Almost 30% revenue loss is generated due to billing errors. These mistakes are the most common reasons for rejecting claims from insurance companies, ie US debtors. Medical billing goes far beyond the documentation; this is the most important means of income generation. Since the maximum percentage of doctor's income comes from payers, the following common mistakes should not be made in the billing process:
1. Uncompleted Patient Information
When a business is loosing a loophole, it is best to start with the basics. It is necessary to check the silly mistakes while claiming the name of the patient, his or her birth date, gender, and the insolvency errors are rejected.
Lack of Patient Control
The absence of a thorough patient screening procedure highlights the potential chances of revenue loss. Full control should include how many patients are regulated, the insurance policy number and coverage, the granting of allowances, the checking of procedures, etc.
3rd Delivery time and timely submission
It's true that a simple thing like mentioning the right service date is often missing and the reason for refusing to repay. Not only do claims have to be submitted within a certain period of time from the date of service if doctors request payment. Failure to comply with this deadline results in a delay in refund and often leads to a loss of revenue
. Faulty Diagnosis / Procedure Code
Paying experts check their credentials on the panel and cross-check the CPT or HCPCS diagnosis code with the treatment being handled. Accounting staff often encrypts unauthorized procedures by setting up a faulty diagnosis. You must also be careful when using modifiers.
5th Versatility / Fraudulent Accounting
One of the most common mistakes in trying to maximize ROI is the fraudulent invoicing, that is, the invoicing of non-executed procedures. Occasionally, encoding falls into this category. Accounts are familiar with the latest coding standards to avoid coding in the old way. Encoding is tricky and can damage revenue
. Follow-up with payers
Lack of refusals for insurance companies lists the most common medical billing mistakes. Lack of staff, increased workload, administrative tasks beyond billing, lack of time to call for rejection, cash inflow
7. Ignoring the EOB
The explanation of the benefits granted by insurers (EOB) is indispensable. In addition to correcting it, it is also essential to avoid mistakes in later invoicing.
All these errors unnecessarily delay the refund, and in case of repeated errors, risking the practice's image. Ask your billing partner for help if you need to address these issues and avoid these pitfalls to keep your cash.
Source by sbobet