Why Your Practice Needs Our Free Third-Party Medical Billing Audit
Posted on January 26th, 2020 / Under Medical Billing / With No Comments
Are you getting optimal billing results in your practice? Are your claims getting a high number of denials? One Source Medical Billing (OSMB) offers auditing of your claims to find any issues you may be having, either on the front end or the back end of the claims process. By pinpointing specific issues, OSMB can improve claims management and boost reimbursements.
OSMB will review the full revenue cycle of your practice for the past year to locate the billing improvements needed to boost your overall payment success. These are a few examples that can delay clearing your insurance Accounts Receivable (A/R):
• Denied claims with no follow-up: Some claims in the active A/R may have been denied, but the denial was never received or have been posted and the cause of the denial was not resolved. Insurance companies can deny reconsideration if not resubmitted on time which can result in lost revenue.
• Incorrect Payment Posting: Erroneous payments and adjustments leave the A/R with false balances and can delay the collection of proper reimbursements from secondary insurance or private payments.
• Delayed Payment Postings: Untimely insurance payment postings will provide false A/R turnaround values.
• Missing Payments: Missing EFTs or payments mailed to the wrong address can be found with simple claim follow-ups.
• No Active Insurance Coverage: Lack of proper insurance verification of all patients can lead to denials based on “no active participant found” or “no active coverage at the time of service.”
• No Claims on File: A common delay in claims processing is simply that the insurance company did not receive the claim. Whether lost in transmission or stalled in a clearinghouse, these claims need to be resent promptly.
The OSMB audit will break down all practice claims results into categories for a specific review of areas needing improvement in your revenue cycle, as well as show you where your billing cycle is working as it should. This audit report can help improve your bottom line and increase our revenue by showing if some minor adjustments are needed, or additional training might be required. Can you afford NOT to have our free audit? Call us today at 888-624-5563.
Read More...
Recent Posts
-
Key Steps for a Successful Revenue Cycle Optimization Strategy
In the healthcare industry, achieving revenue cycle optimization can be challenging as it involves many parts, such as charge...
Read More... -
A Closer Look at Common Medical Billing Errors
Medical billers and coders deal with thousands of codes when documenting procedures and other relevant treatments provided to...
Read More... -
9 Essential Medical Billing and Coding Tips for Healthcare Providers
Medical billing and coding are complex procedures that play a vital role in ensuring accurate and timely reimbursement in the...
Read More... -
Unveiling the UB-04 Form: A Comprehensive Guide to Streamlining the Medical Billing Claims Process
As a healthcare professional, you would be familiar with the importance of medical billing in optimizing a practice’s reven...
Read More... -
Is Medical Billing And Coding Worth It?
Introduction
As a healthcare institution, you may wonder if ou...
Read More...