Failure to implement an accurate medical coding and billing system proves detrimental to the administration of any health care facility. On the other hand, affordable medical claims management, when implemented, provides enhanced collectible revenue of the practice.
Consequences of Inaccuracy in Medical Billing and Coding
Nearly one in every five medical claims that are processed through large health insurance providers is found to be inaccurate. Errors and negligence in medical coding is seen to cost astounding sums of money to health care providers year over year. Roughly 45% of the health care provider revenues is seen to go uncovered because of billing errors.
Importance of Accuracy in Medical Billing and Coding
The successful reimbursement toward health care services provided by physicians and practices depends on accurate and timely coding and billing processes. Modern medical billing professionals are entrusted with the complex task of coding patients’ diagnoses accurately and submitting timely claims to the concerned insurance companies.
It is the responsibility of the coder to convey exactly the physicians’ diagnoses and procedures recommended into appropriate alpha-numeric code. Medical coding is the process in which patient data is processed from patient appointment through discharge, involving step-by-step translation of what all has happened. This necessitates processing vital insurance information related to collection of payment from insurers.
Role of Accuracy in Medical Coding and Billing Processes
Accuracy in medical coding and billing prove to be crucial for medical practices for perfect and timely submission of medical claims. Error-free and timely claim submission ensures getting reimbursement and reducing accounts receivable.
Rapid Care Transcription has been in the medical billing and coding industry since more than a decade. We have the honor of being adjudged one of the most promising medical billing service providers by the online journal silicon India.
We assure accurate and timely medical coding and billing solutions. For more details about our services, visit our website https://www.rapidcare.net/billing/