27 to $127 per month.
- The number of physicians who use the software and the number of patients seen each day are also important pricing factors.
Need Urology Medical Billing Services?
With 360Connect, you can find top-notch outsourced urology medical billing providers eager to simplify your billing process. So you can get back to what you do best.
Need a price quote for urology medical billing? Receive up to five free quotes from top medical billing companies using our quote comparison service. Get FREE Quotes Now.