1. Manage Claims Correctly
Insurance companies are very strict about medical billing, coding, and other procedures. As a result, approximately 80% to 90% of all medical bills will be rejected. It can take several weeks to complete the cycle of submissions, edits, and resubmissions. As a result, many service providers have to wait for months before they are paid.
It is time-consuming and inefficient to amend and resubmit claims. It is important to enter the data accurately and check for any potential issues before submitting claims.
2. The Right Use of Technology
Digital technology has brought many solutions to the table that were not possible with paper-intensive methods. Electronic Health Records (EHR) has revolutionized the way healthcare companies process income. The technology has proven its efficiency in many areas of business, including healthcare. The use of technology to process medical codes, correct issues, and approve claims could increase your clinic’s growth.
Each practice should look for an EHR that incorporates coding in the workflow. Every EHR should allow users to select the appropriate codes based on the supporting documentation. The Computer-Assisted Coding System is a good example of software that helps healthcare organizations adopt a successful coding method by identifying gaps in medical data and improving coder accuracy and efficiency.
3. Regular updates to the Guidelines and Coding
Ensure that your EHR is up-to-date with the latest code revisions. Take action to adjust the system to meet the requirements if not. Update coding standards and guidelines to maintain transparency and improve EHR/PMS conformity with the latest rules.
Update these elements to prevent your practice from applying coding guidelines incorrectly and increasing denials.
4. Conducting compliance audits
Coding is the foundation of any successful healthcare practice. Coders have the authority to evaluate clinical documentation accurately by adhering to the rules and using standardized codes. They are required to support the medical practice’s quality compliance initiatives.
By evaluating charts and identifying specific coders, a coding audit can help ensure that clinical documentation is of the highest quality. To address their audit knowledge gaps, healthcare facilities are increasingly turning to third parties for coding checks.
Revenue cycle processes can be improved by conducting compliance reviews to identify coding that could reduce the number of denials.
5. Accelerate your Documentation Process
Accuracy of paperwork is a major factor in the success of medical coding. It is also the easiest way to increase reimbursements and improve the efficiency of the coding process. If your practice is having trouble maintaining the accuracy of its documentation, consult a CDI professional.
6. Outsource your Coding Team
Outsourcing the RCM process is now a common practice in many medical offices to increase their revenue cycle productivity. These firms decided to outsource the coding to qualified individuals due to the current shortage of programmers. Outsourced coding teams improve the overall revenue cycle.
This post was written by Physicians Choice Medical Billing, LLC. Physicians Choice Medical Billing, LLC has been providing exceptional, and comprehensive Full-Service Practice Management including medical billing, coding, revenue cycle management, credentialing and consulting services to our clients. Whether you are a new startup or an established medical group, PC has the experience and dedication to make your practice a financial success. The staff bring multiple years of experience and dedication. St Pete live scan fingerprinting with Physicians Choice provides the highest quality, professional digital Live Scan fingerprints in a comfortable professional office atmosphere. Physicians Choice offers both individual and corporate account service.