Four out of five bills have at least minor inaccuracies, which can lead to piling of exorbitant medical costs, burning a hole in the medical pockets. Other typical errors include paying for the same service more than once or adding incomplete or inaccurate information for a patient. A billing department could misplace or misinterpret information from the doctor’s notes too. Sounds scary, doesn’t it?
Not to add to your list of worries but some service providers have been charged with “upcoding,” the deliberate use of false billing codes to enhance remuneration for their services. Everyone pays a price for erroneous and incomplete medical invoices, including the providers because errors frequently result in claim denials that cause payment delays and cash flow issues. Although the majority of the additional expenses may be covered by insurance companies, overcharges for premiums and medical services frequently have an impact on individual patients more directly. This acts as a loophole for your entire patient cycle.
For a number of reasons, wound care medical billing is complicated. Let’s glance through the top 5 challenges to ensure that your medical setting does not face the same, shall we?
- Error with Medical Codes: Medical practice personnel find it incredibly challenging to stay abreast with the complicated and frequently changing medical codes, which leads to fortune costing mistakes.
- Time Consuming: You will need to confirm the insurance coverage each time a patient arrives, which turns into a time-consuming process and calls for specialized employees. This is exactly wherein the medical billing professionals come into the picture.
- Insurance Underpayments: wound care centers lose about 15% of their yearly revenue as a result of insurance underpayments, and they frequently struggle to even recognise this revenue loss accurately.
- Patient Billing: Patient billing is still an additional difficulty that is challenging to resolve because patients don’t grasp the advantages and neither does the in-house team. This results in tossing away the perks which is like throwing away the ball.
- Poor Maintenance Records: The in-house billing team is usually inexperienced or lacks the most recent software to keep the records updated for simple claims.
How to overcome these challenges?
- To ensure proper payment and processing by both public and private insurers, the first and most important element of the RCM process should be to monitor and verify the billing statements.
- Improve payment rates and increase income by responding to insurer inquiries about claims and filing appeals for refused claims within a predetermined time frame.
- Revenue may be significantly increased by improving patient bill collection through better customer service and setting up an interactive interface to walk people through the billing process.
- Any underpayments can be discovered at the correct time by checking the payments received from all insurers and comparing them to the bills submitted.
- Early discovery can help with timely claim submission or document rectification, which can result in full payout by the insurers.
- Rules and claim procedures specific to wound care are different from general billing procedures used by primary care physicians and vary from insurance to insurer, thus hiring the professionals in the medical billing industry is the way to go.
- By paying close attention to these particular billing methods, errors and underpayments by reimbursing parties can be completely avoided.
Why resort to medical providers for wound care billing?
Outsourcing Wound Care Billing Service has been shown to be a low-cost method of increasing revenue. These medical billing providers are qualified billers with experience in wound care billing and coding, and every member of the team has received training in HIPAA compliance to protect the security of your patient information. Physicians see a significant decrease in stress when they let the professionals handle all the billing and coding hassles, which is an additional and possibly even greater advantage.
Why pick Medisys Data Solutions for wound care billing?
Medisys Data Solutions is committed to managing the Revenue Cycle Management at an ease.(RCM). We believe in offering our clients error-free healthcare billing services with a speedy response as a top provider of medical billing services in the USA. Only by utilizing the most cutting-edge and effective medical billing software is this feasible. Furthermore, nearly all billing software’s are familiar to us, leaving no stone unturned. What are you waiting for? Let’s get start !