The keys to financial achievement in a medicinal practice incorporate enrolling the ideal specialists, attendants, assistants, and other key workforce and after that situating yourself in the group as the main healthcare provider. Judicious supervisors will dependably be watchful for cash that is leaving the practice, whether because of issues in planning, unpaid cases, or simply the way that you are hobbling your staff by influencing them to utilize obsolete or inadequate software systems.
Do 4 out of 5 of your bills have errors? Mistakes that you make in billing can be very expensive for your practice as well as anger your patients. To avoid making these types of mistakes, you need to know what to watch out for.
Common Medical Billing Errors
Are you familiar with the most frequently occurring errors in medical offices? Here are the ones that come up the most.
Data Entry Errors is a common type of mistake and can be the most costly. Some common errors include:
- Incorrect patient information – Incorrect name spellings or policy numbers can lead to an immediate denial by insurance companies.
- Incorrect quantity – Can be in the form of medication and the quantity given. Another example of an incorrect quantity is misstating the number of nights stayed by a patient at an in-patient facility.
Coding Errors
These are also frequent and can prompt refusals or even legal action if a patient is cheated. You may discover patients leaving your practice on the off chance that they find out about huge errors made in coding with different patients, so stay sharp and always take advantage of the latest version of your software.
- Diagnosis and Treatment mismatch– sometimes, payers will deny a claim because the coding of these two things fails to match. This kind of distracted blunder can show more difficult issues in your staff, so it’s incumbent on you to make sure the information is straight right from the start.
- Unbundling – This happens when the provider charges related services as separate from a bill when they fall under the same medical code. Experience and perhaps additional training is needed to weed out this type of error in your staff.
- Upcoding/Under-coding – Errors of this sort happen when patients’ bills don’t precisely speak to the services they got. Remember this is exceedingly illicit and can bring about legal action if a patient finds the error on their bill, on top of being costly to your practice
- Not checking insurance in advance – By not confirming what a patient’s insurance covers before you perform the tests, you can find yourself with denied claims.
Medical billing is an important component of practices, ensuring smooth operation of the revenue cycle. Medical billers have to understand different medical regulations and private and public insurance plan policies. They need specialized knowledge of claim follow-up, claim denial resolution, posting payments and bill adjustments, appeal submissions, and collections management. Efficient management of these components ensures improved revenue flow throughout the practice.
The doctor or offices that need a medical billing and coding specialist do benefit in more ways than one. Having our medical billing and coding specialist frees them up from lots of management difficulties.
At Millennium Medical Billing our billing and coding specialist provides a smooth workflow in processing payments, details, and other requirements to professionally avoid the problems above. Our primary responsibilities include processing medical insurance and claims for reimbursements. Other duties include proper coding of medical records, diagnostic tests, and other reports about patient claims.
Contact us now for a complimentary analysis of your billing, coding and compliance requirements.