Medical billing inefficiencies can bankrupt a medical practitioner, a group, hospital or medical center. The demands from insurance organizations are mounting immense pressure on providers to straighten out their coding and billing processes and to improve their revenue cycle.
As a medical professional, no matter what position you hold, either you are an independent physician, doctor or an administrator of a large hospital you will face claim denials and billing inefficiencies. These issues will start to pile up and debilitate your revenue cycle.
You can reverse the situation by outsourcing the complicated coding and billing tasks so that you can focus solely on your patients and medical practice
Once you outsource your coding and billing, it will add up to your revenue in the following ways.
Revenue Cycle Measurement with Data Science
The first step for improvement in revenue cycle management is to correctly identify the Key Performance Index (KPI) of your medical practice. Emerging data science technologies are making it easier to react to real-time system inefficiencies. As a reference, you can compare your KPIs to industry averages. The measurement of revenue is far more straightforward now. As the saying goes, if something can be measured, it gets managed, and when something gets managed, it gets done.
Avoiding Insufficient, Inaccurate and incomplete information
Staff members often assign wrong diagnosis codes in medical documentation, and even minimal errors in medical documentation such as the missing a hyphen or spellings mistakes can result in denials. When you outsource coding and billing work, you can protect your practice from these types of costly errors.
Up-coding is a fraudulent practice where the coder unnecessarily assigns more codes for diagnostic, medical or surgical procedures that cost more. It can also happen as a mistake. Either way, it can lead to trouble. Medical billing frauds alone costs billions of dollars to the US government and insurance agencies.
Without a process in place, medical providers may face investigations that may cost them their reputation, revenue and they may face criminal charges.
Outsourcing the coding and billing to billing companies will not only eliminate errors in codes but also enhance your revenue.
Alleviate Duplicate Billing
Duplicate billing ( sometimes called “double billing”) occurs when a billing takes place to Medicare/Medicaid or an insurance company more than once for a patient receiving medical care. The problem of duplicate billing can be quickly alleviated if the billing and coding process is outsourced to a credible billing company.
When you are looking for an experienced and cost-effective service for billing and coding keep your options open for Medcare MSO.
Medcare MSO is a medical billing company well versed in billing and coding. Having worked with clinics, hospitals, medical centers and a plethora of other medical institutions and facilities in 2012, Medcare has a very impressive track record in serving medical professionals and institutions just like yours.