5 Tips to Increase Revenue Through Better Coding Practices
The medical billing department is at the foundation of your revenue cycle management. The speed and accuracy with which the massive amounts of data are entered can be the difference between smooth claims reimbursement and the loss of thousands of dollars in revenue. Although the coders are busy, are they as efficient as they could be? Several steps can be taken to ensure the vast majority of claims are accepted on the first submission without slowing down entry.
Ensure Staff Receives Adequate Training
Experts estimate that up to 25% of U.S. medical practice income is lost due to coding and billing errors. Billing employees who do not have sufficient knowledge can present your practice with problems such as underpaid claims and reimbursement delays. Set aside resources to ensure those in the coding and billing departments are well-versed in best practices. Have you fully integrated ICD-10 practices? If physicians and staff members are not yet in compliance with the new standards, it may prevent you from receiving maximum claims disbursement.
Establish Benchmarks for Performance
Set up your claims management software for detailed reports that include the essential reporting information, such as clean claim rates and timely filing denials. Measure key performance indicators and measure them against the national averages and peers. Provide feedback and additional training if needed to ensure billers can improve their entry rates and you can streamline processes.
Take Advantage of Automation Software
If billers need to be involved in all process areas, they are probably not as productive as they could be. Technology can automate repetitive tasks, customized to your workflow. Automatic updates keep Medicare and Medicaid rules current, reducing errors and rejected claims. Electronic processes ensure the workflow remains smooth. There is also the benefit of the reduced paperwork to be filed. This can increase productivity without requiring additional staff.
Identify Areas for Improvement with Data Mining
Collect business intelligence that assists in decision making. Confirm your billing software enables custom reports and focus them on improving your productivity measurements, staffing requirements and medical billing management. Data and analytics can pinpoint areas that can benefit from new processes. This type of information can also identify patterns and trends so that you can learn from claims that have been rejected.
Utilize Medical Billing Outsourcing
Professional coding services can help you collect the maximum reimbursement and reduce billing errors. Timely claims submission can help keep the cash flow pipeline filled. Most outsourcing firms charge a flat fee per claim, saving medical practices thousands of dollars in salaries, training and equipment. It also ensures employees can focus on patients, instead of billing, which improves customer service.
Rev-Ignition is an RCM company that can help you reduce costs and optimize financial processes. We partner with Physical Therapy offices to identify trends and create more efficient workflows to maximize revenue. Our system can alert the front office of issues that may threaten cash flow due to insurance issues. Contact us to see how we can tailor a solution that reduces costs and improves profits so that you can focus on patient care.