Understanding the Key Components of Oncology Medical Billing
In order to reimburse on time and reduce the AR gap, oncologists must consider outsourcing Oncology Medical Billing services to a reputed medical billing company.
Oncology medical billing can be a complex and confusing process, especially for those who are not familiar with the various components that go into it. As a result, it often results in denials and sometimes perished practice revenue cycle. Oncology Medical Billing demands exact medical documentation of treatment as well as timely contact with insurance companies in order to secure payment. Accurate Medical Billing and Coding after each cycle of therapy ensures that your Oncology practice is fully compensated.
In this blog, we will break down the key components of oncology medical billing and Coding to help you better understand how it works and how you can ensure that you are receiving the proper billing and reimbursement for your oncology services.
What is Oncology Medical Billing?
Oncology is a time-consuming and sophisticated practice that comprises establishing comprehensive cancer treatment strategies. Oncology is one of the most rapidly expanding medical specialties. The United States expects its cancer survivorship rate to increase by 31.4% by 2030. Cancer patients' survival rates will climb by 15.1 million as medical technology progresses.
What is Oncology Medical Coding?
Oncology medical coding is the process of turning a cancer patient's files into the standardized codes required by insurance companies of Oncology clinics or institutes. Oncology coders employ documents such as laboratory tests, transcriptions of oncologists' notes, and radiologic reports to gather information.
Coders transform patient information into numeric or alphanumeric codes after organizing and validating them for faults. Using these codes, oncology billers establish claims for insurance companies. Coders ensure the accurate use of medical codes to reduce claim denials and increase payer reimbursements.
Components of Oncology Medical Billing and Coding
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Sophisticated Coding for complex Cancer procedures
The first component of oncology medical billing is coding. Coding refers to the process of assigning specific codes to different medical procedures, diagnoses, and treatments. These codes are used to communicate information about the medical care that a patient has received to insurance companies, government agencies, and other healthcare providers. In oncology, coding is particularly important because cancer treatments can be complex and may involve a wide range of procedures and medications. In addition to ensuring that the patient's medical records are accurate, proper coding also helps doctors to accurately reimburse their patients for their care.
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Lengthy and Time-consuming documentation
Another key component of oncology medical billing is documentation. In order to receive proper reimbursement for oncology services, it is important that medical providers accurately document the care that they have provided to their patients. This includes keeping detailed and up-to-date records of diagnoses, treatments, and procedures, as well as any other relevant information such as the patient's medical history and current condition. Accurate documentation is essential for ensuring that the patient's medical records accurately reflect the care they have received and that they are properly reimbursed for that care.
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Correctly verifying Insurance Coverage
A third component of oncology medical billing is insurance coverage. Insurance coverage can be a major factor in the billing and reimbursement process for oncology services. Different insurance plans may cover different types of treatments and procedures, and it is important for medical providers to understand what is covered under each patient's insurance plan in order to ensure that they receive the proper billing and reimbursement. It is also important for patients to understand their insurance coverage and to work with their medical providers to ensure that they receive the care that they need and that they are properly reimbursed for it.
Modifier Codes
Modifier 59 is an excellent choice for indicating a specific procedural treatment for a different form of cancer. The therapy entails several visits and radiation exposure, and it bears no resemblance to the IMRT strategy. According to CMS, the adjustment is only applicable to distinct anatomic areas within the same visit. Furthermore, the treatments are often not carried out or done concurrently on several organs of the body. Alternatively, treatment undertaken in limited circumstances for non-contiguous, discrete lesions located in various anatomic areas of the same organ necessitates modifiers.
Why should you go with NEO MD for Oncology Medical Billing Services?
When you use NEO MD to manage your Oncology Billing, you have access to a variety of services. We offer HIPAA-compliant Oncology Billing services and use cutting-edge tools and technologies to meet the billing demands of practices. These are just a few of the many reasons why you should collaborate with us for Medical Billing and Coding.
NEO MD has achieved remarkable results in providing Medical Billing Services to healthcare practices. Furthermore, NEO MD has made it to the top of its competitor’s Revenue Cycle Management Companies.
Understanding the key components of oncology medical billing – including coding, documentation, and insurance coverage – is essential for ensuring that patients receive the proper billing and reimbursement for their oncology services. Having an understanding of these components and working with their medical providers can help patients ensure they are receiving the most appropriate care and receiving proper reimbursement.
Our specialists are available 24 hours a day, 7 days a week to answer your questions and give timely Oncology Billing. We provide both low-cost and customized billing and coding services.
What Makes NEO MD the Best Medical Billing Company?
NEOMD stood best among competitors’ Revenue Cycle Management companies due to the following cores;
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First level of Claim acceptance rate 95-98%
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Improve RCM system efficiency with a robust credentialing team.
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Evolving state-of-the-art medical billing services for small practices
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Successfully opening Insurance Panels for Providers
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Provide fortnightly financial and practice overviews.
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Provide Medical Billing and collection services that are of high quality and error-free. Offer Services that are easily scalable at all times.
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Offer internal audits to uncover loopholes.
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Refunds adjustment and Payment posting to improve the cash flow.
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Increase the accuracy of fees and collection.
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Our experts work hard to reduce your front-end denials by 20%.
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Out of Network Negotiations.
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We have consistently increased the collection rate for our clients because of the faster processing of accounts receivable and on-time follow-up.
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).
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