Efficient medical billing practices can strengthen the financial backbone of a family practice and allow family practitioners to focus on the service aspect of their practice. However, in a constantly evolving healthcare industry the need to Update Medical Billing at regular intervals becomes absolutely indispensable. It goes without saying that the year 2013 will see numerous changes in medical coding and reimbursement patterns and family practices will have to stay extra vigilant to accommodate every new update into their medical billing system. All new updates are likely to happen in terms of –
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While coding and billing practices can be updated without much hassle, thanks to EHR and digitized recording of medical data; staying abreast with the changes in compliance can prove to be a little difficult. Preparing your staff and installing a comprehensive compliance plan is critical for your family practice. Strict adherence to OIG regulations specific to Family Practice groups is especially important to strengthen your Medical Billing Practice. Efficient Revenue Cycle Management (RCM) will require your medical practice to monitor and update the following aspects of billing –
- Updating the ongoing changes in family practice codes in the billing system and keeping the staff aware of the importance of proper coding for proper reimbursement and claims
- File claims as per the process changes in Medicare, Medicaid and other private insurers; ascertaining per-authorization and avoiding claim processing errors
- Aligning the Fee schedules of the practice as per the reimbursement norms of the industry and adhering to value based model of payment
- With Medicare reimbursement rates declining and Medicaid rates improving, cautiously align your payers mix to ensure collections
- Lastly, as per compliance and regulations track your reimbursement ratio and appeal for denials with corrected documents and codes. Timely correction of wrongly filed claims can improve your revenue stream and dramatically improve the efficiency of your medical billing process
With so many changes forcing practitioners to update their billing system every few days and even more changes around the corner, it is prudent to design efficient medical billing practices that can adopt new changes instantaneously and continue to function smoothly. Medicalbillersandcoders.com is an RCM expert that can help your practice to achieve the perfect balance between quality service and efficient billing. Our team of medical billing specialists is constantly updated and is well equipped to handle all your coding, billing, collection and compliance needs. We can make your revenue cycle an error free process, allowing you to dedicate all your time to patient care and quality service.
FAQs
1. Why is efficient medical billing important for family practices?
Efficient medical billing strengthens the financial stability of a family practice, allowing practitioners to focus more on patient care and services.
2. What updates are expected in medical billing for 2013?
Key updates include changes in E/M coding, billing characteristics for specific laboratory tests, fee schedule adjustments, and compliance with new regulations.
3. How can family practices keep their medical billing systems updated?
Practices should regularly monitor coding changes, train staff on proper coding and claims filing, and adapt to changes in Medicare, Medicaid, and private insurers.
4. What is Revenue Cycle Management (RCM), and why is it important?
RCM involves monitoring and optimizing all aspects of billing and collections. Effective RCM ensures timely claims filing, accurate fee schedules, and proper reimbursement practices.
5. How can Medical Billers and Coders (MBC) assist family practices?
MBC offers expertise in managing billing, coding, collections, and compliance, helping practices maintain an efficient revenue cycle and reduce errors.