The revenue flow will be the major consideration for the owners, principals, and managers at cardiology practices this year. All of them will be looking at revenue cycle management, or RCM trends to help with the preparation for 2023. Keeping this in mind, here are the cardiology and RCM trends that will emerge this year.
Cardiology Billing Services In 2023
Undoubtedly, you and your organization’s fellow stakeholders are on top of the fact for the Centers for Medicare and Medicaid Services (CMS). That has proposed the 2023 Medicare Physician Fee Schedule rule. It’s always prudent to pay attention to the potential and confirmed CMS actions. To help you understand what revenue cycle management will be like for you this year. As stated by “The American College of Cardiology the physicians will see a decrease in the conversion factor on the 1st January 2023 going from $34.6062 to $33.0775”.
The CMS is estimating that the question in the physician’s rule will lead to lower payments by a factor of 1% between 2022 and 2023.
If you are not familiar with dealing with performance-based risk in CMS documents. The ACA notes that “CMS wants to enable ACOs inexperienced with performance-based risk to engage in a 5-year agreement under a one-sided shared savings paradigm.” That is an illustration of how physicians are given more time to adapt to new conditions that may have an impact on their billing and income flow.
Patients avoided many medical practices during the start of the global coronavirus pandemic and the subsequent wave of COVID-19 infections in the United States. Out of concern that they would become ill while waiting in the waiting area. The government adopted policies in response to enable the expansion of telehealth services. This made it possible for doctors to visit more patients, but occasionally in a less ideal setting.
Be aware that CMS is recommending keeping some of the temporary PHE codes for telemedicine. The place if your cardiology billing services practice has been using telehealth or virtual patient encounters to some extent. According to the ACA, they would continue to serve as Category 3 codes for telehealth at least through the end of 2023. They might eventually be given authorized status as a telehealth service permanently.
CMS Changes 2023
If your cardiology practice has utilized telehealth or virtual patient visits to any level, be aware that CMS is advising to maintain some of the temporary PHE codes in place. These would continue to be used as Category 3 codes for telehealth at least through the end of 2023, according to the ACA. They might eventually receive permanent authorization to operate as a telehealth service.
Coding in Cardiology Billing Services
Your team will need to learn about and execute changes to the code. New payment and compliance codes and directives are on the way, so cardiologist specialists should be aware of them. This is related to the fact that incidences of “miscoded cardiac catheterization or peripheral procedures” are still happening in the business and being reported.
It may be appropriate for your staff members who regularly deal with codes to attend a seminar or receive other updated training so that they are aware of the coding instructions.
For instance, adjustments have been made to Category III codes and their use, you should also familiarize yourself with the updated congenital catheterization codes and accompanying guidelines. The precise cardiac codes for lower extremity lithotripsy, as well as the related guidelines for these codes, must be familiar to every member of your team.
Please keep in mind that you might need to send your team to a coding expert’s consultation for “help with 2023 CPT/HCPCS code revisions relevant to peripheral and cardiac services.”
Your ability to utilize the right codes the first time and adhere to any new protocols will increase your ability to service patients and generate the highest level of income as a result.
Keeping an Eye on Trends In 2023
This year, cardiologists have a lot of billing-related information to remember. It can take a full-time job just to keep up with the Centers for Medicare and Medicaid Services’ proposed adjustments. Also, you must be informed about matters like changes to the code for cardiology. As all of these things have an impact on your revenue cycle management.
Verify that you are utilizing the most recent version of the revenue cycle management software at your company. If you have installed a specific RCM application and aren’t just making do with general-purpose accounting and cash flow software, that is. In that situation, it is unquestionably time to investigate your RCM choices for an upgrade or vendor replacement.
Those are the trends in cardiology billing services for the year 2023. If you are looking for a medical billing company to handle all your cardiology billing services, P3Care is offering cardiology billing services in the USA. Consult us!
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