Hospitals and healthcare organizations are under constant pressure to optimize operations while remaining within strict budget guidelines. Every department must find ways to cut costs or, even better, increase revenue. By using the best anesthesia billing services, it is possible to increase hospital revenue in the anesthesiology department.
You Need Expertise
Anesthesia billing is not the same as other specialties. It requires additional expertise in order to properly bill and maximize revenue. Hospitals that use a general billing service, whether in-house or contracted out, are missing out on potential revenue when their billers don’t take into account special outlier requirements for certain specialties like anesthesia.
The Best Anesthesia Billing Services
In order to maximize and increase revenue, hospital anesthesia departments should look for the following from their anesthesia billing provider:
Comprehensive Understanding of Anesthesia Billing Modifiers
One of the major differentiating factors of anesthesia billing is how complicated all the billing codes and modifiers can be. Unlike surgeons who can simply submit a single CPT code, anesthesia billing utilizes numerous modifying factors. When used appropriately, these modifiers can help increase revenue but if used incorrectly also have the potential to cause an overbilling or underbilling fiasco. This means that without a comprehensive understanding of all of these elements, your billing company could be missing out on potential revenue.
Meticulous Reconciliation Processes
The sad truth of the industry is that payers frequently don’t pay their contracted amounts. If they don’t pay and your anesthesia billing company isn’t going back to them over and over until the claim is paid in full – then your anesthesia department is missing out on legitimate revenue.
In order to combat this, the best anesthesia billing services increase hospital revenue by going through a meticulous reconciliation process for every single claim.
At Fusion Anesthesia, we do this by coupling proprietary software with a database that allows us to load, reconcile, and maintain the fluctuating reimbursement rates for every payer, service, and client within our system. (It’s our special secret nerd sauce). This way the system to automatically flags everything that doesn’t add up. And when that happens, we fight, dispute, and resubmit paperwork until the claim is paid in full.
Wondering how you’re doing?
Curious to see if your current billers are maximizing revenue? Take a look at a line by line reconciliation log for the past 6 months. If it doesn’t exist or doesn’t show that a significant number of claims were kicked back to payers, then you are likely missing out on legitimate revenue.
If your current biller isn’t kicking claims back to payers than you could be missing out on potential anesthesia department revenue.
Look for the Best Anesthesia Billing Services to Increase Hospital Revenue?
Fusion Anesthesia has been doing anesthesia billing services, and only anesthesia billing services for over 40 years. Our CPT-certified coders understand all aspects of anesthesia billing in order to help you maximize anesthesia department revenue. Utilizing our anesthesia billing services can help you increase revenue by 5-15% compared to other billing providers.
Want to know how? Contact us for more information.