Optimism can sometimes be in short supply in today’s healthcare environment. Reimbursement continues to decline, bottom-line cash flow suffers, and patients struggle with increased financial responsibilities. With an aging population, the need to improve cardiology revenue will only continue to grow, and life-sustaining procedures and treatment will keep on being scrutinized by governmental and private insurance providers.
While this squeeze has created anxiety within the healthcare field, it also brings ingenuity and inventiveness into sharp focus as solutions begin to rise to the surface. Patient access and the revenue cycle management area can bring significant improvements to the cardiology bottom-line through increased reimbursement capture and streamlined administrative functions.
Improving Cardiology Reimbursement
1. Reduce Denials Through Tight A/R Management
It’s the nature of healthcare – even with the best-laid plans (or automation), denials will inevitably occur. By establishing a strong denials management system that has the following components isolated through AI-driven automation, you can ensure that claims are adjudicated or appealed quickly and revenue collected:
Recovery forecasted and prioritized for pending, in-process, and denied claims
Predictive rules to determine “next best action” based on DOS checks, insurance benefits verification, CPT mismatch checks
Machine intelligence-powered strategy that prioritizes follow up and appeal activities designed to capture every possible dollar
Ability to determine the root cause through analysis and recommend upstream improvements
Today’s AI-driven software encourages providers to improve their patients’ experience while providing staff with some relief from the burdensome RCM processes.
2. CDSM Will Soon Impact Revenue for Medicare Patients
The Clinical Decision Support Mechanism (CDSM) is currently in the working phase, but starting in January 2022, missing certificates of compliance will negatively impact Medicare patient reimbursement. If your cardiology practice refers, or performs advanced testing as mandated through the CMS guidelines, you will be impacted by these guidelines.
The Centers for Medicare and Medicaid Services (CMS) has a list of approved vendors that offer interactive electronic tools where providers can utilize the Appropriate Use Criteria (AUC) information to assist them in making the optimal clinical decision and then generate a certificate to be submitted with the claim to Medicare.
3. Coding and Billing Support Through A Third-Party Partner
Practices experience ebbs and flow throughout the year that creates an uneven workflow and increased administrative problems. Besides the issue of scaling resources, there’s also the challenge of supporting staff in their effort to stay abreast of the latest trends in ICD-10 coding.
By teaming with a third-party coding and billing partner, accuracy typically rises, scaling is no longer a problem, and changes and updates are handled automatically with no burden placed on the practice. With a third-party team in place, you operate on an informed basis through data analytics that gives you a snapshot of AR at any given time with no guesswork.
Each of these improvements adds time that providers can rededicate to their practices, while also adding to the bottom-line. Additionally, this impacts the patient experience and presents a more organized and streamlined operation.
Let us show you the best ways to improve your cardiology bottom line through advanced billing and payment systems.