Medical coding can greatly influence your revenue cycle. When properly done, the charge is completed quickly and efficiently—however, inaccurate coding can cause costly setbacks. Read on to learn more about how proper coding can help you maximize revenue.
Whether you realize it or not, medical coding can impact a patient’s experience at your medical practice. Inaccurate coding could result in a patient having to pay unnecessary expenses for their visit, which could in turn cause frustration and affect their decision to choose your practice for future medical care. Taking time to properly complete and code patient records will have a powerful impact on patient satisfaction—and your bottom line.
Handle Unexpected Volume Changes
When your practice experiences an unexpected increase in volume, the quality of your coding and your revenue shouldn’t have to suffer as a result. Unfortunately, mistakes occur more frequently because of the increased diagnosis level and specific requirements of the ICD-10 implementation.
Maintaining accurate coding and clinical documentation is essential to monitoring operating margins, revenue collection, and reimbursement. Coding integrity is an important part of your revenue cycle and should align with your organization's strategic mission.
If claims are incomplete or submitted past the deadline, they’re returned as a denial. Not only do denied claims strain revenue, they can delay or halt payment for medical providers. Reducing these errors is imperative—the longer coding mistakes go unnoticed, the more expensive and difficult they are to correct.
ICD-10 mandates make coding more complex than ever—each year there are over 1,000 new, changed, or deleted medical codes! Incorrect documentation can result in reduced revenue, less money than the diagnosis warrants, compliance risks from overcoding, or delays in claims processing.
Determining the reason for a denial, re-coding, and re-submitting takes time—few physicians have the resources to handle the demands of denials. If you’ve noticed increasing code-related denials and an accumulation of items waiting for coding, it might be time to outsource this area to maximize your revenue. SureCollect’s services are fully customizable to suit your practice needs, helping you increase your revenue while decreasing your stress.
At SureCollect, we understand the daily challenges of managing a successful practice. If you want a medical billing solution that can increase your revenue up to 30%, visit our website to learn more or give us a call at (800) 215-2507.