Neurology is a vital medical branch and includes the study of intricate parts of the nervous system. Neurologists deal with various ailments and perform complex brain and spinal cord procedures.
Another challenging thing is neurology medical billing which involves a step-by-step process to attain revenue. Medical billing is unavoidable for every healthcare provider but going through it can be a burden. There are negative impacts of badly handling it as well such as revenue leakage.
Neurologists who want to improve their administrative process must understand the core of Neurology medical billing. This way they can avoid the complexities and achieve the objective of proper and timely reimbursement.
If you are a healthcare provider struggling to keep up with the medical billing, then this blog is for you. We will discuss the neurology medical billing process and explore various challenges along with the ways to tackle them.
We will begin with the process of medical billing.
The Process of Neurology Medical Billing
Patient Registration
The first step is always patient registration, and it takes place right when a patient schedules their visit. Patients can book appointments or directly show up to healthcare practice. At this stage, all the information is recorded for documentation. This includes the patient’s medical history, name, address, and some other vital details. This step is the foundation of the medical billing process and essential for successful completion.
Insurance Eligibility Verification
Verification of eligibility is essential to ensure that the insurance policy holds coverage for the medical service or not. This is to find out if the healthcare provider is eligible for revenue or not. This is usually the second step in the process of medical billing. Verification prevents claim denials and the loss of revenue.
Claim Filing
Once the above two steps are complete, the patient receives the treatment, and everything is recorded according to that. After that, the next step is claim filing. In this step, rendered services are translated into appropriate codes to complete the claim filing process. Allocating accurate codes is essential to ensure a denial-free revenue cycle. This is also the step that witnesses the greatest number of errors.
Claim Submission
Once all the claims are filed, it is time to submit these claims to the insurance company for further processing. This step seems simple but if not done properly, it can lead to denials as well. The submission of claims must be within the time limit set by the insurance company. Delays in submitting the claims create the chances of denials.
Revenue Collection
Once the claims are submitted and processing is complete, it's time to receive the revenue. In this step, the healthcare providers achieve reimbursement for the rendered services. They must also update the same to the insurance company after receiving the payment.
Follow-up
This step is also crucial for medical billing as it involves finding the problems in denied claims and making changes to reclaim revenue. This involves proper denial management and follow-up for denials and outstanding AR.
Complexities of Neurological medical Billing
Multiple reasons make neurology medical billing complex and understanding the issues is the most important step to tackle them. Let's go through the challenges one by one:
Insufficient Documentation
Documentation is the initial part of the process, and it is vital as well. However, if there are shortcomings in this step and the effects are reflected in the rest of the process. Incomplete or incorrect documentation can disrupt the smooth flow of the medical billing process. As a result, the healthcare practice must bear the consequences of revenue leakage.
Faulty Coding
Coding is an essential part of medical billing that can break or make the financial posture of the practice. The error in coding affects the claim filing process and results in denial of claims. This is not good for the financial growth of the practice and healthcare providers must take steps to correct errors in coding.
One thing that neurology medical billing services ensure is a significant reduction in coding errors.
Compliance Issues
Compliance is also an unavoidable part of neurology medical billing; however, it has similar medical billing complexity. Healthcare providers must protect patient information from unauthorized access and misuse. This is vital not just for the reputation of the practice but also to avoid any legal action. That is why healthcare providers must comply with HIPAA and focus on safeguarding sensitive patient data.
Incompetent Denial Management
The occurrence of denials is normal in a medical billing process and most of the denials are recoverable as well. This is possible with efficient denial management that identifies problematic areas and takes measures to correct and refile the claims. This process of reclaiming the lost revenue is beneficial for your healthcare practice.
Low Priority AR Management and Follow up
If your healthcare practice neglects AR management then the chances of achieving adequate revenue reduce. Unresolved and aging AR will interrupt cash flow and lead to revenue loss. As a result, healthcare practices must pay adequate attention to managing AR.
After exploring the challenges of neurology medical billing, it is time to learn some vital tips to better revenue cycle management and improve bottom line.
Suggestions to Improve Neurology Medical Billing
Prioritize Insurance Verification
Ensuring that your patient is eligible for the services you are rendering is a vital part of getting adequate revenue. A careful verification in the beginning can make all the difference in the outcome.
Neurology is a specialty with many different types of procedures and insurance plans must cover them. If a treatment is not included in the insurance coverage, then healthcare providers may not achieve revenue. It is also important to reduce the denial of claims and get adequate reimbursement on time.
Ensure Accuracy of Documentation
As a healthcare provider, make sure to prevent mistakes or missing information in the documentation. It is the foundation of creating a strong financial posture and that is why you cannot take it lightly. It is your responsibility to maintain the data of patients and keep track of all the related codes as well. This will help you efficiently file the claims and streamline the entire medical billing process. As a result, there is a reduction in errors and denials. Apart from that, there is a significant improvement in the revenue cycle.
Be On Time
Time matters a lot in claim filing and submission. Failing to submit the claims on time can be a prime reason for inadequate revenue. It becomes extremely significant to follow the deadlines of insurance companies and submit them before the final dates. This will prevent your practice from denials due to delays and avoid missed or nullified claims.
Keep Updated with Changes
Updates are frequent in the healthcare industry, and they navigate the status of claims. Healthcare providers cannot take the risk of missing some important details because they are not at par with the latest updates. As a healthcare practice, take extra steps to ensure that you are familiar with changes and the dynamic nature of billing and coding.
Outsource Neurology Medical Billing Services
Dealing with administrative processes can be a lot for healthcare providers both mentally and physically. Moreover, it prevents them from keeping their focus on improving the quality of patient care. That is why outsourcing is the best option to maximize revenue and better patient care at the same time. Medical billing services manage every aspect of neurology medical billing and ensure to fulfill the greater goal of adequate revenue.
Summary
Neurology medical billing is complex, and this is the reason for insufficient financial success. A better way to deal with challenges and improve medical billing is outsourcing to a professional neurology medical billing company. This way healthcare providers can eliminate the burden of administrative processes while enhancing the bottom line.
Unify Healthcare Services is a leading company that offers best-in-class professional medical billing for neurology. We work with a team of expert billers and coders who ensure that every step is handled with perfection. Our team strives to eliminate the complexities and raise the bar with exceptional neurology medical billing services. Achieve your goals of improving the revenue cycle and streamlining operational flow with Unify Healthcare Services.
