Though the cardiology market is growing at a CAGR of 2.3%, the complications and rumors around cardiology billing processes are creating confusion among the providers.
A detailed understanding of billing rules, payors’ claim submission guidelines and coding regulations are essential for efficient revenue cycle management in cardiology practices.
The myths regarding the cardiology billing and
coding processes can push your practice towards risky behaviors that will ultimately result in reimbursement delays and claim denials.
In this blog, we have debunked some of the most common myths around the billing procedures of cardiology practices to help you make an informed decision regarding your RCM strategy.
Myth #1: Billing is just data entry
Well, no! Cardiology billing is a complex process of
submitting claims to the insurers as per their claim submission guidelines and obtaining reimbursements for the rendered services.
The technical and professional billing nuances in cardiology practices are completely different and they come with different coding and claim submission requirements.
It is evident that the process is anything but “just data entry”,
Myth #2: Under coding is better than up coding
Inaccuracy in coding is any day a major pitfall in revenue cycle management process. The myth may have come from the idea that under coding does not leave you with adverse legal
consequences!
But this is not true! Under coding is as harmful as up coding. Without financial stability and stagnant revenue scopes, your practice is not going to survive in the long run.
Myth #3: Better control with in-house team
Having a billing team within proximity can seem more feasible when it comes to controlling the revenue cycle.
However, providers have admitted that they are burdened with more overhead costs with an in-house billing team.
Not only do you have to invest time and resources in hiring, training and sustaining the team but also, you need to invest in infrastructure and software systems. This incurs more overhead costs
and negatively impacts on your revenue.
Myth #4: Outsourcing is expensive, and quality is compromised
Hiring an offshore team is not only cost-effective but it also instills productivity in your cardiology practice.
A team specialized in cardiology billing services
can enhance your practice’s operations with their extensive knowledge and understanding of the administrative processes.
Streamline Your Cardiology Billing with Sunknowledge Experts
For over a decade, Sunknowledge Services Inc. has assembled a team of cardiology billing experts who know what it takes to put effective checks and balances in place. They are not just another
billing service – they actively work on boosting your bottom line by closing any gaps in cash flow that might be holding you back.
The industry expertise and experience speak for itself. They’ve helped countless clients revamp their cash flow by delivering measurable value at every step. From front-end tasks to back-end
management, their team takes full charge, ensuring seamless cardiology billing collections with the versatility and expertise you need.
Want to see how Sunknowledge Services Inc. can make a difference for your organization? Reach out and walk through a complete outline of how they bring value to your cardiology billing and coding
efforts.