Chiropractic billing and coding has undergone significant overhauling in the previous years given changes in insurance practices, automation of data recording and compliance regulations. However, chiropractors across the nation continue to lose money in claim denials, bad debts and audit issues due to inefficient coding and billing procedures. To improve financial feasibility of your chiropractic clinic and eliminate risk of expensive medical audits or claim denials, as a medical practitioner, you must strive to adopt best in industry billing and coding practices.
In the next 5 years, General insurance providers, PPOs (Preferred Provider Organization) and HMOs (Health Maintenance Organization) will continue to cover chiropractor services in healthcare setup. Therefore, your chiropractic coding and billing process must be designed to optimize claim settlement out of these carriers. Following industry best practices can exponentially improve your clinic’s profitability both over short term and long term –
- Identify coding errors by reviewing coding manuals periodically: The switching from ICD9 to ICD10 codes have necessitated reviewing of coding process in your existing chiropractic billing. In addition CPT coding and HCPCS coding manuals are also important to be referred to at the time of identifying most frequently used codes by your medical practice.
- Adopt effective EMR to facilitate billing processes: Automation of patient record updating and patient data transfer within the practice as well as at the time of claim filing enhances the overall efficiency and productivity of your billing process. With EMR billing practices, you can minimize human errors, standardize coding and billing formats and record as well as access large amount of patient data more effectively.
- Establish medical document necessity: Billing process effectively begins from the point when the patient walks in and ends at the point of complete claim settlement. At each stage of medical billing, specific documentation and patient record can improve your claim settlement ratio.
- Ensure HIPAA compliance at the time of claim filing: HIPAA compliance and Electronic Data Interchange regulations not only ensure patient data security but also protect your practice from potential audits. Therefore, you must ensure complete compliance at the time of claim filing and any other data sharing.
- Calculate accurate fees for one time and continued care: Chiropractic services are subject to questionable fee structure and giving justification of continued care at the time of billing is a tedious task. Hence, your fees matrix must be accurately calculated to avoid any confusion in patients at the time of payments.
- Install RCM: Revenue cycle management is a scientific way of monitoring your finances thoroughly while delivering quality patient care. Daily, weekly and monthly revenue reports can improve your overall profitability as well as reduce risk of accounts receivables aging due to lack of follow up.
Medicalbillersandcoders.com is a complete billing and coding solutions provider that offer services of specialty experts for your practice. In order to internalize industry best practices for billing and coding in your chiropractic clinic without losing focus on patient care, you can partner with medicalbillersandcoders.com for effective billing and enhanced profitability.