As a physician, you will struggle a lot if you have to manage your patients and medical billing tasks simultaneously by yourself. Medical billing may sound like some accounting job, it is far more complex than that. Also, an in-house medical biller may lack on several counts and so may not be as effective as you would like them to be. This is why you need professionals from leading physician billing companies in Florida to do the job.
What Makes a Medical Billing Job Complex
The US healthcare system allows most people to get their treatment financed by insurance companies. Now, insurance companies cannot process every claim without precisely screening the documentation. Any mistake in filing the claim can lead to claim denial. The documentation will need to be fixed and submitted for processing again.
A single medical billing error can have vast consequences, including loss of revenue, frequent claim denials, and even federal penalties including imprisonment.
The medical billing codes are frequently updated as well to cover every medical area specifically. For billers, though, this means training sessions for the new updates that change many things they used to apply earlier.
If your practice is already barely meeting the expenses, securing such training sessions may not be feasible for you. This is why you must look for professional medical billing services. After that, it will be these service providers who will be responsible for training their experts and ensuring that they are updated with the latest medical billing updates and guidelines.
Hiring such services can save you from the most common billing errors leading to claim denials, such as:
● Duplicate Billing: This happens when a biller bills a patient for the same service multiple times, despite the service being rendered just once. While this isn’t done deliberately, insurance companies get their opening to deny the claim.
● Inaccurate Documentation: When the service rendered is not cited clearly, medical billers may struggle to assign a code to it. A wrong code may be aligned to it instead while submitting for a claim, leading to claim denial.
● Using Different Codes for a Linked Process: Many medical billing codes have been devised to represent a group of services that are always delivered together. A biller may mistakenly assign a code to each of those services, thereby creating a coding error. There is also a possibility that this is done to inflate the final bill, which is neither ethical nor is cleared by the insurance companies nevertheless.
● Undercoding: This happens when a patient is billed for a service that wasn’t provided to them. Most of the time, such codes are assigned to help the patient get away with lower low-cost bills despite availing services of the most complex nature.
● Upcoding: Medical service providers sometimes also use a much more complex code for service than what was provided to a patient. This is done to inflate the insurance invoice and generate more revenue for the practice.
Neither of the above practices helps a medical practice become successful. On the contrary, they can deal major damage to their reputation, leading to fewer patients visiting them in the future. Even if the above mistakes aren’t made deliberately, they harm a lot of stakeholders, thereby leading to damaging the goodwill of the company. Hiring a professional medical biller can save you from going through such a harrowing experience. With them, the entire process can be processed smoothly and effectively. You can even keep track of their work flow and suggest changes, which they will try to process at the earliest.
Get a free quote by contacting your nearest physician billing companies in Florida today.