Revenue cycle management is an intricate, complex process that is essential to running a profitable medical practice. Medical billing errors are expensive and can negatively impact practice profitability. Even small errors – such as missing or incorrect codes – can have drastic financial repercussions. If claims sent to insurers aren’t properly coded, practices may not receive reimbursements in a timely manner.
Providers are busy and their time is stretched thin, which means they don’t always have time to research and log accurate and comprehensive billing codes for all the care they deliver during an encounter. It doesn’t help that there are 100,000 different ICD-10 and CPT codes – all of which are updated annually based on new coding rules.
To avoid missing out on billing opportunities, here are eight ways to improve revenue cycle management for medical practices and healthcare organizations of all sizes and specialties.