Of all the intricate processes that make up the medical billing and coding in the healthcare industry, be it Insurance verification, medical transcription, claim submission, payment posting, one process which holds utmost prominence, considering heightened intricacies of its own is charge entry practice.
Why, you ask?
Because charge entry process if overlooked will impact your eligibility for claiming the reimbursement of providing the service or impact the figure that you shall receive by the insurance company. The amount you will receive will depend on the accuracy of your charge entry.
What should all be covered under an accurate charged entry?
The physician taking care of the case
Date of the service being provided
Date and time of admission
One of the most common billing error which is also one of the most expensive ones is that of entering wrong information, which deprives healthcare service providers of their insurance money. Putting down incorrect information from the list mentioned above leads to immediate claim denial by the insurance companies. Furthermore, if the medical practice mentions inaccurate quantity like miscalculation in the number of days medical services were provided to the patient or in-facility prescriptions like Intravenous units etc., then they might not get the right compensation.
Some actions you can incorporate to optimize charge entry in your medical practice:
- Encourage the habit of posting the charges the same day the service was rendered to the patients. With the passing days in delaying the posting of your charge, your reimbursement will be delayed.
- If the code editor rejected the diagnosis code, implement practice and billing management system to quickly identify the error, giving the team the opportunity to fix the mistake.
How can a medical billing and coding service provide adequate entry service and help streamline the revenue cycle management?
Charge entry practice is the most crucial aspect of medical billing and coding as this establishes the amount that the insurance company shall pay a healthcare service provider. This is the reason why it is highly recommended that instead of burdening your pre-occupied in-house team with this intricate work, outsource a medical billing and coding solutions provider who specializes in charge entry practice like Medphine.
- By outsourcing charge entry from Medphine, you can rest assured that there will a significant decrease in claim denials resulting from the improper filing of information. Our billing experts will make sure that every data is cross-checked twice to ensure 99% clerical accuracies.
- Our team of specialists are adept with a wide range of billing software and have worked with several medical specialties. They stay abreast with the latest technological advancement in the standards and protocols of medical billing to ensure qualitative revenue cycle management.
- Medicine billing expert will make sure that all the services are dispensed with 24-48 hours of turnaround time, so as not to delay the reimbursement process from insurance companies.
- Our streamlined approach to billing processing will ensure smooth and quick claim management for your medical practice.
Accurate charge entry practice is necessary to minimize the number of claim denials, saving time otherwise spent on identifying and rectifying claiming errors and ensuring a healthy cash flow. All this can only be guaranteed by a team holding unparalleled expertise in medical billing and coding like Medphine.