Common Medical Billing Mistakes Practices Make
Your medical practice’s first priority is to your patients. Your top goal is to deliver the finest standard of care you can offer. Your next concern is for your business to be a profitable one. After all, you have student loans, payroll, malpractice insurance, and many other expenses related to your profession.
That’s why it’s important to avoid many of the common medical billing mistakes practices make. After malpractice claims and expenses, billing errors are the most common reason that a medical practice loses money.
Top Billing Mistakes to Avoid
Any enterprise wants to maximize their profit margins while minimizing their losses. Because billing mistakes are the number one reason for losing money in a medical practice, the key is to avoid them in the first place.
Let’s consider the three top billing mistakes you want to avoid.
- Incorrect codes. Accurate coding is imperative to claims being processed in a timely manner and to ensure that claims are paid. One of the greatest barriers to achieving this is not being up-to-date on coding. If you use an outdated code or your medical biller enters the wrong code, the claim will likely be denied. Familiarity and utilization of the most recently updated codes are the keys to claims receiving expedited payments and reimbursements.
- Missing claim information. Claims must be correctly and completely filled out to be considered. It’s very easy to make a mistake and also one of the most common reasons for rejected claims. The date of the occurrence or reason for seeking medical care is the most common missing item on claims that are denied. It’s important to address each missing field on the required documentation.
- Incorrect patient information. This includes the patient’s date of birth, sex, and name. You want to be sure all fields are provided with the correct information, and that all required items are spelled correctly. You also want to pay particular attention to entering the correct policy and insurance information. If the patient has a secondary insurance, it’s important to file with the primary and lists it as such.
The Solution Towards Better Reimbursements
The solution is to prevent the mistakes that cause the most common medical billing errors. These errors can affect your bottom line as they can cause you to lose money in your practice. Having a dedicated medical billing and collections team is important to correct this problem.
Professional Reimbursement Managers (PRM Billing) has the expertise to help ensure the financial health of your practice. By utilizing our services, we can help you to achieve a higher stream of revenue. Many practices utilize software packages to implement their billing system. However, we understand that a billing team that is focused on customer service gets better results.
Our certified coders are up-to-date on coding and we have experienced account managers and Medicare specialists on our team. Our expert staff is able to navigate through many of the common issues facing medical billing. We can help you achieve maximum reimbursements in your practice. Contact us today to learn more.