Avoid These Common Billing Mistakes

medical billingBilling is an important part of every business and can lead to major losses if it is not well done. It’s important to keep your billing in good check; it helps to maximize your practice revenue. Like any business you need to stay profitable but not with these billing mistakes:-

Not filing claims on time – Consultations and treatments are covered mainly by insurance companies. Filing claims in a timely manner is essential to your practice revenue success. If claims are not filed in a timely manner they can be denied.

Not keeping up-to-date – Medical practices and hospitals are budget conscience. Failing to keep up-to-date with new coding rules and initiatives is an expensive mistake. It results in lost revenue and potential compliance risk for practices.

Following up on claims – So many doctors are faulted for not following up on claims. Checking claims is a continuous process and if you do not remain proactive in monitoring it will lead to loss of revenue. When it comes to reporting claims most practices loss money to aging claims and reports.

Not reviewing clearinghouse reports – A doctor’s office is a busy place and it can be challenging for billing. Clearinghouse reports can start to accumulate and without proper planning you may have no time to read through. Keeping reports in check will keep you from losing money.

Selecting the wrong procedure code – With more than 70,000 CPT codes, it’s easy to select an incorrect procedure code. Incomplete or inaccurate code descriptions on encounter forms, cheat sheets, and electronic charge systems are a significant source of error. Such errors can significantly affect your medical revenue leading to a huge loss.

Billing mistakes can cause a loss in revenue. It’s an important aspect for every business to have a structured billing system. For your practice take the time to create a specific and well scheduled billing system – the time and effort will result in a stable revenue flow with less errors.