10 Common Blunders of Pharmacy Billing

1. Pharmacy Medical billing errors are prevalent in practices and can be easily made. But, they do have repercussions on the overall profit of a healthcare organization. The American Medical Association states that errors in medical coding fall under the broad category of fraud and abuse. So said, the former means “intentional misrepresentation” and later is “the falsification was an innocent mistake.” Medical coding and pharmacy billing are complicated processes that depend on the patient, insurer, and procedures. Even the most honest financial departments experience claim denials. But knowing these blunders beforehand can help you take steps to avoid them. Read More… 10 Common Blunders of Pharmacy Billing info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

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3. Here are the ten most common blunders in pharmacy billing. Invalid prescription Pharmacy benefit managers have access to your prescription claims to identify the claims that don’t meet legal regulatory or industry-established standards. One of the top reasons where pharmacy claims are denied is an invalid prescription. Federal and state decide what constitutes a valid prescription. E.g., an invalid medication will be if there is a missing prescriber’s signature, drug quantity, dates, or missing patient information. info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

4. Incorrect prescription refills If there were some blunders on managing supply on the previous fill, it could lead to a prescription refilled sooner than average regulated amounts, which is an immediate warning sign. Incorrect NPI to DEA number A prescription must match NPI and DEA as a prescriber identification number on the claim. Incorrect quantity of a supply Days of supply and number of refills are also essential factors for submitting the correct quantity. Errors happen when pharmacists fail to be vigilant on the prescribed dosages, which can cause massive pharmacy billing blunder causing claim denials. info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

5. Incorrect supply management For pharmacies, it is tough to calculate days of supply, specifically if the prescription has a complicated dosing routine. As a result, blunders commonly happen while entering the proper claim for ophthalmic/otic, inhaled, vaginal, and topical products, as it is hard to pin down the right amount of dose or supply. Incorrect procedure codes If you are receiving claims back more frequently, there might be an incorrect input of codes. A mistyping blunder can cause to have the wrong code in the system. It can also happen if a document is incorrectly coded and submitted to the medical billing department. There is also a slight chance of human error where a staff member doesn’t follow the correct coding procedure. In such cases, it is crucial to provide necessary training to the staff to avoid such blunders. info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

6. Coding Many times orthopedic practices have seen denials based on information that was not specific enough. To avoid such scenarios, your administrative team will have to ensure they collect as much information as possible and justify the codes that are being selected against it. Along with this, you will also have to ensure the codes used for a specific procedure or service are accurate. ICD-10 states that coding for such billing should be more specific to guarantee payment. This means our orthopedic billing and coding process should be compliant with the latest system and coding standards. To do so you will need to provide your team with the right technology and knowledge so that they are able to record and code claims efficiently while adhering to the highest level of specific coding. info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

7. Claim not filed on time If a claim is not filed within a given period, it might result in a denial. Therefore, healthcare providers and medical billing services should be aware that they must submit the claims within 12 months of duration. Mishandled payments One of the common errors in medical billing is when the payer has over or underpaid, leading to claim denial. Either the case, should rectify this error quickly and should process interest payments correctly. Conclusion: To ensure your practice has long-lasting success, you have to optimize your billing efforts. It is essential to eliminate the most common medical billing mistakes and develop strategies to prevent them from impacting your revenue cycle.  One of the best methods to remove such blunders is to outsource medical billing services. At 24/7 Medical Billing Services, we help practices increase their revenues by reducing claim denial rates. Learn more from our experts; book a free consultation today! info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

8. We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Our company was founded in 2005 and is now a leading organization of highly motivated and certified coders & billers in the US medical billing industry. Our current employee strength is 500+ and we have ambitious plans to grow more rapidly. As a leading Medical Billing Outsourcing Company we take care of the complete setup & enrolment in about one to four weeks time depending on the complexity of the project. We have certified trainers with 10+ years of experience to train the newcomers so they can get acquainted with the specialty jargons & stay updated with the recent coding developments. About us info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537

9. 24/7 Medical Billing Services 16192 Coastal Hwy, Lewes, DE – 19958 USA Phone no : +1 888-502-0537 Email Address : info@247medicalbillingservices.com Contact us info@247medicalbillingservices.comhttps://www.247medicalbillingservices.com/888-502-0537