A medical billing companys growth or stagnation is determined by the accuracy level of medical billing services performed. The healthcare revenue cycle management stays on the positive side, if the accuracy level is high. Conversely, the company might face many difficulties with reimbursements, if the accuracy level dips inconsistently. Therefore, it is highly essential that medical billing companies monitor the key problems of the medical billing and coding process to keep up the accuracy level. Key areas to monitor are:
Erroneous Patient Information: Eliminating errors at the initial stages of the medical billing and coding process is the best practice that every billing company must follow. Patient demographics entry is the initial step, so documenting wrong patient information like incorrect member ID or Payer information can have a huge impact on medical claims billing.
Coding Discrepancies: It is one key area that requires additional care from the coding team. Coders must be aware of the newly updated CPT codes and code the medical procedures accordingly. Besides, they must also pay more attention while using modifiers for a particular service rendered by the physician. If discrepancies occur, then claims might get denied, delaying reimbursements.
Improper Charge Entry: The most critical step in which mistakes are unavoidable is the charge entry process. Medical billing specialists must make sure that each patient is assigned with the appropriate charges for the medical treatment undergone. If errors occur, the medical billing company might face many difficulties from claim denials to penalty charges.
Inaccurate Claims: It is always better to check for faulty claims before submitting them to the payer. This way, a medical billing company can eliminate the problems associated with managing denied claims and AR inflation. Key area to monitor are the Clearing House rejections and work them promptly to avoid delayed submission and payments.
Delayed Cash Posting: Having a consistent positive cash flow is greatly influenced by the payment posting process. A delay in posting payments received from the payer on to the billing system might inflate the AR artificially, .
Poor Denial Management and Follow-up: Even after showing great care in the medical billing and coding process, certain claims do get denied. In that case, the medical billing company must assign a special team of professionals to manage denials prudently and on time. Also, the professionals have to clear the accumulated AR before it results in AR inflation.
Thus, monitoring these key areas can reap great benefits for the medical billing company. Offshore medical billing can be an excellent option to make the medical billing process glitch-free! Consider medical billing outsourcing to a company like e-Care.