Conducting regular medical billing audits is essential for a practice to find the level of effectiveness and efficiency they have when it comes to claims. The importance of billing audits has not declined in the healthcare sector even with the forced transition to ICD-10 CODING in the past.
You may feel like your medical billing processes are just going fine when there are no sudden/frequent spikes of denials and you are happy with your practice’s reimbursements. Getting a hold on to the earned dollars is very important than simply earning for practices whether large or small in this highly competitive business environment.
A good and strong understanding must be there regarding the nature of billing audits and the best kind that matches perfectly with one’s practice. So, let’s get some detailed ideas about the topic and its associated points.
According to a source, Medical Billing Audit is an organized process that examines and evaluates the effectiveness and reliability of clinical documentation. This process thoroughly checks all health records maintained by the practice and reviews medical billing data submitted to the payers to ensure that the practice identifies, monitors, and rectifies inappropriate billing practices.
As aspects of billing affect the bottom line, so highlighting potential compliance issues is essential.
Clinical records like lab reports, medical records, and financial records like remittance advice, charge sheets, policy-related documents, etc, as required by the providers or the government, might be asked to be submitted during a medical billing audit.
You don’t always have a specific reason or motivation to conduct a medical billing audit. Doing it regularly is good for your practice in every aspect. Let’s look at the benefits in points for your better understanding.
A medical billing audit is very important for your healthcare practice as it shows you the areas you need to improve as a service provider.
It helps with accurate and efficient medical record documentation.
An internal audit true to its name is conducted by the internal team of an organization. For a small practice, there will be a specific time dedicated for this purpose as they might not have a specific group of persons assigned for this purpose.
But for larger organizations, there might be a dedicated group of individuals, performing audits frequently. Frequent auditing results in continuous improvement in their processes. This is more beneficial for much larger organizations.
On the other hand, an external audit helps and suits best for smaller healthcare organizations. It provides awareness that avoids disputes and helps in spotting upcoding, something that even professional internal auditors might miss.
External audits though aren’t a proper replacement for internal audits. Conducting an annual independent external audit also helps larger organizations that are frequently conducting internals.
Regular medical auditing helps healthcare organizations at different levels. To avoid the drawbacks and to improve your revenue cycle management, an expert must be put into use in your practice.
Join hands with us, and make your billing and coding experience a never-ending joyful one. At CapMinds, our medical billing team expedites your entire billing process. We optimize your charges, submit your claims, on-time collection, reduce accounts receivables, identify underpayments and increase your practice’s net collections, thereby better clinical and service expansion.
We also have a dedicated client manager who will be exclusively assigned for you. And the team will be available around the clock to assist with your queries. Visit our website to know about other services offered by us and get started soon.
“Let’s make your medical billing process easier, together”