Four Major Errors to Avoid In Medical Billing and Coding

1. Four Major Errors Four Major Errors to Avoid In to Avoid In Medical Billing Medical Billing and Coding and Coding Address, 8596 E. 101st Street, Suite H Tulsa, OK 74133

2. Four Major Errors to Avoid In Medical Billing and Coding According to experts, up to 80% of medical bills contain errors and healthcare fraud costs the US economy $68 billion annually. Patients incur additional costs as a result of medical billing errors. However, mistakes in claims also result in a lengthier wait period for reimbursement and lost income for the provider. Practices may undergo internal or external audits, and an inquiry may be initiated if the medical error is deemed fraudulent. Erroneous billing practices can result in reputational harm to both healthcare providers and the organization. Today, healthcare providers are increasingly relying on outsourced medical billing and coding services to reduce errors, ensure an accurate claim submission process, increase revenue, and boost practice efficiency in general. 4 Major Mistakes Made in Medical Billing Accurate medical billing and coding are crucial to the success of your business. To make sure that your medical billing is done correctly the first time, it's critical that you follow best practices. Here are some typical medical billing mistakes that you should take care to avoid. ●Upcoding: Reporting a high-level assessment and management code is more efficient in certain specialties with complex issues. Although it's acceptable, you must explain precisely why the code was chosen in order to avoid employing a higher level code than is necessary. ●Unbundling: This is the practice of using different codes for distinct steps in an operation as opposed to using a single code for the entire procedure. This can occur accidentally, but it also occurs when attempting to increase the payment amount. ●Lack of Documentation: Either insufficient or no documentation is considered a billing error. Payers usually require thorough and accurate documentation to justify the services provided and the associated costs. www.outsourcestrategies.com (800) 670-2809

3. Lack of proper documentation can result in delayed or denied reimbursement. ●Typos and other errors: Sometimes, simply pressing the incorrect key when entering information into the billing system can cause major errors. For example, a mistyped code results in an incorrect billing entry, leading to the patient being charged for a service they did not receive or being billed inaccurately. Similarly, an erroneous code may trigger reimbursement issues, leading to delays or even denials in payment. The consequences of incorrect billing and coding might be extensive. In the worst situation, a patient may be seriously at risk of receiving an incorrect diagnosis, therapy, or even surgeries as a result of incorrect coding entered into their medical records. Incorrect billing and coding can cause problems with reimbursements, delays in payments, and in certain situations, the inability to get paid for the services rendered. Audits and even fines may follow. Hiring medical billing and coding services is an excellent strategy to minimize mistakes, enhance revenue cycle administration, and maximize reimbursement. Expert medical billing outsourcing providers are familiar with the nuances of insurance claim procedures, billing laws, and medical codes. Additionally, they keep abreast of the constantly evolving healthcare laws, guaranteeing adherence to HIPAA, coding standards, and billing specifications. www.outsourcestrategies.com (800) 670-2809