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9 Reasons Why Your Practice Needs Medical Record Audit

medical billing services, medical billing company, Medical billing auditing companies, medical billing and coding system, Professional billing auditing companies, medical billing audit, outsourcing billing services, revenue cycle management

No matter how much of a tedious task it may seem, the audit of medical records is in the best interests of the practice. It can save physicians and medical billing services from clinical documentation disasters.

An audit prevents the billing system from inconsistencies and helps put measures in place to safeguard the system from malicious viruses and unauthorized access. Many errors can be avoided only via a medical record audit. The sustainability of a successful medical billing and coding system thus relies heavily on the accuracy of medical records, and medical record audit helps to maintain that.

Why Should Medical Billing Services Audit Records At Least Once a Year?

A medical billing company ensures the confidentiality and accuracy of the medical information. If a practice is not performing well financially, there might be a problem in the billing system or medical records.

Professional billing auditing companies like P3Care never compromise on risk analysis. Therefore, once in a quarter year or at least once a year, conduct a thorough analysis of the medical records.  Believe it or not, such audits pinpoint faulty areas even when apparently everything seems alright. Thus, the audit of the medical records is compulsory for every medical practice to expand their financial opportunities.

Audit Helps to:

  1. Determine faulty areas or missing information in medical records
  2. Surpass fraudulent medical billing and coding activities
  3. Identify areas that work differently from the given standards
  4. Rectify problems in the billing process before the legal audit from the government
  5. Save from penalty incurred as a legal the consequence for illegal billing practice
  6. Prevent official auditing services from the knock-on your door
  7. Highlight issues such as under coding, over coding, unbundling habits, up to coding, code overuse, and other documentation inconsistencies
  8. Identify revenue opportunities for clinicians
  9. Remedy the inappropriate or outdated practices

Many cases are reported when clinicians documented wrong information and lost money. One of the major reasons for denied claims is subjected to under coding or over coding.  If a practice refuses to look into such matters, it can never improve and lose hundreds of dollars unknowingly.

 An audit will locate documentation deficiencies & improve your revenue!

Lack of information or billing details seem minor, but they are common, especially by the primary care physicians.  Often, we have seen that despite treating the patient, physicians don’t know the correct complexity level of the illness, and it creates problems for compiling clean claims for payers.

Here, medical billing auditing companies work as the saving grace of the medical practice. No matter the complexity of a system, their team knocks off every aspect, analyze it for risk analysis, and suggest remedies to cater to issues.

For Instance, if your practice management system is outdated and needs replacement, as a physician, you might not want to invest here for cost purposes without acknowledging the effect it has on your claims. But, the auditing service will ensure that you update your system for optimized performance in the long run.

Even outsourcing billing services keep their infrastructure in check via medical billing audit. This process seems unnecessary, but it is crucial to streamline your revenue cycle management.
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