Zero Tolerance for Zeros: Why Accurate Medical Billing is Vital for Your Practice’s Success

You are a healthcare professional who enjoys providing outstanding care to your patients. But have you ever thought that your medical billing affects your success as well? It is not only because of the money. Improper billing may cause various problems that may negatively affect your reputation, and stress your personnel. Here is why accurate medical billing for practices is essential.

The Hidden Costs of Medical Billing Errors: More Than Just Money

We all know that medical billing errors cost money. One erroneous entry may lead to the loss of hundreds or even thousands of dollars. But that is not the only problem…

• Delayed or Denied Payments: When insurance companies receive claims with mistakes, they can deny insurance claims. 
• Unhappy Patients: Neither the patient nor hospital staff appreciate the bills with errors. First, it is because billing mistakes can be rather confusing and frustrating, which leaves an impression that the healthcare practice is not complying with the rules. In turn, patients may lose trust in the clinic, and with the spread of negative online reviews and word-of-mouth, the facility gets fewer visitors.
• Legal Headaches: On some occasions, billing mistakes arouse the suspicion of the authorities. It means audits or even investigations, which are time and effort-consuming, regarding severe violations that may result in large fines.
• Stressed-Out Staff: Staff have to spend hours on the phone with insurance companies, trying to fix medical billing mistakes. This is time they could be spending on more important tasks, like caring for patients. It also leads to burnout.

Common Medical Billing Mistakes: Where Things Go Wrong

The good news is that many medical billing errors are preventable. Let’s look at some of the most common culprits:

• Simple Mistakes: We’re all human, and mistakes happen. Typos, misreading handwritten notes, or entering the wrong information are all common errors. This is especially true with medical billing because you’re dealing with complex codes and numbers and because the system is constantly changing to adjust to new billing requirements.
• Outdated Technology: If you’re still using the billing software you bought 20 years ago, you will not be able to catch errors and streamline the billing process. Even if you’re using a software program that’s just a few years old, it may not be keeping up with the latest changes in medical billing.
• Poor Communication: Think of your billing process like a relay race – if the baton isn’t passed smoothly between your front desk staff, doctors, and billing team, important information can get dropped. Patient demographics and insurance details, or even the services being billed for, are some of the information that can be misplaced.
• Confusing Insurance Rules: Different insurance companies have different rules about what they will and won’t cover, and how much they will and won’t pay. These rules can be complex and change frequently. If you’re not on top of them, your claims will get denied.

Here is a list of codes used to refer to insurance claims errors that generally tell us the reason of denial. 

Get it Right: Tips for Accurate Medical Billing

Here are some practical steps you can take to improve your billing accuracy:

• Invest in Modern Technology: The latest medical billing software check for errors automatically, verify insurance coverage on a real-time basis, and help you submit claims electronically. By doing so, you will not only save time but also cut down on errors and speed up payments.
• Prioritize Staff Training: Make sure that your billing team knows what they are doing and has the qualifications necessary for performing their job well. Arrange training sessions, like webinars or workshops, and encourage the workers to ask questions if there is something they are not sure about.
• Double-Check Everything: To catch any errors before they result in any complications, put in place a system of checks and balances. For instance, you may have two people look through each claim, run some reports to see if there is anything suspicious, and perform an occasional audit of your medical billing operations.
• Consider Outsourcing: You can outsource the responsibility of filling in the claims and negotiating with the insurance companies to a professional billing service. Thus, your front desk clerks and doctors will be free from additional responsibilities and can focus on handling patients.

A Commitment to Accuracy: Your Key to Success

If you care about the financial health of your medical practice, you should make accurate medical billing a priority. But even if you’re not as concerned about the financial costs, your practice will benefit from such an investment. Patients who believe they are being billed accurately are more likely to trust your operation. Similarly, a well-run practice is a much better investment for future partners or buyers. So take your time to ensure your billing processes follow best practices and create a culture of accuracy. It’s an investment that will pay off sooner than you think.

Why not let Capline handle billing  for you? Capline Medical Billing & Collection Services is here to make medical billing less stressful for you. Our experienced team can handle your medical billing and thus streamline your revenue. In addition to that, we also facilitate error-free collections. We value every client as different and that is why our solutions are also customized differently to suit you. You will spend more time taking care of patients. Please contact us for details.