How Much Money is Your Practice Losing Due to Medical Coding?
All the medical industry at present days have got into the recent ICD-10 coding but when your medical industry is using the same old coding software then there are lots of chances for your medical industry to get decreased with many of the claims and reimbursements. Rise and shine because the old software will never get you so much reimbursement like the new ones does.
Manual work
If you are still continuing with manual works and data entry then there are chances for most of the mistakes to happen at that specific place. Since the technology is available in wide range try to concentrate in tech software or codings to enter the details of patients. If you are still calculating the bills in calculator then your medical industry could have already faced the down fall. Reduce the manual billing by introducing some of the trail packages of coding softwares for just 30 days. Within just 30 days you will see a wide improvement which is capable of increasing your income by 20 to 30%.
Charge right
Some of the services and diagnosis cost charges. Train your employees to correctly capture the charges. The right charge for all medical issues can result in better increase of your revenue. Instruct your employees to detect the right charges even for counseling too.
Claims
This is one of the important parts where you can gain more or lose money. If your employees and your software are really good then you can surely get good reimbursements which can financially improve your medical industry status or else you may face the biggest downfall.
Accounts Receivable and catch up
Your medical industry must have fast account receivables because with delay in bill payments it is just your concern which is facing the maximum downfall. So make sure that within maximum of 30 days your staffs are getting account receivables. The accounts must be right and proper. With good collection efforts your Revenue Cycle Management can be boosted without any issues. Make sure that you are handling some experts for checking the proper audits in your accounts department.
Train your staffs
The staffs of your organization plays vital role in interacting with the patients and providing them some of the services. If you are having a good and motivated workforce then there are chances for your concern to get good reimbursements. Give special seminars and other sessions to make your faculty rich in knowledge of handling the best software. The weakness of each and every employee can reflect in the downfall of the revenue of your medical industry. So make sure that you are picking the right hands for your help in medical industry.
These are some of the areas which you are losing most of the money. If your medical industry does not possess well versed software then it may also contribute a biggest issue for the downfall of your concern. Work on these areas to gradually increase your Revenge Cycle and improvise your medical industry.
