The dream to make your healthcare business more profitable is, of course, exciting. But to pursue this dream, it is crucial for healthcare providers to keep their dermatology billing services on the right track. Because the financial stability and overall success of your business mainly depend on the optimized revenue collection.
But the increasing demand for value-based care has placed a huge burden on healthcare providers. Moreover, the ongoing pandemic has also changed their work schedules. Medical practitioners have to stay engaged in alleviating the sufferings of patients.
As a result, they don’t get sufficient time to spend in managing the non-core functions of their business i.e. revenue cycle management. But no one can deny the fact that the financial growth of a business takes time and resources. It demands a perfect balance between quality medical care as well as dermatology medical billing services.
So, due to lack of time and resources as well, dermatologists face immense challenges in processing medical claims and continuous follow up with the insurance companies. Because dermatology billing is not an easy job.
There are many aspects such as: detailed reporting on skin lesions, detailed information on procedures and multiple CPT codes, make this process very complicated and time-consuming. So, in the light of growing complexities, dermatology billing and coding require unique expertise and in-depth knowledge about the ICD-10, CPT and HICPS codes.
Therefore, medical practitioners need the assistance of highly trained billers and coders. So, instead of spending time and money on hiring and training in-house billing staff, healthcare providers find outsourcing dermatology billing services as the most suitable option for their practice.
Outsourced dermatology medical billing specialists help you to take your business to the next level in the following ways:
- Prioritize Patient Care
We all know that medical practitioners cannot be efficient at their primary objective i.e. providing quality care to the patients when they wear too many hats.
For example, just think about how can a dermatologist provide standard aid to the patients while stressing about their financial management.
As the administrative tasks and paperwork related to the dermatology medical billing services require a considerable amount of time and efforts. Staying engaged in backend tasks can divert the attention of your healthcare staff from their core competencies such as patients’ care.
When you cannot spend time with your patients in treating them and addressing their concerns. They will feel undervalued and unsatisfied with your healthcare services. Which can result in low patient volume and impact your reputation negatively.
However, dorian rossini as a medical practitioner, if you are facing burn out due to excessive responsibilities related to dermatology billing and healthcare services. Then don’t worry. You can come out of this situation and keep your business financially fit. You just need to outsource dermatology billing services to a trusted RCM company.
Outsourced billing specialists enable your healthcare staff to realign their focus on their prime responsibilities. They can get rid of the excessive administrative tasks and can utilize their time and resources on enhancing patients’ satisfaction and building impactful strategies for their healthcare business.
On the other hand, a team of experienced coders and billers will take care of your financial health.
- Prevent Claim Denials
Dermatologists lose millions of dollars every year due to the high percentage of denied/rejected claims. And unfortunately, a major portion of hard-earned revenue remains uncollected as the denied claims never get resubmitted for revenue collections. Here are the following errors that can hold insurance companies back from payments.
- Incorrect patients’ information like: name, date of birth, gender, age, etc.
- Lack of prior authorization/ Invalid insurance information.
- The incorrect transformation of patients’ diagnosis and treatments into universal medical alphanumeric codes.
- Lack of documentation to support necessity.
- Submission of a medical claim for the same service provided to a patient, on the same date.
- Failure to submit the claims in a given time window of insurance companies.
It can be very frustrating for medical practitioners not to get paid for the healthcare services rendered. However, by outsourcing dermatology billing services, you get the assistance of highly trained medical billers and coders. They work diligently to speed up the revenue collections on your behalf.
Moreover, outsourced dermatology billing specialists, on the basis of their in-depth knowledge and industry experience, ensure the claims are scrubbed before filing them to the payers. They double-check the claims to make sure that they don’t contain the above mentioned or other potential errors that can later result in claim denials. As a result, medical claims are more likely to be approved the first time.
In addition to this, outsourced billing experts have access to advanced claims tracking software. That enables them to stay updated with the current status of submitted claims, either paid or unpaid. They stay connected with the insurance companies until dermatologists get paid.
- Streamlined Cash Flow
Consistent cash flow is the major reason that healthcare providers prefer to outsource dermatology billing services. By submitting the claims in a timely manner, consistently follow-up and effective denial management, outsourced dermatology billing experts ensure timely reimbursements.
Moreover, outsourcing dermatology medical billing service reduces the financial burden of the healthcare providers. For example, they don’t need to invest a hefty amount in operational costs. Such as: hiring, training of medical billers, employees’ incentives (paid holidays, health insurance etc), installation and maintenance of advanced billing software etc. In return, you get the services of highly trained billing professionals at affordable rates.
In addition to this, they also implement effective denial management solutions to resolve the unpaid medical claims that are listed on the aging accounts receivable reports.
They analyse the denied claims, make proper rectifications and appeal the unresolved claims to recover lost payments. As a result, medical practitioners get maximum payments in their accounts. Which helps them to achieve long term financial stability.
Want to generate maximum revenue without compromising the quality of healthcare services? Then get in touch with Medcare MSO. We have been providing reliable dermatology billing services to elevate your revenue margins for more than a decade now. Visit our website to schedule a free demo.