When it comes to medical billing, accuracy matters.
Incorrect or inconsistent billing information can mean the difference between receiving payment and lost revenue. If invoices aren’t completed correctly, insurance companies won’t hesitate to deny a reimbursement.
Put simply: Accurate and consistent medical charge capture means your practice is efficiently compensated for services rendered.
Medical Charge Capture and Your Bottom Line
Billions of dollars in medical charges are lost each year to inaccurate or inconsistent billing.
Those inaccuracies are often challenged by insurance companies and patients — and lead to long and costly disputes.
For one practice, revenue lost to even a few errors or a lag in billing can amount to tens of thousands of dollars left sitting on the table.
That’s why mobile technology in healthcare with integrated medical billing platforms is a go-to for anesthesiologists and hospitals. Medical billing programs offer an extra layer of protection to the integrity of charge capturing.
Common Billing Accuracy Issues (And How Medical Billing Software Fixes Them)
Though most go unnoticed by a patient, medical billing errors are quite common. Four of the most common errors include:
- Wrong patient information
- Incomplete forms
- Billing code errors
- Regulation noncompliance
1.Wrong Patient Information
From a simple misspelling to an insurance ID number with a few mixed-up digits, erroneous patient information is ripe for a claim rejection by an insurance company.
Using mobile patient care devices with medical charge capturing capabilities drastically reduces the chance of collecting the wrong information. Digital medical files with information verified by the patient ensure all information is accurate and consistent in all stages of care.
2. Incomplete Forms
Just like providing the wrong billing information can stop the reimbursement, so too can incomplete information.
Insurance companies do not double-check and correct your claims. Even one missing piece of information is enough for a rejection.
Medical billing software acts as a safety net.
As healthcare mobile apps log patient treatment, that information can be preloaded into invoice templates. When it’s time to submit for reimbursement, the medical billing platform can automatically notify you that information is missing, guaranteeing that invoices and forms submitted to an insurer are filled out fully.
3. Billing Code Errors
While they’re meant to simplify medical charge capturing, billing codes can be complicated.
With thousands of codes — mostly acronyms — it can be easy to select the wrong one for a procedure. Inputting the correct codes is especially challenging when a member of your billing team is trying to decode sloppy handwriting.
Mobile healthcare programs eliminate this issue. As medical treatment is administered and tracked, it’s immediately and legibly logged on an invoice with the correct code.
4. Noncompliance With Regulations
New billing regulations are a fact of life for healthcare companies. And they’re often comprehensive, like MACRA, impacting many aspects of medical billing. This can be a nightmare for any practice to keep up with.
When new regulations are released, medical billing software only needs to be updated once. Those updates are applied across the system, ensuring cohesion and accuracy no matter who is completing an invoice.
Accurate and Consistent Medical Charge Capture = Lost Revenue Prevention
There’s nothing worse for a hospital or anesthesiology practice than to lose revenue or have long-delayed reimbursements for services.
By integrated billing software alongside mobile health applications, medical charge capture is simplified, accurate, and consistent.
That means no matter the service, your practice receives reimbursement in a timely and efficient manner.
Improve your medical charge capturing capabilities today!
Explore how Graphium’s medical billing software can easily integrate with your practice.
