One of the leading causes of the closure of many Urology practices is the denial of claims. Many medical professionals may experience depression as a result of not being compensated for their services. It is therefore essential to have specialized Urology Medical Billing services that efficiently scrub each claim.
Reducing claim denials should be a continuous effort for a practicing physician to increase office effectiveness and revenue flow.
According to a recent study by the American Medical Association (AMA), the average cost of checking into, appealing, and modifying denied claims is close to $15,000. A high denial rate costs time and money since it requires revising and resubmitting claims to payers.
What is Urology Medical Billing?
Urology Medical Billing is the procedure through which doctors submit insurance claims for the treatments they give to patients. Professionals in Medical Billing and coding provide established codes for a range of procedures. This makes it possible for the Urology Billing process to be completely transformed in order to meet this need.
A billing organization with extensive experience in Urology billing has already addressed such claims with the patient. If the urologist’s patient collection efforts are unsuccessful, they risk having unsatisfied patients and obtaining less money.
To avoid all these billing-related issues, urologists should employ Medical Billing organizations like NEO MD, which has vast experience with Urology Medical Billing. NEO MD has made excellent progress in providing Urology Medical Billing Services to healthcare practices. Additionally, among its competitors Revenue Cycle Management Companies, NEO has achieved the leading position.
The good news is that you can take a few steps to assist your practice in avoiding denials. The following advice will help you in monitoring denials and understanding how your Urology practice is functioning, enabling you to at least maintain the average industry denial rate of 3 % to 5.
Three Steps to Reduce Denials
Here are three steps you can take to reduce your denial rate and put preventative measures in place to maintain a steady cash flow.
What is the current %age of denials?
Add the total number of claims that payers have rejected over a specific period to determine your current denial rate. Divide that sum by the total dollar amount of claims made within the specified time. Take a look at three months as an illustration. If you have denied a total of $10,000 worth of claims during this period while also submitting a $100,000 value of claims, your denial rate is 10%. Simple!
If your Urology practice has many locations, don’t forget to divide the denial rate by the payer, the reason for the denial, the provider, the specialty type, and the location.
What are the major causes of denials?
These denial reasons will change depending on the practice. Collecting your claim adjustment reason codes is an excellent place to start. Although these codes could be confusing to some people and may vary depending on the payer, they at least offer a base from which to develop a denial management plan.
To go further into your data and pinpoint the problem’s fundamental cause, map the codes to more specific, actionable descriptors.
Consider Categorizing Denials According to These Common Reasons:
- Eligibility expired
- Claim not submitted within timely filing guidelines
- Incorrect insurer address
- Duplicate claim
- Global charges were billed when only the professional or technical component should have been billed
- 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
- Service not covered
- Invalid procedure and/or diagnosis code
- Lack of medical necessity
- The wrong insurer billed
- No referral/authorization
- Incorrect modifier
- Payer requires additional information from the patient
Urology Medical Billing Companies and Revenue Cycle Management
RCM is a process that Medical Billing companies in the US and other nations use to keep track of patient revenue. It covers everything from the patient’s initial encounter with the company to their last bill payments.
Medical Billing companies directly impact your medical practice’s Revenue Cycle Management. Long-term Revenue Cycle Management is necessary for medical practices to remain viable in the market for an extended period. You must thus hire Urology Medical Billing companies with competent and experienced coding employees to handle your RCM process. In terms of offering Medical Billing services to healthcare providers, NEO MD has made great strides. Additionally, NEO has achieved the highest Revenue Cycle among its rivals.
Common Medical Errors and Their Effects
Due to a staffing shortage at medical facilities and an inability to physically handle denied claims, patients may get medical bills for treatments they received a year ago. Some claims are denied for various reasons, including incorrect codes, insufficient supporting evidence, missing data, and legal restrictions. The tension between hospital management, staff, and patients has reportedly increased as a result of the billing errors.
Your staff will be able to concentrate on practicing medicine and provide excellent patient care by partnering with reputable Medical Billing companies. Our Urology Medical Billing services match the providers’ goals. We’ve proven that we can create plans, scale projects, and boost revenue for medical practitioners nationwide. Additionally, we are a leading provider of Revenue Cycle Management services specifically targeted to providers’ needs. Moreover, NEO MD provides its clients with free Medical Billing audits.
What does a Urology Medical Coder do? Or What is the function of the Urology Coder?
Medical coding’s main objective is to translate a provider’s narrative or description of a disease, injury, or operation into common medical code numbers for the insurance claim. Consequently, our team of qualified, skilled medical coders ensures increased reimbursement by precisely linking services with a diagnosis. This performs more than just providing accurate payment in return. Additionally, it will reduce denials caused by incorrect diagnostic and treatment code association.
Types of Surgeries in Urology Billing
- Incision/Biopsy
- Catheter introduction
- Excision
- Laparoscopy
- Repairs
- Transplantation
- Endoscopy (Cystoscopy, Urethroscopy, Cystourethroscopy, etc.,)
What Makes NEO MD a Standout Urology Medical Billing Outsourcing Partner?
NEO MD is aware of the nuances of Urology Medical 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 Urology Medical Billing Company?
NEOMD 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%.
- 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.
- 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.
Let’s Schedule a Demo to learn more about how we can improve your medical practice management. Get us at! (info@neomdinc.com) or (929) 502-3636).
