If you ask doctors, many will tell you that they’re not satisfied with their current methods of billing. Even the most successful medical practices could stand to improve certain aspects of their business.
A medical billing assessment helps physicians identify what is working effectively in their practice and what changes can be made to increase efficiency, productivity, and revenue. It will help with auditing policies and procedures, ensure that the technology you use is up-to-date, include a review of your workflow and recommendations for improvement, and increase your revenue.
The Medical Billing Assessment Process
In order to see what needs to be done to help your medical practice, it is important to first assess the current state of affairs at your practice. To do so, a specialized assessment team will perform an operational audit and practice improvement evaluation.
The following are some areas that a billing assessment will address that can be the key to making your medical practice a success:
- Claims Assessment. Medical practices lose a tremendous amount of money each year to unnecessary insurance claim denials. Claim denials happen for many reasons. They could be caused by staff inputting the wrong diagnostic codes or patient information. In other cases, the staff may have failed to check to see if a procedure was covered prior to doing it. For example, most major insurance companies require pre-authorization to perform tests such as ultrasounds or MRIs. If staff forgets to get these pre-authorizations, the claims could be denied. A billing assessment can identify these areas and help you close those gaps to ensure fewer claim denials.
- Accounts Receivable Assessment. A billing assessment also studies how your office handles accounts receivable (AR) management. AR deals with income and profits that were earned but have not yet been received. An AR assessment detects errors or areas for improvement in your practice, a process that can mean the difference between success and failure for your practice. An AR assessment lets you know the speed at which your employees are able to collect the monies owed. It also determines whether charges are entered late (or not at all), if there is inaccurate coding, or if there is poor workflow or outdated technology that is being used for billing. These are all reasons why money remains stuck in AR longer than it should.
- Compliance Assessment. The laws and regulations that govern federally funded organizations such as Medicare and Medicaid are extremely complex and challenging to deal with. Government auditors are always on the hunt to ensure that medical offices are being careful with billing and patient information. They are also diligent about ensuring that medical practices do not undercode or overcode billing. Compliance errors can result in fines, fees, and even fraud charges for you and your practice. A billing assessment can help you avoid these issues by remaining compliant.
- Routine Audits. A billing assessment should include routine (annual or biannual) internal audits. These audits can identify coding or documentation errors so that they can be fixed quickly before they become a nightmare.
Medical billing has undergone and continues to undergo an incredible amount of change every day. Conducting a billing assessment allows your medical practice to keep up with the changing medical billing landscape to help you boost your billing performance and increase revenue. An assessment of your current billing systems allows recommendations to be made in order to help reduce errors and patient dissatisfaction, which can lead to increased profits for your medical practice.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To start increasing your medical practice’s revenue and profitability, give us a call (844) 236-5488 or fill out our online form to request an appointment.