Medical billing mistakes cause inefficient processes and lead to significant revenue leakage. Outsourcing cardiology billing services help you optimize revenue collection and bottom line by avoiding billing/coding errors.
To run an efficient and cost-effective medical practice requires a streamlined revenue stream. But, unfortunately, that could be quite difficult to achieve if your billing and coding procedures are not optimized for success.
It’s a sad fact to state, but about 80 percent & (4 out of 5) of medical claims contain errors, according to a recent report. Medical billing mistakes impact your practice whether they incur denials, delayed payments, lost productivity, and client complaints. In addition to this, errors could be critical for your bottom line.
That’s the reason you have to put proactive strategies to prevent them from impacting your revenue cycle management.
Therefore, outsourcing your cardiology billing services can help physicians to avoid common billing mistakes. Before moving further. Let’s have a look at the billing mistakes that lead to revenue losses.
Top Medical Billing Errors
Incomplete Claim Information:
All it takes to cause a denial is just a simple unchecked or single empty box on a claim. Even the very significant field such as date of birth, gender, or time of emergency/accident is left blank.
Electronic claim your files of office to make sure the required fields are filled or make sure a cursory review has maintained on each paper. Review missing fields before submitting them and input all the required information.
Missed Filing Deadlines:
You are pretty much out of luck if you fail to file a claim on time. You must have a list of deadlines of payers. Incorporate this list into a ‘’to-do list’’ of your cardiology practice.
Effective cardiology billing services can ensure that none of the audited unfile claims should slip through the cracks.
Failure to Verify Insurance:
The top reason for most rejections is insurance issues. When a patient enters a cardiology practice, the staff must ensure if the patient already has a check of eligibility and insurance coverage plan.
Practitioners must implement a verification step to ensure a streamlined billing workflow because insurance information keeps changing at any visit.
The following are the top insurance-related denials that are following:
- Services not authorized.
- Maximum benefits reached.
- Coverage terminated or otherwise ineligible on date of service.
- Services not covered by the plan.
Integrating billing workflow can streamline cardiology billing services. It will also ensure there will be no policy-related issues that can result in rejected claims in the future.
Miscoding and Typing Errors:
Simply put, sometimes you just get things wrong. Whether it is, a duplicate charge, an unbundled code, an incorrect date, a miskeyed patient name, or even an accidental error can derail an insurance claim.
When you have many responsibilities and you have to manage medical billing or coding procedures, it is quite easy to make a common mistake.
The most common errors that can be avoided are the following:
- Entering ICD-10-CM codes with too many or too few digits.
- Submitting inaccurate data for insurance, provider, or patient (i.e., name, date of birth, address, policy numbers, etc.).
- Submitting incorrect CPT codes.
- Not entering codes at all in a given claim.
Lack of Specifics:
Often many medical claims get rejected from insurance carriers due to not being accurately coded to the highest level of specificity. For accurate reimbursements, it is highly necessary to correctly code the claim.
You must have trained coders and billers that could be highly familiarized with the coding. You must teach your coders ways to fix errors before filling them_ education is critical.
Outsource Cardiology Billing Services To Avoid Errors
Eliminate Your Errors:
Limited coverage plans and high deductibles can lead to costly mistakes. Many billing errors that a patient has to face can have nothing to do with the medical professional but with the insurer.
When you outsource, billing experts integrate specialized technology and practice management systems. They help you automate the entire billing cycle efficiently.
Automation allows you to reduce the rate of denials and rejections. It also helps you reduce your administrative burden and increase productivity.
You get access to certified coders and billers. They have vast industry experience and expertise to handle your billing/coding operations. They help you get familiar with the latest industry norms and streamline your cardiology billing services.
They reduce your denial rate and help you submit clean medical claims. In this way, they help you pinpoint the areas of weakness and rectify them in a timely manner before any issue occurs.
Avoid Duplicate Billing:
An efficient way to prevent billing issues is to be cautious when billing for services multiple times. If more than one person is inputting information it can happen very easily although this may seem like a pretty self-explanatory task.
When you outsource, billing specialists provide you smart billing solutions to verify each patient’s billing. Therefore, they help you avoid incorrect medical billing and future complications.
Streamline Your Processes:
The cardiology practices have to face redundancies and holes in their processes due to not having formal medical billing policies. There is a need to develop and implement a system that can help you to map out a step-by-step procedure for entire revenue cycle management.
But, when you outsource your cardiology billing services, billing experts formulate effective strategies for you and utilize modern billings solutions. They help you operate at maximum optimal efficiency and stay current with the latest medical policies right away.
Outsourcing your billing procedures will allow you to leave less room for errors. Cardiology billing experts understand your practice needs and help you enhance the financial stability of your business effectively.
They provide innovative billing solutions to automate the claim submission process. They help you completely reap the benefits of the expensive practice management system.
Billing professionals provide you tips that can help you the best and handle your billing or coding with an ample amount of care.
Moreover, they ensure your practice procedures are working or running efficiently. They reduce your stress, fix errors, and eliminate the chances of claim denials.
The best way to avoid plain errors is to outsource your cardiology billing services. Trained certified billing professionals help cardiology practices maximize revenue by reducing claim denial rates.
Medcare MSO has been helping healthcare practices streamline their billing practices with the help of experienced medical billers and coders. They have worked with a variety of EHR systems and practices.
They put the right policies and best systems to help your office maximize its revenue cycle management by increasing its overall clean claims.