Take A Closer Look At Your OB/GYN Practice’s Billing

Are you noticing everything about your billing?

The Physician and Specialty Practice Service Group at Coronis Health are experts in helping practices of all sizes and all specialties cultivate success. Our experience has taught us that, oftentimes, the 10,000 foot view of managing an entire practice can obscure opportunities and pitfalls in your OB/GYN practice. 

When taking a closer look at your billing, ask yourself, where are you making money?  

• Are you viewing ultrasound patients as a revenue opportunity? 
• Are you compartmentalizing the Obstetrics and the GYN part of your practices? 
• Are you billing IUDs appropriately? 
• Are you prepared for 2021 coding changes? 

Increasing your ROI and managing a successful revenue cycle requires a keen-eye and detail-first approach. It is vital you understand where your practice is making and losing money. 

If you’re wondering how you can drill down and discover the missing revenue in your practice, Coronis Health can be of help. With three decades of expertise and a hands-on and tech-forward approach, Coronis Health can help your practice maximize revenue while scaling your practice for success and growth.

Hidden Costs of “Buy and Bill” 

Do you know if you are billing LARCs (Long-Acting Reversible Contraception) as a medical or a pharmacy benefit? The difference can lead to problems with compensation and coding mistakes that can leave you holding the bag on a massive cost. If you purchase LARC methods for your office directly from the manufacturer, this can be considered a “medical benefit” and is known as “Buy and Bill.” Buy and Bill is handled far differently than when LARCs are obtained via a pharmacy.

Many practices purchase IUDs and other LARCs to have on-hand for their patients. This can be a potential time and money saver for both you and your patients. It is important to your OB/GYN practice to understand how LARCs are billed and how you can maximize your revenue. Looking at your inventory management can help you find savings, produce better coding, and turn what is a liability on your balance sheet into an asset.

Are IUDs A Hidden Asset? 

Lots of practices buy IUDs and have them on-hand in the office. But are you managing them properly as an asset? Oftentimes, practices can get lost in the shuffle of inventory management and inappropriate billing, and in-stock IUDs can become more of a liability than an asset. 

That’s where Coronis Health comes in. Our 30+ years of experience mean we know how to see opportunities in your balance sheet. By drilling down and looking at every aspect, from IUDs to ultrasounds, Coronis Health can help you find savings and grow revenue quickly. We can help you manage your inventory, use the correct coding, and turn your IUD inventory into a money maker.

Are You Considering Dropping OB?

Lots of OB/GYN offices are faced with a tough decision: Do you drop obstetrics to solely focus on gynecological needs? Is the complexity and lack of proper reimbursement that comes with delivery enough to refocus your practice? The reality is that with poor reimbursement and dealing with hospitals and other facilities, many OB/GYNs are deciding that it isn’t financially viable to offer obstetrics. Refocusing your practice requires careful thought and a hard look at your balance sheet. 

While this may be a tricky proposition, many OB/GYNs are finding that focusing solely on gyno can up revenue and save your practice time and money when it comes to complex coding issues. This involves compartmentalizing your practice and drilling down to see where you are making money and where you are losing it. Looking at your billing and coding apparatus yourself or sending it to the experts at Coronis Health can help you decide if this decision is best for your practice.

Prepare for 2021 Coding Changes

As we head into Q4 and 2021, practices need to be on the lookout for new coding changes. This can be hard to keep up with and can leave many practices in the dust, causing coding mistakes that lead to lost revenue. Coronis can help you avoid common medical billing and coding errors.

We specialize in: 

• Cloud-based software for all aspects of billing and coding
• Detailed reporting of and access to patient and account information
• Customizable billing capabilities to simplify the process
• Secure, accurate electronic claims submissions within 48 hours of receipt
• Keeping current with coding changes and updates (e.g., ICD-10 or CPT)

Become Profitable Now 

Oftentimes OB/GYN practices can get stuck only seeing the “big picture,” meaning you can miss a lot of opportunities for profitability. Our decades of experience and hands-on, tech-forward approach means you will receive a unique and innovative solution to your RCM problems. Coronis Health can help you find your best ROI winners and clean up your billing and coding efficiency. No matter your size, Coronis Health can help you reach your billing targets and will keep you informed every step of the way. We’ve been able to help one OB/GYN practice in particular succeed:

“We have used Coronis Health for years. The transparency and thoroughness of the billing process is outstanding. We can attest to the integrity of Coronis Health, and to their commitment to our financial success in a difficult revenue cycle management environment.”

Large OB/GYN  Private Practice in a University setting

If you’re struggling to grow or feeling like you’re missing out on vital revenue, the physician and specialty practice experts at Coronis Health are here to help. From outsourcing billing solutions to helping your office become more efficient, Coronis Health offers a variety of tools that can help your practice grow.

What we offer: 

• Provider Education: We strive to be not just a vendor for our clients but a true resource. Our clients know that if they have a question or need advice around revenue cycle, we’re always there to help.
• Pure Performance: Our team goes above and beyond to ensure our OB/GYN clients are receiving the best performance from our team. 
• Clean Claims: The key to keeping your AR down is to do the work on the front end. Our team goes the extra mile to ensure your claims go out clean.
• Transparency: Coronis Health is proud to be fully transparent in our work. We provide regular reporting and analytics so our OB/GYN billing clients can be confident knowing exactly what’s happening with their revenue cycle at all times.

Schedule Your Free Financial Checkup

Are You ready to reexamine your OB/GYN office’s billing practices with the help of seasoned experts? Contact Coronis Health today to learn more or to schedule your free financial checkup.

from
https://www.coronishealth.com/blog/take-a-closer-look-at-your-ob-gyn-practices-billing/