What is the latest news Update about Medicare? And How much of it Real ?
There is no other update that can cofound physicians, patients and the common man, more than healthcare updates. Every other day the grapevine is buzzing with news of unfair healthcare providers who upcode and embezzle thousands of dollars and physicians complaining about draconian insurance reimbursement cuts.
11 Billion Dollars of Lost Revenue !
The centre for public integrity recently blamed healthcare providers for upcoding and creating questionable medical claims. According to the report over 11 billion dollars of Medicare money was spent on paying up for, what were apparently billing malpractices. With everybody pointing an accusatory finger at everybody else, it is high time physicians take stock of the situation.
An Unfair World…
It can be increasingly tough, confusing and challenging to be a healthcare provider. On the one hand there are revisions and guidelines that require expensive and frequent system and workflow upgrades. And on the other audits that always hold up the physician for documentation or billing errors. We are not even going to talk about fussy and doubtful patients here.
More Involvement in the Revenue Cycle Management Process…
The business side of medicine is no walk in the park. Doctors make the mistake of being completely unconnected to their revenue cycle management or billing process. The need of the hour is to create a more accountable and sustainable revenue cycle system that keeps the doctor in the loop.
Being unaware of how claims are coded, or being in the dark of which claims are languishing as pending account receivables can lead to embarrassing consequences.
No matter how frustrating it is to keep tabs of the latest physicians billing services revisions or coding updates, it is imperative that physicians spend that extra hour or two on their billing process.
Minor Changes to your Daily Schedule !
One step at a time can help physicians create a healthier medical practice. As most medical practices either outsource their revenue cycle management services needs, or have a separate RCM and billing division, it is essential that, periodic audits are performed.
Monthly or weekly reviews have to be requested for and analyzed. It can be a lot on the plate. But investing that extra hour going through your weekly report can help identify flaws and anomalies before they become the next big statistic !