The systems in our ever-changing technological world are becoming more and more complicated. With this complexity comes the risk of creating more loopholes. Medical billing is no exception. Just making sure the right billing codes are being used and the correct payments are being applied is not enough to avoid loopholes that are hurting your revenue generation. By addressing a few causes of these loopholes in your medical billing process, as well as auditing and properly monitoring the status of filed claims, can greatly improve the revenue of your practice.
Follow the Regulations and Laws of the Healthcare Industry
The regulations and laws in the healthcare industry are always changing and evolving over time. Making sure your medical billing company is up-to-date with the current coding and medical billing regulations will greatly reduce the risk of creating loopholes.
Avoid Erroneous Payments and Incorrect Coding
You already know that regularly auditing your medical billing company is extremely important. By making sure these audits are occurring regularly your practice is spending time now to save an incredible amount of time and money later. Making sure only the services that were provided are being billed, not only saves time and money, but it secures your practice from problems with your clients and with auditors. Ensuring that supplies and equipment are properly tracked, and added onto the claim in addition to checking that each individual service provided has its own code are among the many assurances a savvy billing company will provide. It is also important to make sure that insurance companies are paying at their contracted rates and not taking discounts that you have not agreed to.
Check and Recheck Medical Billing Codes
It’s possible your revenue generation is effected the most when the wrong codes are assigned to services. Having a dedicated specialist double-checking and reviewing the claims, will protect your practice from this reality. Medical billing professionals understand the forms, which will greatly reduce the number of erroneous claims you have.
Up-to-Date Benefits and Claim Denials
This basic function is easily overlooked and can be costly to your practice’s revenue. Making sure your office staff is up-to-date on the current benefits your patients carry, and ask for updated insurance cards every time a patient comes into the office, can make all of the difference. It is your billing company’s job to keep a close eye on whether or not a claim is denied, but this is trickier than it sounds if the insurance information they were given is incorrect. Ensuring any denied claims receive follow-up, and are re-submitted as soon as possible, will keep loopholes in your medical billing to a minimum. Most importantly, having medical billing professionals in place to avoid these denied claims is paramount.
Stop Using Manual Documentation
Automating your medical billing process as much as possible, thus ending the use of manual documentation, will improve your practice’s efficiency and reduces errors in your billing process. If you automate as many processes as you can, such as the scheduling patients and creating claims, you can greatly limit the number of errors or mistakes your staff makes. You should always be double-checking any process you have automated, but this takes less time than doing it manually and is far more accurate. Last, it is infinitely preferable to receiving denied claims and resubmitting claims because they weren’t completed properly.
Partner with Medical Billing Professionals
Medical practitioners have to face a vast number of medical billing questions. Addressing the issues above, along with auditing and automating your medical billing process, so less errors are created, will positively impact your practice. All this will help keep your revenue coming in steadily so you can focus on the needs of your patients.
Partner with Delphi Management Services today. We take care of your billing so you can focus on your patients.