5 Common Cardiology Medical Billing Challenges and How to Overcome Them

While none of the medical billing categories can be compared to the other, cardiology billing has a more intricate side to it. Cardiology, as a specialty practice, includes a range of services like radiology tests, blood tests, surgery, etc. This makes it difficult to determine all the correct codes at the time of billing. 

To make this process easy to manage and also successful, many companies opt to outsource their in-house work to experts. Gables Medical Billing in Tampa provides the finest medical billing and coding services so you can focus on more significant tasks that directly affect your revenue.

Check out these 5 tips to ensure an effective and successful medical billing process.

1. Frequent Audits

There’s no such term as ‘too many audits’ and for the right reason. One of the best parts of performing regular audits (both internal & external) is that you get to understand the root cause of all the errors or problems found in the coding or documentation that may be contributing to a loss of revenue.

Also, regular audits ensure that all your staff is getting proper training in the latest billing and coding procedures. This leads to good compliance and overall healthy reimbursement.

2. Using Electronic Medical Records

If your medical institute is still employing the old and dusty methods of medical record-keeping, then it’s no surprise that you are already falling behind on revenue-making. 

As competition rises, keeping up to date with the latest technologies and modes of working in the medical sector has become all the more important. And one of the most essential components being EMRs or Electronic Medical Records.

Well-known for their efficiency and increased productivity, EMRs help switch to the latest code updates in real-time while also helping you with prominent cost-cutting.

3. Quality Documentation

The importance of accuracy in healthcare documentation cannot simply be overstated. As mentioned earlier, the branch of cardiology in particular hosts a plethora of billing indexes which are subject to regular up-gradation and changes. 

Incorrect documentation in such a delicate process can result in delayed reimbursements and eventually, a slower revenue cycle. For example, if you miss out on documenting a few general checkups, it could lead to a potential loss of codes and affect reimbursement.

4. Employ Fee-for-Value Billing System

Also known as pay-for-performance service, this newly introduced billing system by the American government focuses on providing accurate results instead of giving out procedural deliveries.

Loved by the patients, this model not only helps them get quality care at a low cost but also encourages the healthcare unit to promote better communication and coordination across various specialties through lucrative incentives.

5. Stay Up-to-the-Minute

If you don’t already, start keeping all the ICD-10 CM, CPT, and PCS codebooks handy. Keeping up with the AHA newsletter also helps keep the facility running with the latest guidelines, regulations, and codes.

If possible, you can also subscribe to the CMS website to receive regular updates about cardiology medical billing in Tampa.

Another great tip would be to cross-reference your codes in both alphabetical and tubular indexes to keep the errors at bay.

Not Sure How to Take Care of It All? GMB Can Help

Undoubtedly, taking up the cardiology practices may feel like your plate is too full to perform all these checks and audits while keeping up-to-date with the latest interventions. However, not taking care of it all may result in huge revenue losses or may even attract external audits.

The best way out would be for you to keep taking care of your patients and let the experts at Gables Medical Billing take care of your medical billing process. With years of experience in dealing with custom data analysis and superior billing exercises, our billing specialists continually strive to serve you in the best manner possible. For more information related to cardiology billing, contact GMB or call our billing experts at 786-725-2120 today.

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Created on May 17th 2022 01:57. Viewed 281 times.

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