Resolving Medical Billing Errors Can Save You MoneyMed Miles LLC
As a medical service provider, your practice can lose a significant amount of money due to medical billing errors. It’s not possible to fully eliminate the chances of errors.
The billing activity revolves around the measures when patients visit for the services and the service providers record all the essential details for the coding purpose to get a claim from the respective insurance company.
Between these measures, the chances of errors are extremely high, and due to these errors service providers lose an enormous amount of revenues each year.
In this article, we will discuss the common billing errors faced by medical service providers and how we can reduce them to save money.
Common Medical Billing Errors & Solutions
The medical billing process seems to be very complex, but if done efficiently you can overcome it and save your practice a substantial portion of remuneration.
Here are some of the errors in medical billing and their solutions.
Inaccurate Record Keeping
A complete and error-free record is essential for further proceedings. When the patient comes for the services your front desk staff needs to record all the essential details accurately like Name, Address, Contact number, and Insurance provider details.
It will save you from billing errors. Many a time claims are denied due to missing and inaccurate information. So make sure that the details must be accurate.
It’s very important to verify the coverage given by the insurance providers. The majority of the patients don’t know about the coverage by the insurance companies.
So your practice needs to check the eligibility as well as the service range. Tell the patient that these services are excluded from your insurance scope and you have to pay for these services.
Medical Coding Errors
In the medical billing process. Coding errors lead to claim denials, late reimbursement, and view as fraudulent activity if done intentionally.
Your RCM suffered a lot due to coding errors if not addressed timely. Below are some common coding mistakes to look at for saving your revenues.
Using multiple codes for a single medical procedure. The American Medical Association claims that using multiple CPT codes is one of the most common coding errors.
In this type of coding error, the Patient is charged for the services that are relatively much higher than the actual treatment performed. It’s considered a clear violation of the False Claim Act.
When a patient is not charged fully for the services he availed during his stay in the health center then it is termed as under coding. Your practice can lose revenues due to under coding.
Inaccurate Reporting of Data
As said earlier the accurate data holds significant importance in the billing process.
Missing or errors in any essential information lead to the wrong coding and these claims are denied by the insurance companies.
Coding errors are very common in medical billing, Your practice can lose remunerations if it is not resolved earlier, make sure to use the American Medical Association-approved coding procedure.
It has been estimated that some common errors occur due to the negligence of the staff member. Like missing information and not checking the insurance coverage and errors in coding.
Due to these mistakes, your medical practice bears the loss of revenues Make sure that your In-house staff is trained enough to handle the administrative as well as billing activity or you can hire professionals who are experts in managing the medical billing.
Higher Claim Denial Rates
Tracking denial rates is essential for the smooth flow of your revenue cycle. If your practice is unaware of the rising ratio of denial rates then you lose revenues.
The common reason behind the higher denial rates is due to the coding error, late claim submission, and mistakes in the verification process.
Late Claim Submission
Insurance companies only process those claims that are submitted on time. If your practice failed to submit the claim on time then you will lose payments.
Aging accounts are the leading cause of an outstanding account receivable. If you are not tracking your aging accounts then you need to put some extra effort to get dues from those accounts.
By tracking the aging accounts you also came to know about the patients who hold secondary insurance.
Your In-house team should frequently track the aging accounts in order to get maximum reimbursement.
Not Following-Up Frequently:
If your team is not following up on the overdue accounts then your account receivable will expand surely, A timely follow-up is key in increasing the revenues.
Your account receivable follow-up team should closely monitor those claims that are not paid within the 30 days period and actively follow up on those accounts to collect revenues.
Patient follow-up is also important. For the services that are not part of insurance coverage and patients have to pay for them, usually, patients forget to pay their dues.
Your account receivable team is responsible for actively following the patient by sending them Emails and calls to make sure that they pay their dues on time.
How Do Medical Billing Services Help To Save You money?
Outsourcing your billing services is a great way to save money. The in-house billing team usually lacks experience so the chances of errors are relatively high.
Like for coding, your practice needs to make a lot of investment in your In-house staff for their proper training.
Even if you are interested in hiring professional coders for your in-house billing activity then you need to invest a lot of time and energy in the hiring process.
Medical billing service providers have a team of experts and their primary task is to manage the billing activities of the health service providers.
They can help you with accurate coding by following all the regulations, tracking denial, and actively follow-up to manage the account receivables.
Med-miles have experience of more than 8 years in providing billing solutions to health service providers.
Our excellent services assure maximum reimbursement and low denial rates. For more information call us at (888) 598-9181