Did you Audit your Medical Billing Performance lately? If not, this is the right time to get it done!
A Medical Billing Performance Audit is often viewed as a defensive measure where as it should be practiced systematically. Think of it this way, what would you rather prefer? A visit to preventive care or to an emergency room?
Revenue cycle is a complicated process with many moving parts, it takes time to complete. If left unattended, the process can be prolonged, causing major revenue losses but if planned righty, it can help the practice improve their claim life cycle hence increasing the practice’s overall profitability.
Medical Practices depend on their Medical Billing team or Medical Billing Company to submit error free patient claims. This increases the First-time acceptance rate for the Practice and fast tracks their reimbursements. If, however reimbursements are delayed and revenue is stuck, the whole Practice struggles. A medical billing performance audit prevents this from happening by pin pointing performance bottlenecks and highlighting the exact steps in the claim life cycle that needs improvement.
Medical Practices that were not conducting thorough, periodic Medical Billing performance audits reported the following recurring issues in their claim life cycle:
Increasing denial rate
Because of submitting same errored claims
Delay in Reimbursements
By 5+ months
Stuck Revenue
Due to pending work on unclear claims
High stress levels amongst the staff
Due to extra pile of claims that need rework
Benefits of conducting systematic Medical Billing Performance Audits
We talked about what a Medical Billing Analysis is and how can it be conducted, in my previous blogs. Here I will just briefly overview the benefits of conducting systematic analysis:
- Highlights the Medical Billing performance loopholes
- Provides actionable insights regarding the steps of the claim life cycle that needs tweaking or improvement
- Gives an overview of how the Medical Practice is performing w.r.t Medical Billing KPIs
- Helps improve the Medical Practice’s relationship with the Billing teams/billing company
- Presents a clear direction on what part of the process needs to be invested on, to improve the overall Medical Billing Process.
Medical Billing Performance Measurement Template
Attached is a simple template. It enables pre-made tables in which you can add in your numbers and track your Medical Practice’s Performance. The tables are linked to graphs and an over-all dashboard, which can enable you a comprehensive view of areas that need improvement.
The template contains 3 tabs, the first one includes a table containing the KPIs along with their acceptable ranges and formulas. The second tab contains tables where you can add in your practice specific data and the third contains a dashboard which is linked to the tables
Use this to present your Medical Billing performance on monthly/yearly basis to your staff or clients. Show it on the computer or print it out as per your convenience.
Use this to present your Medical Billing performance on monthly/yearly basis to your staff or clients. Show it on the computer or print it out as per your convenience.
AltuMED pushes its client Medical Practices and Labs to conduct systematic Medical Billing Performance Audits. A Medical Billing Performance Audit is often viewed as a defensive measure where as it should be practiced regularly. Think of it this way, what would you rather prefer? A visit to preventive care or to an emergency room? Why not start your Medical Billing Performance Diagnostic instantly, Click the button below
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