How often should a Practice undergo a Medical Billing Assessment?

Who wouldn’t want to see their practice growing? However, to keep your medical practice growing, it is critical that you identify any potential and existing issues in your processes that may prevent growth and address those issues. Since the growth of a medical practice is dependent upon revenue and cash flow which are themselves dependent upon medical billing, a medical billing assessment is essential for your practice.

Medical Billing Assessment

A medical billing assessment includes a comprehensive audit that focuses on –

• analyzing your practice’s billing performance
• auditing policies and procedures
• assessing the software and technology used
• reviewing patient care workflow

Often, practices unintentionally undercode or overcode for services rendered, or fail to document properly. This can lead to claim denials, not getting paid and a negative impact on your bottom line. With an audit or medical billing assessment, documentation and coding errors in your medical billing can be checked and fixed promptly.

To do this effectively, you need a bottom-to-top assessment, starting at the outcomes and working backwards through the billing process to identify the problem areas. By identifying and correcting any coding issues, the entire billing operation of a practice can be improved and more revenue can be collected.

Your medical practice should have a billing assessment at least once every year. In addition, if you notice problems with coding or documentation, you should perform a quick assessment to correct errors before they add up and create bigger errors.

Since a medical billing assessment would require a great deal of your time and you may want to spend that time treating your patients, many practices now rely on a team of skilled medical billing and revenue management professionals, for example Medical Practice Management Resources (MedPMR). A practice management audit and analysis can be efficiently carried out by specialist medical billing and revenue management services on a regular basis, so that nothing skips your eye. These professionals can help you with billing, timely posting, collections, detailed monthly billing and collection reports.

When a professional billing and practice management service conducts a comprehensive medical practice assessment, they look at every aspect of your practice. That includes:

• Billing and Collections Analysis
• Receivables Management Assessment
• Practice Management System Review
• Payor Contracting Analysis
• Fee Schedule Analysis
• Human Resources Review
• Staffing and Salary Analysis

To learn more about specialist medical billing services, such as family practice medical billing, call the best national medical billing company and medical practice consulting services, Medical Practice Management Resources at 951-757-2056 Today. A team of experienced professionals would perform a comprehensive audit and evaluation to what is working properly and where changes should be made to help make your practice more efficient.

To learn more about specialist medical billing services, such as drug and alcohol rehab center addiction treatment center billing services or chiropractor medical billing service, call Medical Practice Management Resources at 951-757-2056.