Are denials, ignored or lost claims, inaccurate coding and underpayments making it difficult for you to collect the revenue you have earned? Physicians have a busy schedule and with the doctor patient ratio getting disproportionate across the US, handling the task of medical billing and coding has turned into a daunting task.
Complexities of coding can take a toll on your revenue
A huge problem can occur in case of coding errors. If your staffs happen to give the wrong code, claims will either be paid incorrectly to the wrong provider or not paid at all. Coding is getting complex with revisions in CPT and HCPCS Level II code annually and with the growing number of patients, just an in-house medical coding facility won’t make your task easy.
Filing insurance claims is already a daunting task and in case of wrong information not only will the claim will be denied but you might end up losing or ignoring the claims and not procure significant part of your revenue.
Moreover if you delay claim submission or fail to follow up, you can lose revenue. Can you afford to lose payments every time such an issue occurs?
How to make revenue procurement easier?
Accurate medical billing and claim processing is the only key to obtaining and maximizing revenue for your practice. There is no need to end up underpaid or leave your revenue uncollected just because it is a tedious task.
Updating documents as per the coding revisions-
you will have to ensure that your clinical documents are updated according to the coding changes or revisions so that no error occurs. CPT coding guidelines will have to be applied to cut down the risk of denials
Resubmissions of denied claims-
don’t let denied or lost claims leak your revenue. You will have to make sure that claims are resubmitted accurately
Follow ups with insurance companies-
getting payment from insurance companies is a time-consuming process. You will have to keep following up with them regarding the procedure and resubmitting or making changes till the correct details are not provided to them
Proper training to the medical billing and coding staff:
if you want to rely on your in-house billing system, it is necessary to keep your staff trained and updated about the changes in the health care industry on a time to time basis
Is it too much to handle?
If the process to procure your payment is too much to handle while you struggle with lack of time and staff to attend your patients, why not outsource medical billing and coding services?
Medicalbillersandcoder.com has expert billers and coder who will not only improve your revenue collection but simplify each billing process to ensure smooth functioning of your practice. MBC deals with medical claim filing for physicians from more than 50 US states, relieving them from the headache of managing their funds and revenue cycle every month.