Recent studies say that approximately 25% to 30% of all medical practices lose their income due to incorrect coding, under-pricing, missed or never submitted charges, and some of it due to no/improper follow-ups. Physician practices should always have a comprehensive and strategic approach towards medical billing that involves a combination of skilled personnel, who can handle end-to-end challenges in medical billing. Here are some hidden ways that your practice can lose revenue, which can be highly frustrating.
#1: Some features of Free EHR software can drive patients away
Free EHR systems can be highly tempting, but their features can turn off your patients and may hit your revenue. Sometimes, without the knowledge of physicians, this scheduled software system can send emails to customers, which may make them think if it is a scam or real, but not announced or conveyed by physicians.
This could be a drawback to your practice and may cause damage to your brand reputation.
#2: Mismatched post-treatment medicines with patient follow-up visits
E-prescription can be a huge time-saver but will be successful only if the patient understands it properly. This goes on rounds and routine when the physician tries to synchronize follow-up appointments with a patient’s need for refills. Non-maintenance and coordination of prescription refills and follow-ups may lead to receiving too many phone calls for meds refill requests, forcing more time and stress on your office staff.
#3: Overstaffing after successful EHR implementation
You may require more staff while switching over from paper records to the EHR system. It takes high time for the system to migrate and your staff may also take time to get hands-on using the software. Therefore, during the transition stage, you may require more staff, but once you have implemented EHR software successfully, you don’t have to keep over headcount. This again may mess up your workflow due to different opinions applied to the same activity.
Above all other reasons, ICD-10 coding, the giant of codes is where many practices may go wrong and struggle with denied claims. To overcome claim denials and make sure your insurance provider approves your claims and you get a good fund inflow at your practice, you require a proper system and audits in a place where your pending ARs, claim submission time and approval rate, everything has to be thoroughly checked and to start afresh.
To ease out your medical billing process and streamline your workflow with high revenue generation, you need one of the best and leading medical billing experts in the USA, 24/7 Medical Billing Services for quick and high-quality services addressing your medical billing chaos. Call us at +1-888-502-0537 for a free consultation with our medical billing expert.