Medical Billing Revenue Cycle Issues
Common Medical Billing Revenue Cycle Issues
As a medical facility or healthcare provider, you aim to provide the best possible medical solutions, determining the right diagnosis and treatment plan for your patients. You also manage the costs of running your health facility. Did you know that medical billing issues can impact your practice revenue? We're going to share with you some common medical billing revenue cycle issues and how you can minimize them. we will review the causes of revenue loss and how to properly deal with medical billing challenge
Entering the incorrect insurance date or inputting different services for which a patient is not eligible can be extremely problematic. Your front desk staff should verify whether the current insurance covers the correct services for the patient.
The coding sequence concept is expanding, as well as its loopholes. It's imperative to ensure that you have a sequential coding system in place to avoid duplication or incorrect coding.
Generic Lack of Attention to the Details
Problems will arise within your practice if you fail to give attention to the right issues. These can include (but are not limited to) medical coding errors, patients claiming that they did not receive a service, or if a patient's name does not match the system. In addition, inputting the wrong amount or if the insurance details are not matching, you will face billing issues.
Late or Wrong Filing
Even the most basic errors in paperwork can lead to revenue losses. It is important to always keep track of it in order to avoid deadlines set by insurance companies.
Duplication means you don’t have a system in place that is able to identify the name, code, and insurance policy number to avoid regenerating the bills.
Unified Bills for different Services
Some patients require additional or multiple services due to their respective medical conditions. Ideally, the services will fall under different codes in the same bill. If your coding system only registers a single service as per front desk records instead of two, this will create revenue loss.
Overlooking inaccurate billing, coding ethics, and aging reports are all the result of poor protocols and policies. An aging report shows the outstanding bills and requires prompt follow-up action to avoid revenue losses.
Impact of Billing Errors on your Medical Practice
- Time Loss– Billing errors will require many corrections and/or amendments, and thus, unnecessary time will be wasted. In fact, patient collection takes more than a month for 74% of healthcare providers.
- Cash Flow– Whether payments are late or rejected, they will slow down the projection of your cash flow.
- Angry Patients – Billings errors will frustrate your patients, eroding trust and hurting patient satisfaction and retention.
- Audits and Alarms - With audits, billing errors can be treated as acts of fraud and pave the way for an investigative audit. This will result in the loss of time and poor reputation for you and your business.
Tips to Avoid Billing Errors
You must make time to train your staff about medical billing rules and practices. Focus on creating a script for employees to follow, and do not overload the staff with any additional or unnecessary responsibilities.
Moreover, keep the coding system up-to-date and working.
Communication carries great meaning in the healthcare world. Work with your staff to empower them to communicate effectively and efficiently with vendors and patients alike.
Key Takeaways on Medical Billing Revenue Cycle Issues
Patients expect only the best medical services, and your dedication and commitment to them will allow you to build long-term successful relationships with them. To serve better, acquire modern technology equipment, support staff, and the latest custom-built software to upgrade your billing system. An error-free billing will save you time and money and enable you to offer top-notch innovative services for your patients.
To learn more about how NCDS will be your trusted partner for medical billing and revenue collection, providing you with the tools for success and growth, or for questions regarding our tailored revenue cycle management solutions or other medical billing services, connect with us today.
Sign up to receive our insights straight to your inbox!