It is common knowledge that the accuracy of medical coding is vital for quick claim reimbursements, but why is it that many clinics still enter inaccurate codes and as a result the insurance claims are denied necessitating resubmission.
Is it because the encoder software used by the coding department is not regularly updated with newer codes or because of the inefficiency of the coders of the department?
In spite of the problem areas in medical coding and billing being identified by managers of healthcare providers, there is little or absolutely no effort at finding a solution to the problem, the situation is alarmingly getting to a point of no return and backlogs of medical insurance claims will continue to rise.
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Are offshore companies better suited for providing medical coding and billing services?
How accurate medical coding analysis can save clinics thousands of dollars annually?
Many medical insurance companies which earlier were of the view that given the complexities involved in medical coding and billing services, in-house or US based companies were best suited for the process and offshore companies were professionally unsuited for the task.
However it now appears that majority of insurance companies have changed their opinion, and are now saying that offshore companies from India offering billing and coding services have fewer denials and are more efficient in documenting accurate codes, they have first-hand knowledge on changes made to existing codes and keep abreast of new regulations of Federal or State governments.
BillingParadise realizes the importance of analyzing procedure codes that are up to date and accurate.
The process of analyzing appropriate HCPCS, ICD-9 and CPT codes is one important single factor that can save clinics thousands of dollars, the inaccuracies in the codes delays payments endlessly and provides an opportunity to the insurance companies to place it in the ‘review’ mode which can also result in summary denial.
The claim payers also use discretionary options in choosing the lowest value code, and this underpayment can cost the clinics dearly without them being aware of the revenue loss.
As an example, if clinics were to loose 15% on a claim of $750 that will make it $ 83, and 50 similar claims monthly will cost the clinic $ 4,150 or $ 49,800 annually.
We have specialized teams of medical billers and coders who hold speciality specific certifications to handle your billing and coding tasks
Hire one/combination of services/all, we at BillingParadise will meet your needs 100%
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Insurer specific denial report. Track denial patterns easily. Simple, engaging and data rich template
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Find resources to help you run a more successful practice
Insurer specific denial report. Track denial patterns easily. Simple, engaging and data rich template
Know monthly work RVUs. Monitor productivity ratio. Track visits per workday
Insurer specific collection breakdowns. Know payment TAT of every insurer
Track appointment counts. Customization and integration options. Reduce your no show percentage
Know your average reimbursement TAT. Access insurer wise payment details. Gain actionable insights
Net Collections by DOS and several other financial KPIs no smart practice can do without!
5 Important denial management metrics that your tool should track. Figure out preventable denials
Areas where group practices can minimize cost. How to manage your financial challenges
Incorrect physical status modifiers. Inefficient coding process. Dwindling collections
Inability to keep pace with regulatory changes. Unstructured billing workflow processes
Inefficient insurance eligibility verification process. Kareo EHR + PracticeFusion Integration Issues
Improper documentation caused 16% of denials. Erroneous codes led to 70% of denials
Sharp increase in clearinghouse rejection rate. Difficulties in billing for secondary claims
Inexperienced staff handling the billing department. Most claims went unpaid
With Billingparadise's collaboration, female patient's tranforming acuity about Obstetrics and Gynecology practice.
No periodic follow-up on denied claims. Haywire appointment schedules. Frequent patient billing errors
Every medical billing firm they'd approached over the last few months had scared them off with exorbitant rates.
A Medicare podiatry practice based in Houston, Texas was in need of a billing company that was well-versed in podiatry coding.
An urgent care centre based in Florida found it an everyday struggle to remain financially stable. Learn how...
A podiatry practice based in Houston, Texas was in need of a billing company that was well-versed in podiatry coding.
Anesthesiology revenue cycle and contract management is incredibly complex. See how..
Revamping the AR Process of Texas Healthcare System..
The Practice Profitability KPI template is a must-download template that will give you a clear picture of your practice’s key performance indicators.
As patient payment responsibilities rise, tracking Time of Service collections is now more important than ever.
Protect your healthcare organization from RAC audits. This free template provides state-specific contact details of RAC contractors. Download.
Evaluation and Management Tool designed by BillingParadise helps providers come up with the code that best represents the leve...
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OLD AR Calculator | Calculate your huge aging AR backlog and collect more...
Payer group A/R assessment tool serves the purpose of analyzing the impact of most common payers across healthcare organizations.
Advancing Care Information Objectives and Measures and 2017 Advancing Care Information Transition Objectives and Measures are available to add and download now..
Review and select up to six measures which best fits your practice. You can add the measures which best fit your practice.
This performance category deals with care focused on care coordination, beneficiary engagement and patient safety.
Compare your total Part-B Medicare revenue per year with the payment adjustments starting 2019.
Sample Practice Sale Executive Summary and 2018 Sales Compensation Trends Survey Executive Summary
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