Covid-19 is creating unique healthcare revenue cycle challenges around billing and coding

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• Covid-19 is creating unique healthcare revenue
  cycle challenges around billing and coding

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Covid-19 is creating unique healthcare revenue
cycle challenges around billing and coding
As we know the world is going through the crisis
of COVID-19 and the government of every country
is urging people to stay at home. On the other
hand, healthcare providers are battling on fields
to mitigate the intensity of novel coronavirus.
According to the latest data by world health
organization (WHO), globally there are about
4,347,935 confirmed cases of novel coronavirus
including 297,241 deaths as of 15th May 2020. All
sectors have been impacted by COVID-19 with
different proportions. As far as provider
finances and healthcare revenue cycle is
concerned, the impact is significant. The
impression of COVID-19 on the revenue cycle is
unpredictable, but providers should handle it in
order to fulfill their missions and obligations.
Let us discuss different challenges around
billing and coding created by COVID-19 on the
healthcare revenue cycle. Billing and
Coding Notable issues in terms of billing and
coding could arise from Telehealth and
improvements to healthcare regulations. Make sure
you have knowledge about what is enclosed by
health plans for inpatient as well as outpatient
services. With changing rules and regulations,
support staff and providers required to be
trained and appraised properly. Apart from this,
there are other challenges that should be kept in
mind. Telehealth Most of the outpatient visits
has transferred to Telehealth visits. This new
trend needs an understanding of the related
necessities of a health plan. Telehealth requires
knowledge of documentation, approvals, and rates
paid by insurance companies.
Medical Billing Services in Oregon
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Covid-19 is creating unique healthcare revenue
cycle challenges around billing and coding
Changes in the Medicare Regulations Numerous
changes have been imposed on Medicare regulations
over the past few weeks. Provider organizations
must study these modifications and find out any
extra services, which can be billable like,
treating patients who are not insured and
diagnosed with COVID-19 and offering care with
the help of Telehealth. During this critical
situation of COVID-19 claim submission and
processing is difficult but there are
opportunities to collect advanced or faster
payment from Medicare in order to increase cash
flow. Remote Billing Work During this pandemic
keeping the billing office working is necessary
in order to keep practices and hospitals open for
COVID patients needing care. But this could be
challenging for smaller organizations with
restricted cash flows to cater to the demands of
COVID-19. Moreover, if you are not able to shift
your billing office remotely then there are
chances for hurdles while handling billing and
collection responsibilities for employees, who
are working from homes. Apart from the
above-mentioned challenges, it is your
responsibility to develop an action plan for such
kinds of emergencies that will help you to
minimize losses and alleviate the revenue cycle.
Medical Billing Services in Oregon
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Covid-19 is creating unique healthcare revenue
cycle challenges around billing and coding
How to overcome these challenges? We all have
been affected by the impression of COVID-19. To
tackle the situation government bodies and payers
are supporting for uplifting the revenue cycle
and hurdles that are occurred by a novel
coronavirus. Recently, the American Medical
Association, (AMA) published that it is
accelerating the development of a special Current
Procedural Terminology (CPT) code for reporting
COVID-19 tests. Apart from this, the Centers for
Medicare Medicaid Services (CMS) has been
proactively supporting providers to manage
billing and coding aspects of COVID-19 treatment
and testing. The agency has recently introduced
two Healthcare Common Procedure Coding System
(HCPCS) codes, in which laboratories can utilize
in order to bill for specific COVID-19 diagnostic
tests, like those developed in-house as per the
new FDA guidelines. Government initiative and
proactive approach towards pandemic will
definitely help you to overcome revenue cycle
challenges around billing and coding. Are You
Ready To Get Billing? Want to overcome healthcare
revenue cycle challenges? You are at the right
place, what you need now is a partner who can
finish out the rest of the work and make the
technology and implementation just as simple.
Thats what the best medical billing company like
Medisys Data Solutions Inc can do. If youre
ready to get started, schedule a meeting with our
medical billing manager from filling out enquiry
form from our website!
Medical Billing Services in Oregon