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Don’t let Medical Billing and Coding Challenges Increase your Financial Worries in 2015


Medical billing and coding challenges keep increasing every passing year with new updates and procedures. Getting yourself accustomed to it thereby calls for professional help and guidance. It has been estimated that physicians might face a lot of challenges this year pertaining to medical billing and reimbursements. Taking the right step at the right time is the key here to avoid the many predicaments that one may encounter down the line.

Most physicians might face obstacles in their professional lives, which most possibly impact their professional well being including their income at many levels. Some of the obstacles include:

·        Increase in high deductibles

·        Disruptions of revenue post the implementation of ICD – 10

·        Reduction in malpractice premium

·        Rise in MU penalty

·        Lesser income for PCP’s, PQR’s

·        Penalties for physicians and so on

The trick to reduce billing errors and in turn cope up with your finances lies in employing a well organized staff that is well versed with the processes, finds time to address issues systematically and prepares the practise for audits.

Here is something you need to follow:

1.     Recognize the common problems: The first and foremost step is to check, analyse and find the most recurrent problems. Generating report from medical billing software would also bring to light the most frequent rejections and denials that are coming from. Compile and review problems at bulk and fix the common issues. Follow the “80/20 Rule”, i.e., 80% of all issues arise from 20% of coding.

2.     Change staff and processes as required: Once the common problems are identified, the next step is to fix them. Check for suggestions with the front line personnel of your billers and coders. If the problem relates to staffing, consider the changes to be made. Internal job postings based on skills, strengths and weakness of staff can be made. This might further enhance employee performance. Another important aspect is sharp and smooth communication. This includes notes as well as verbal communication among staff and physicians.

3.     Involve the staff and train effectively: If you wish to eliminate errors, make sure to train staff on the change and ensure that the new process is documented and reviewed with the staff. Help teach staff learn the complicated processes and answer questions. This method has proven to enhance retention. The training and development needs to be kept precise with the right know how of what changes needs to be incorporated.

4.     Evaluate the new process along with staff changes: Set a time frame to evaluate changes and review the changes that are made to ensure that the problem is actually addressed with the expected results. Besides you need to take on your stride and be adamant to achieve your goals of reducing billing errors.

5.     Repeat: Finally you need to ensure that the process forms a regular routine of your operations. The trick is to have regular reviews to attain accuracy in billing.

These internal audits may seem quite daunting to physicians and medical officers distracting them from patient care. Therefore most practises outsource billing and coding to professionals to ensure smooth financial returns and fewer hassles.

 

Among the many billing and coding firms, medical billers and coders have over a period attain a reputation of their own. Besides the service you receive from these professionals is definitely worth the entire hassles one can go through to reduce your financial worries and also concentrate on your core job. 

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