Efficient medical billing procedures are crucial to running a successful and profitable practice. One way to reduce errors and improve efficiency is by using charge validation, a process that helps discover medical necessity concerns and implements proper channels. Charge validation can drastically improve and amend documentation, thus making your medical billing process much more seamless.
It is vital for claims to be be scrubbed by an industry-specific tool that uses standard and custom edits before submission. Charge validation is the perfect tool to do this with. What will happen is that the system will automatically detect coding combinations related to unbundling, modifier appropriateness, and mutually exclusive procedures. Then, electronic remittances from government and large commercial payers will retrieve and process the claims, finalizing the process.
That being said, charge validation can certainly help you regain control of your billing operations and ensure accuracy. It can save your practice from leaving between five and thirty percent of your reimbursement at the table, all of which would have been affected by improper payments, staffing, training, and/or technological tools. Notably, many industry experts have said that the first eighty percent of payments are easy to collect, but that it’s the next twenty percent that are harder and more expensive to obtain. Obtaining this twenty percent will make all the difference for your practice’s success, both financially and operationally.
Besides charge validation, exploring other ways to reduce errors and improve efficiency in medical billing will also be beneficial for your practice. You can try verifying benefits and patient registration, managing remittances, payment posting, and denials, and establishing a well-defined credit granting policy to ensure your medical billing process is effectual.
Clearly, charge validation is a complex matter. While we can only start to scratch the surface in this article, we are always willing to sit down with you and talk you through the rest. If you are interested in learning more about the benefits of charge validation and how it works, please feel free to visit our website at your convenience to set up a time to speak to one of our team members.