5 Ways to Stop Losing Money in Medical Billing Services
Maintaining a coherent approach in medical billing is one of the fundamental challenges that every provider faces. It is important to note that financial strategy & its consequent outcome can be disturbed if you do not have a streamlined process that will yield your revenue in a consistent manner.
♦ One of the critical aspects that you need to take notice of billing is the claims submission that is in accordance with the insurer guidelines. Also, it becomes important to ensure the right balances that will give your claims the needed dimension with the payors.
♦ Not having a synchronized practice can be detrimental to your cause as it will inevitably influence your bottom-line growth objectives in the long run.
Some of the common mistakes that are usually seen in medical billing services are :
Failure in insurance verification: One of the primary reasons that denials in medical billing increases is the lack of knowledge & proper practices in verification of the coverage of insurance. Providers have to devote time for patient’s eligibility verification services that provide necessary balances.
Inaccuracy in patient’s information: Simple mistakes can lead to denials & effective measures must be undertaken that ensures the minute details to be included with clarity. It may be the spelling of the name, birth date as well as details of an insurer, all the details must have conclusive information.
The incorrect approach in coding: It may be the diagnosis as well as service or procedure codes, ICD-10 requires specific detailing & coding standards must be upgraded in the present era. Your coders must have the necessary exposure with constant evaluation & certifications in place.
Duplicate billing errors: Billing errors with the same test, procedure or even treatment repeatedly is known as duplicate billing. Many times, it is observed that a process has been canceled yet the patient account still has the details. These errors must be eliminated by process automation.
Upcoding or down coding: Malpractices in coding with misrepresentation of the services performed for receiving higher or quick payment can amount to fraud & eventually turn out to be catastrophic for a practice. Adherence to insurance guidelines especially Medicare & Medicaid is of prime significance.