Effective billing services are critical to the financial health of any independent practice. Mistakes done during claim filing, no matter how trivial they seem, can lead to denials. The billing and coding errors can have severe ramifications for your medical facility.
Loss of revenue is just the start. Kaizer Health reports that errors in insurance collections account for $68 billion lost annually. Additionally, the MMCP’s zero-tolerance policy on billing errors can result in your practice losing out on billing Medicare and Medicaid programs for several years.
How can health care providers reduce mistakes in their billing and coding? Here are five ways to streamline your medical insurance collections.
1. Hire a Professional Medical Billing Company
Medical billing and coding can be quite a hassle for most clinical staff. From ever-changing medical codes to limited time and resources, the overburdened staff is more likely to commit errors. Outsourcing billing services for medical practice can help you take advantage of the firm’s expertise, software, and economies of scale. You can focus more on patient care as experts handle your billing and insurance collections.
2. Leverage Technology
One of the largest causes of medical billing and coding mistakes is human error. Manual filing is hectic and can result in mismatches and wrong code selection. Medical billing companies can integrate their software with your EHR system. The program can automatically check for errors before sending out the claim. Additionally, MMCP requires medical facilities to maintain patient records for at least ten years. Leveraging cloud storage technologies can help your practice stay compliant with the set regulations.
3. Regularly Update Patient Information
Trivial errors on the patient datasheet such as surnames, names, treatment dates, policy numbers can be grounds for the insurance companies to deny claims. You may need to constantly update your patient’s information in your EMR system to prevent such errors. Your staff or the billing company may need to double-check the information provided before submitting the claims.
Insurance companies periodically review their policies, which may affect the claims that you file. Your staff may need to verify the insurance benefits and coverage indicated on the patient’s file beforehand. You may need to confirm with the insurer about coverage terms, benefits provided, and co-payment options available.
4. Use the Latest Coding Manual
The International Classification of Diseases (ICD) is on its tenth edition (ICD-10), with the eleventh edition manual coming into effect in 2022. It can be difficult for your staff to keep up with the latest coding manuals. 15% of all rejected claims arise from coding errors. Your medical coders may need to remain conversant with the latest billing rules and regulations.
5. Organize Periodic Training for Your Clinical Staff
Your clinical staff may need to learn about the latest trends in medical billing and coding. You may have to organize regular training programs with the billing department to guarantee harmonization of the information requested. Your coders may also need to attend seminars that refresh their billing strategies.
Correct billing services for medical practice is a critical factor to the success of your independent practice. The five tips above can help you minimize errors in your claim forms and streamline your revenue generation. If you are searching for billing services for medical practice or medical billing software, reach out to The Billing Department, Inc.