Streamlining Success: Unveiling the Crucial Benefits of Efficient Medical Billing for Oncologists

There are more than 18 million new cases of cancer and more than 10 million cancer deaths worldwide every single year – with two million of those cases and 600,000 of those deaths occurring in the US. 

Those statistics paint a dire picture of what this disease is doing to the population – not just in the United States, but around the world – but it doesn’t tell the whole story. 

Somewhere in there lies a beacon of hope, and we call it ‘oncology.’ 

Oncology, the study of cancer, has been evolving for thousands of years, but it has never been more prominent and effective than right now – and it’s all thanks to the incredible work of oncologists.

Thanks to them, there are more than 18 million cancer survivors in the United States today – a number that’s expected to rise to 22.5 million by 2032 and 26.0 million by 2040. Not only that, but more than two-thirds of all cancer survivors have already lived more than five years beyond their diagnosis.  

That wouldn’t be possible if it weren’t for you – the oncologist.

Surgery, chemotherapy, radiation therapy, immunotherapy, targeted therapy, biopsies, checkups, bedside manner – you guys are there for it all, from the diagnosis to the treatment and beyond. 

Here at Millenium Medical Billing, we appreciate and applaud the oncology community for their continued efforts – in fact, it inspires us to do whatever we can to help you save lives. For us, that means streamlining your medical billing needs to give you more time, energy, and effort to invest in patient care. 

Common Medical Billing Challenges for Oncologists

When most of us think of doctors, we think about all the good they do for the world – but we usually don’t think about all the things that go on behind the scenes. For example, while they might be doctors, they’re also trying to run a business – one that needs money to survive. 

That’s where medical billing comes into play. From submitting insurance claims to invoicing uninsured patients and tracking payment history, medical billing is designed to ensure oncologists get paid.

The problem is most oncologists don’t know how to navigate the medical billing process properly – and it’s likely damaging their practice. Here’s why: 

  • Too complex. Medical billing involves learning three sets of codes and modifiers that identify the patient’s diagnosis, treatment, and any other services the doctor provided during the visit. 
  • Time, energy, effort. Learning the codes takes time, but that’s just the start of it. Submitting claims, monitoring the status, following up with collections, AR management – it’s exhausting!
  • Staying up-to-date. One of the most frustrating aspects of the process is that the standards, codes, and regulations are always changing and evolving – which can be difficult to keep up with. 
  • Overhead. Since most oncologists can’t handle the process by themselves, they end up hiring a medical billing team. Unfortunately, this adds to their overhead and is difficult to manage. 

Oncologists didn’t get into this business to write medical codes – they did it to save lives. They don’t have the time, energy, or effort to learn it, and certainly don’t have the time, energy, or effort to stay up-to-date with it. And most don’t have the means to support hiring and managing an in-house medical billing team. 

So, what does this equate to? 

Denied and rejected claims. When the wrong codes are used, or the patient’s information is incorrect or outdated, the insurance company won’t accept the claim and will send it back for resubmission. 

Delayed reimbursement. Denied claims can be resubmitted and eventually approved, but it takes time. Claims that get rejected are the patient’s responsibility, but they often don’t have the means to pay. 

Revenue loss. In some cases, delayed reimbursement is the least of your worries. Using the wrong codes and not knowing the ins and outs of medical billing can quite literally result in money lost. 

Potential legal trouble. Frequent misuse of codes and fraudulent medical billing practices can result in legal (and even criminal) trouble, even if the oncologist isn’t aware of what they were doing wrong.

And that’s not even including the poor patient experience and higher out-of-pocket costs for your patients – as if they don’t have enough on their plate already. 

It’s a sad and harsh reality, but don’t worry – we can help you turn things around, once and for all. 

The 4 Keys to Successful Oncology Medical Billing

Medical billing is a complex and intricate process, but that doesn’t mean your oncology practice can’t find success with it – especially with people like us out here ready to help whenever called upon!

The problem is that most oncologists have no idea how much money (and reputation) they’re losing due to their lackluster medical billing efforts – and those who do often have no idea how to correct it. 

At Millenium, we’ve identified four primary keys to running a successful medical billing department – things you can start doing right now to improve those efforts. Let’s take a look: 

  • Study CPT, ICD, and HCPCS codes

There are literally thousands of CPT, ICD, and HCPCS codes in existence today. Don’t worry – most of them have nothing to do with oncology. The select few that do, however, need to be studied like the back of your hand – even better than that! Failure to do so will result in the consequences discussed above. 

  • Maintain accurate patient information.

From the moment your patient walks through your door until the moment they leave your office – it’s important that their visit is accurately and precisely documented. Their personal information, insurance information, contact information, and the services that were provided should all be recorded. 

  • Maintain compliance with new regulations.

The World Health Organization (which oversees ICD codes), American Medical Association (which oversees CPT codes), and Centers for Medicare and Medicaid Services (which oversees HCPCS codes) are constantly updating their standards and regulations – so make sure you’re staying up-to-date!

  • Hire an experienced medical billing team

We get it – the medical billing process is tough. If your efforts only lead to cash flow problems, revenue loss, and more headaches, do yourself, your practice, and your patients a favor – and hire some help. A proven, experienced, talented, and diligent team of medical billing experts makes all the difference!

At Millenium, We’re More Than Just a Medical Billing Company

Oncologists take pride in guiding cancer patients through one of the most brutal battles they may ever face, but behind closed doors, they’re experiencing a battle of their own – the medical billing process. 

This is supposed to be a process that helps your business succeed, but it often does the exact opposite – and the consequences extend beyond the provider. 

Don’t worry – Millenium Medical Billing is here to save the day. 

With nearly two decades of experience in the industry, our medical billing experts are dedicated to doing things the right way the first time around – ensuring doctors and oncologists around the country receive maximum reimbursement year-round. 

Our office is in Staten Island, but our team is spread out across the US, and we service doctors across all 50 states. If you’re ready to make your medical billing efforts count, don’t hesitate to contact us today!