How Expert Allergy and Immunology Billing Helps Practices Get Paid Faster
An accurate and efficient billing system is critical for managing an allergy and immunology practice, in conjunction with accurate diagnoses and treatments, in improving the lives of patients suffering from allergies and immunological diseases. However, as evidenced by the high volume of these types of patients being treated and the nature of the services provided to them, billing for allergy and immunology is often much more challenging than people assume. Errors within the billing system can result in delayed payments, denied claims, and ultimately lost revenue.
The billing process of an allergy and immunology practice is often a source of immense aggravation for both allergists and immunologists. This is due to all of the resources being invested into correcting errors, following up on unpaid claims, and attempting to remain abreast of the continually changing rules set forth by the various insurance companies.
Why Allergy and Immunology Billing Is More Complex Than Other Specialties
The difficulty of billing for an allergy and immunology practice can be attributed to the various types of services offered by all allergy and immunology practices, such as allergy testing, the administration and maintenance of immunotherapy, and the treatment of chronic illnesses resulting from allergies/immunodeficiencies.
Examples of common billing challenges for allergy and immunology practices include:
- Coding procedures for allergy test results accurately
- Billing for immunotherapy services and dosages correctly
- Providing prior authorization and medical necessity for immunology services
- Staying on top of updates in coding and payer policy due to frequent changes is essential for compliance
Since insurance companies scrutinize allergy-related claims closely, a small error can lead to a denial of payment or be underpaid, which over time could greatly impact the cash flow of a practice.
The True Cost of Errors and Delays in Billing
If billing for allergy and immunology does not run smoothly, then this will have a broader effect than just delayed payment. Practices could see:
- Increased Rejections and Denials of Claims
- Greater Administrative Workload for Staff
- Loss of Revenue Because of Under Coding or Missed Charges
- Providers and Staff Frustrated with Spending Time Doing Billing Rather Than Seeing Patients
Many Practices will not identify their revenue loss until they take a more in-depth look at their billing performance; the speed of payment will not only depend on how quickly the claims are submitted but how accurately they are completed initially.
How Professional Allergy and Immunology Billing Can Reduce Payment Time
Utilizing a specialist medical billing company can change the way a practice manages their revenue cycle in relation to allergy and immunology. Professional medical billing teams possess a deep understanding of the specific requirements of allergy and immunology, allowing them to help practices avoid many of the common mistakes made in relation to billing.
Ways Professional Allergy and Immunology Billing Can Help You Be Paid Faster Include:
- Correct Coding from the Beginning
- Clean Claims
- Speedy Denial Management and Appeals
- Consistent Follow-Up
Why Outsourcing Makes Financial Sense for Allergy and Immunology Practices
Many allergy and immunology practices attempt to manage their billing internally, leading to burnout and inefficient billing practice management. When allergy and immunology practices outsource their billing, it allows providers and their staff to focus their time and energy on providing quality service to their patients while they allow billing experts to manage the financial aspect of their practice.
Outsourcing billing services provides an allergy and immunology practice with:
- Reduced administrative burden
- Reduced overhead Operating Costs
- Increased Cash Flow and Improved Predictability of Revenue
- Increased Compliance with Billing Regulations
Through a trusted billing firm, practices gain peace of mind knowing that their revenue cycle is in the right hands.
How MIU Medical Billing Company Supports Allergy and Immunology Practices?
MIU Medical Billing Company specializes in supporting allergy and immunology practices. As such, we understand the unique challenges faced by these practices. Our staff knows how to manage the complexities of this field, and we believe that no two billing clients should be treated the same way; therefore, we customize our services for each practice we serve. Our services include:
- Specialized allergy and immunology billing experience
- High-quality coding that adheres to regulations
- Prompt and accurate submission of claims (and follow-up)
- Complete visibility for each practice to know exactly where they are
By partnering with MIU Medical Billing Company, practices will experience a seamless billing process and quicker reimbursements, without having to worry about how to handle billing internally.
Improving Patient Experience Through Better Billing
While efficient billing is great for providers, it can also lead to an improved experience for patients. When billing processes run smoothly, patients receive statements that are clear and accurate, with fewer unknown charges. Providing patients a good experience will help build trust and establish long-term relationships between the practice and the patient.
Patients will choose to continue returning to an established office if they perceive professionalism and transparency are present within that office, therefore, by providing solid billing for allergy and immunology services, you will enable the patient and practice to develop trust.
A Smarter Path to Financial Stability
Within the current healthcare atmosphere, both financial sustainability as well as providing clinical excellence are critically important. Providing exceptional billing for allergy and immunology services is a way for practices to develop a strong foundation for long-term economic stability as well as rapid revenue growth through faster payments, fewer denials, and improved cash flow due to better revenue cycle management. Providing these opportunities enables practices to make investments in automation technology and increase the quality of service they provide to their patients.
The selection of a billing partner is not only about choosing the correct financial partner, but also choosing a partner based on a strategic level. When you partner with MIU Medical Billing Company, we take on the burden of streamlining your billing processes and managing the complexities of billing for allergies and immunology. This allows you to focus solely on providing quality care to your patients.
If you want to take your practice to the next level, contact MIU Medical Billing Company today! We can streamline your billing, accelerate your cash flow and provide you with a reliable source of income—allowing your practice to flourish without excess stress.
Frequently Asked Questions:
What is allergy and immunology billing?
Allergy and immunology billing is the billing process in which the provider accurately codes and bills allergy and immunology services so that the provider receives appropriate reimbursement from the patient’s insurance provider in a timely manner.
What causes denials for allergy and immunology billing?
Denials for allergy and immunology billing can be attributed to incorrect coding, missing or incomplete documentation, and a lack of medical necessity.
Do professional billing services expedite payment?
Yes. Because of the lack of errors in the billing process, professional billing services will allow providers to submit clean claims and keep track of payments.
How does MIU Medical Billing Company support allergy practices?
MIU offers billing that is focused on specialties, as well as providing precise coding, denial management and transparent reporting.
Is Patient data safe from Outsourced Billing Services?
Professional billing companies have strict HIPPAA compliance standards, as well as strict data security measures that protect patients’ private information.
