Cardiology Billing Outsourcing: Costs and Considerations

In the healthcare landscape, precision and accuracy are paramount to maintaining a practice’s performance. Cardiology billing and coding are emerging as especially complex processes demanding special attention. From verifying patient’s insurance eligibility to accurate code and modifier implementation, billing for Cardiology involves various activities. To maintain this, it is essential to have a reliable and efficient billing partner who can improve your revenue.

Medical professionals across various specialties are consistently seeking methods to streamline operations and reduce costs. For those new to outsourcing, this blog offers valuable insights into the key factors to consider when outsourcing Cardiology billing services.

The State of Medical Billing in the US

Before we go into the details of outsourcing, let us create some backdrop. For any healthcare facility, accurate medical billing plays a crucial part in revenue generation. From data collection to claim submission, the daunting process takes an ample amount of time which hinders the care process. As per the AMA, a physician spends 15 hours a week on average on paperwork, which is a great concern when it comes to quality care. The excessive administrative burden leads to physician exhaustion and burnouts that result in deteriorated patient health outcomes.

The Appeal of Outsourcing Cardiology Billing

Cardiologists are already struggling with high patient volume and complex procedures. When you outsource your medical billing services, it allows your practice to shift this specialized process to experts. Research showed that outsourcing your revenue cycle management services can reduce errors and increase revenue by at least 10%.

When you decide to outsource operations, you must dive deep into the financial implications of such a move. It is essential to understand that costs associated with outsourcing are dependent on various factors-

  • Size of the practice
  • Volume of billing
  • Complexity of the services

A study has shown that the costs of outsourcing typically range between 4% to 9% of the practice’s monthly revenue. However, the cost is not the only factor. You must learn about the outsourced organization’s reputation and specialty services, references and versatility, turnaround time, customer support, and of course real-time availability.

Transitioning with Sunknowledge

Shifting from an in-house billing setup to an outsourced organization might seem daunting. The process requires careful planning and clear communication. Nonetheless, you might be hesitant due to the fear of losing control over your revenue cycle. Also, being a newbie in the outsourced revenue cycle management realm, it is tough to choose a partner who can handle your operations quite efficiently.

However, by partnering with Sunknowledge, you will have the assurance of excellence. We have been providing both payers and provider solutions in the medical billing realm for more than a decade. Our team of expert medical billers and coders has a clear understanding and knowledge regarding Cardiology billing and coding regulations and claim submission norms. Our professionals are well-versed in different software systems which makes them one of a kind. At just $7 per hour and with 100% HIPAA compliance we can reduce your overhead expenses by almost 80% immediately. Our experts resurrect the front end, develop the right processes that help in creating a solid ecosystem, and navigate your revenue in the positive direction in the long run.

To learn our consistent revenue generation strategy in the realm of Cardiology billing, you can connect with one of our experts over a non-commitment call. Our team would love to deliver actionable assistance that can help you sustain revenue and functionality in the long run.