Did you Audit your Medical Billing Performance lately? If not, this is the right time to get it done!
Medical billing audits should be systematic, not just defensive. Think of it this way, what would you rather prefer? A visit to preventive care or to an emergency room?
The revenue cycle is a complicated process with many moving parts; it takes time to complete. Neglect leads to loss; planning boosts profit through better claim cycles.
Billing teams ensure error-free claims for faster reimbursements. If, however reimbursements are delayed and revenue is stuck, the whole Practice struggles. Audits identify bottlenecks, highlighting areas for improvement.
Practices without audits faced recurring claim cycle issues:
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 our previous blogs. Here we will just briefly overview the benefits of conducting systematic analysis:
- Highlights the Medical Billing performance loopholes
- Offers insights for improving claim cycle steps
- 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
- Guides on where to invest for better billing processes
Medical Billing Performance Measurement Template
Attached is a simple template. Use pre-made tables to track practice performance with your numbers. Tables link to graphs and dashboard for insights on improvement areas.
Template has 3 tabs: 1st has KPI table with ranges and formulas. The 2nd tab has tables for your data, 3rd is a dashboard linked to the tables.
Present billing performance to staff/clients monthly/yearly. Show it on the computer or print it out at 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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