Are you checking the financial health of your ENT? The healthcare rules and regulations, and implementation to ensure transparency and security via online submission and audits, could be impacting your ENT practice finances. Today, integration of electronic health records (EHR), Practice management and revenue Cycle Management (RCM) Billing processes, and workflows are very integral to most medical practices to ensure they are meeting the healthcare compliances. An effective way to ensure that your ENT practice is financially healthy is to fortify that both the clinical as well as financial side of your practice is well connected. So how can you, as an ENT practitioner, bring about a balance between the two, especially when you want to ensure good revenues keep coming? Here are a few points that are worth considering for a healthy financial ENT practice to boost the revenue cycle Management process: 1. Preliminary Check of patient Insurance coverage: It is very essential that your front desk does a preliminary check of the patient’s insurance coverage, not just the first time, but verification conducted every time is important, as coverage and the services that are being covered to avoid problems later can change. Also ensure that co-pay is provided for. 2. Efficient Billers & Coders: Are your coders billing correctly? This is very essential for the billing process to ensure that the claim denial rate is not high. Ensuring that your coders are updated about the changes for both Medicare as well as private payers is of paramount importance to your Revenue Cycle Management (RCM) process. Ensuring proper procedure coding –place of service codes, conflicting modifiers for CPT codes, too many digits or too few digits for ICD codes, mismatched codes, can lead to a loss of revenue 3. Ensure proper Accounts Receivable (A/R) process: Is your Account Receivable department following up on the collections due? Before claims are processed ensure that proper and stringent documentation is followed so that in case of claim rejection or denial, your documentation is there to support for resubmission. Ensuring that claims forwarded are also followed up within the duly specified time will ensure that your financial health will remain steady and good. 4. Attention to Value based performance: Ensure additional revenue is not lost. The shift from Feefor-service (FFS) to Value-based-performance (VBP) helps ENT practices stay financially healthy. Given that payers today are employing quality and cost measures as a way to adjust physician reimbursement, enables ENT practitioners to collect additional revenue from value-based programs. Call now 888-357-3226 (Toll Free) info@medicalbillersandcoders.com
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5. Stringent Documentation: Ensure that stringent and legible and complete documentation is implemented. Incomplete documentation makes it difficult for ENT billing and coding to be accurate when filing a claim. Implement better documentation practices to be able to ensure better A/Rs. Studies have shown that medical coding & billing mistakes are not just for ENT practices, but all medical practices which are caused by lack of knowledge and training, or the staff being overworked and not focused. A statistical fact states that American doctors are said to lose as much as $125 billion each year due to poor billing practices. Thus option to outsource ENT billing can be the best solution to provide effective and efficient ENT billing and coding. Your practice can do without risking delays, penalties, or other problems associated with staff issues. Thus concentrate on your core practices and let the professionals handle the practice management processes to ensure better revenues.
Call now 888-357-3226 (Toll Free) info@medicalbillersandcoders.com
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www.medicalbillersandcoders.com Copyright Š-2016 MBC. All Rights Reserved