01 Oct How to Prevent Medical Billing Errors that cost a Fortune?
Are medical billing errors eating into your practice’s revenue? If you are not making the revenue you deserve despite the best specialists, staff and patient services, then this is something you need to pay immediate attention to. Medical coding and billing errors can not only prevent you from making a good ROI in your practice but also annoy your patients. Hurting your practice in the long run.
Here are the most common medical billing errors to watch out for.
Data Entry Errors
These are the most common and the most expensive billing mistakes. Data entry errors may include incorrect patient information, such as spelling mistakes or wrong policy numbers and incorrect quantity of medication given or errors in the number of nights a patient stayed at an in-patient facility. Such errors can lead an insurance company to quickly reject your claims.
Coding errors can not only cause claim denials but also prompt even legal action if a patient is cheated. If patients find errors, they may not return to your practice. So, it is important to ensure accuracy in coding and billing.
Diagnosis and treatment coding mismatch will make payers deny your claim upfront.
If related services as charged separately when they fall under the same medical code, that is an unbundling error. Your staff needs to be extensively trained to ensure high degree of accuracy. This is why most medical practices are now outsourcing their medical coding and billing to professional services who have trained and experienced staff to ensure your claims are accurate.
When patients’ bills differ from the services they received, it is not only an error but an illegal action. This can prove extremely expensive for your practice.
Not checking insurance
Failing to confirm the extent of a patient’s insurance coverage before providing services can result in denied claims.
Outsourcing your medical billing and revenue management can provide you freedom from the costs and hassles of the process. It saves you costs and increases cash flow and revenue for you. Consult a reputed medical billing company to find out how you can improve your billing and claims management.