5 Tips to Increase Revenue of Cardiology Practices

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5 Tips to Increase Revenue of Cardiology Practices

• Medical Billers and Coders

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For the last few years, cardiology practices have
experienced increasing administrative and
overhead costs which have led to a substantial
decrease in payment reimbursements for
cardiologists. In recent times, cardiology
practices have increased in size due to the
evolving nature of this stream and the emergence
of different ailments and their remedies. This
has caused apprehension amongst practicing
physicians as to how to evaluate and address the
changes that are taking place or are being
proposed. Hence, they rather pay attention to
cardiovascular medicine than administrative or
structural aspects of their practice.
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Industry Fact File The essential nature of the
Cardiology industry has maintained demand and
supported the industry expansion in the last five
years. The increasing overhead costs and lack of
interest in administrative activities have led to
decreasing profit margins. The industry is pegged
at 34 billion and annually it is slated to grow
at the rate of two percent. It employs over two
lakh people.
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Tips to Increase Revenue Cardiologists are
usually compensated more than primary care
physicians and generalist doctors. However,
increasing overhead and administrative costs have
resulted in decreasing profit margins. Let us
look at a few points that cardiology
practitioners can consider for increasing revenue

• Educating the physicians on coding rules
• It is imperative for physicians to be properly
  educated on the coding rules to ensure under
  coding does not take place. At every level under
  coding happens it reduces the pay by about 50.
  Physicians should keep a check on their reports
  and encourage discussions as to why this lapse
  occurs. This could add about 45,000 per year per
  physician on average. Actually, this increased
  revenue is for the work which has already been
  done by the physicians.

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2. Developing a tracking system for denials
Payers, physicians or the back end staff should
keep a check on the denials. The important aspect
is to work the denials and not just book them.
The reasons for denials need to be ascertained
and they should be fixed. They should not assume
that if the payer has denied the claim it must be
correct. Physicians should have a knowledgeable
person looking into this, one who is well aware
of the rules and can appeal or fight for the
correctly raised claims. 3. Monitoring
scheduling of physicians There should be a
check on the number of patients a physician sees
in a day. This should be compared to other
practices and see if the physician is having
fewer patients than others. If yes, then it needs
to be checked as to how long is it taking for the
scheduling process of new patients and if there
are any irrelevant steps they need to obliterate.
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4. Monitoring the referrals Physicians need to
keep a check as to how they are getting referred
and if there is an increase or decrease in the
footfall. Keep on talking to the referring
physicians and get to know how they can
improve. 5. Building a strong provider relation
program This will ensure that the practice
retains its patients and referring physicians and
pursuing new referral sources too.
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Conclusion MedicalBillersandCoders.com is a team
of experts that work tirelessly to provide the
best services to providers. They take care of the
back-end activities for them. Cardiology
practices would do well by tying up with such
facilitators who can help them in increasing
their revenues.
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