Do You Make These Mistakes in Your Medical Practice?
These often-overlooked, but easy to fix, mistakes could be costing you tens of thousands of dollars in lost monthly revenue
- Missing credentials across all payer lines... results in an unnecessary increase in "out of network" claim denials.
- False belief that your staff is adequately pursuing payment of denied claims... without acceptable resubmissions within a given period, those claims are forever lost, resulting in permanent loss of revenue.
- Improper coding based on payer's updated reimbursement policies... use of outdated codes will restrict your maximum reimbursement for certain common procedures.
- Improper use of risk adjustment codes... resulting in treatment being delivered but denial of claims.
- Failure to develop a Strategic Coding Optimization policy to ensure compliance with your payer's quarterly coding updates... increases denial of claims and reduces average reimbursement rate across all patient encounters
- Outsourced or lack of on-site ancillary services... resulting in additional expense with minimal increase in revenue.
- Failure to periodically review and analyze every patient encounter across all payer lines... resulting in a continued decrease in revenue without identifying and eliminating the cause.