WILMINGTON, Delaware, January 27, 2015 /PRNewswire/ --
MedicalBillersandCoders.com has announced 'Practice Performance Audits' to help providers reduce costly payer rejections for no charge at all. MBC will be conducting these audits for physicians who wish to review procedures like coding, data entry/billing, documentation and other vital areas that affect reimbursement of their medical practice.
"We have received a huge response to our free audits announcement. Within two weeks, our team has conducted successful performance audits for around 100 medical practices and more requests are pouring in," - Jessica Parker, Provider Relations-Executive, MBC.
With these audits, MBC is helping practices save money, reduce time and enhance services through streamlined processes including, accurate eligibility verification. It is a known fact that not many practices devote sufficient time to verify patients' policy coverage and insurance eligibility. Providers keep struggling with revenue loss caused due to invalid or incorrect insurance eligibility data which is the most common reason for claims denials.
"Medical practices are generating approximately 30-40% of revenue from patients having high-deductible insurance coverage. But failure to check patient eligibility, deductibles and errors in documentation, coding and billing is leading to increased denials and revenue loss,"- says Jessica.
- According to the AMA, physicians tend to annually lose minimum $4000 due to insurance eligibility errors
- According to the Department of Labor, one claim in seven made under employer health plans is denied due to billing errors
MBC is aiming to help such practices get their finances back on track with these practice performance audits. Through successful audits, MBC is improving practice collections, reduce days in data entry, ensure effective charge capturing and reduce AR days for a growing number of practices.
MBC Performance Audits Helping Physicians Categorize and Resolve RCM Deficiencies
"I had approached MBC for a free performance audit of my practice last week. It helped us tremendously in identifying RCM deficiencies that we earlier failed to notice,"- commented Dr. M Smith, one of the many satisfied MBC clients. He enrolled for the audit only to verify if there was a revenue leakage in the system which was flowing smoothly for years in his internal team.
He also said that- "Many providers make the mistake of neglecting valid patient verification and eligibility check which is the first step in Medical Billing process. They tend to overlook the importance of such audits that are vital for improving quality and financial controls of their practice."
According to Jessica- "Such audits should be performed on a regular basis. For best results, it should be made a part of the practice's compliance program. If valuable time and energy of the practice staff is being spent on phone calls to health insurers, instead of revenue-enhancing activities, practices should consider it a sign of financial perils."
MBC's Comprehensive RCM Support and 24/7 Billing Services
MedicalBillersandCoders has audited over 1000 practices in the last 10 years to help providers deal with revenue issues. The company has a proven record of providing quality, cost-effective Medical Billing solutions to physicians across all 50 states in the US. As a trusted medical billing partner, MBC ensures quick processing of medical claims, helping physicians get paid within 21 days. The company has embraced technology like no other, offering quality 24/7 RCM support to the clients. Growing number of practices have experienced a steady increase in their cash flow by hiring MBC's medical billing services.