September 12, 2013
Top 10 Billing Mistakes Made by Medical Practices
Many practices make common billing mistakes that negatively affect practice profits. The following tips will help your practice establish billing practices that can result in healthier profits!
- Verify the patient’s insurance eligibility and demographic information prior to or at the time of service.
- Collect the proper copays and deductibles at the time of service.
- Avoid incorrect charge posting, such as wrong diagnosis, lack of proper modifiers, etc.
- Have appropriate systems or technology in place to ensure all patient encounters are billed properly (Boost Productivity with Protocols).
- Maintain timeliness in posting charges or payments.
- Edit claims before daily submission to payors.
- Be sure to properly load current payor fee schedules into your billing system so the system and staff can immediately identify underpayments.
- Give appropriate attention to denied or improperly paid claims; get it right the first time.
- Exercise timely follow-up on Accounts Receivable, including the tracking of all denied claims.
- Monitor the performance of your billing department against key benchmarks such as collections %, days in A/R, or % of A/R over 90 days.
Have you reviewed your billing practices lately?
Read more about our medical practice revenue cycle management solutions or contact us via email or call 800-635-4040 with your questions about medical practice billing procedures.