MegaBanner-Right

MegaBanner-Left

LeaderBoad-Right

LeaderBoard-Left

Home » Industry News » Labeling & Printing & Coding » 5 Common coding errors impacting your revenue

5 Common coding errors impacting your revenue

Each doctor knows the delicate balance between administrative and patient tasks. Many professionals find that the best solution is to maximize patient appointments and defer paperwork until later. This tactic, while initially effective, often leads to hurried coding and costly errors, which can negatively impact the revenue of your practice.

You don’t need to be a coding expert to minimize such risks. Here are 5 of the most common coding mistakes that drain your practice’s financial resources, as well as simple remedies to ensure you receive timely and full reimbursement for your services.

Error 1: Uncompleted or ambiguous instructions for billing, unaccounted-for consumables and handwriting that is difficult to read often result in claims being rejected and payment delays.

Solution: Integrate your Medical Software with Electronic Medical Record systems to facilitate clear communication, minimize errors and speed up claims processing.

Error 2: Insurance companies deny claims due to inaccuracies or procedures that are deemed uncompensated.

Solution: Investing in billing software will ensure precision in claim submissions. This will reduce rejections and accelerate payment. Explore resources that detail common reasons for rejected claims, and how to correct them.

Error 3: The most common mistake is under coding. This leads to revenue loss by undervaluing services provided due to procedural codes and modifiers that are missed.

Solution: Use billing solutions that facilitate accurate billing of all services and consumables. Providers are responsible for updating coding procedures issued by regulatory agencies. This will ensure fair compensation and reduce financial burden on patients.

Error 4: Failure to bill minor procedures such as injections or vaccinations can result in a cumulative loss of income.

Solution: Integrate custom billing templates into your practice’s management system to ensure proper coding of routine procedures and consumables. This will maximize revenue.

Error 5: Human error is still a major factor in coding errors. Typos and inaccuracies of data entry can lead to the rejection of claims and non-payment for services.

Solution: Use integrated practice management solutions alongside clinical notes to ensure accurate and seamless data transfer. Staff can also verify patient data and perform benefit checks prior to appointments. This will minimize rejected claims because of missing or incorrect details.

These mistakes highlight the importance of robust practice-management systems. Investing time in integrated solutions that streamline coding processes and manage patients saves you money and ensures accurate payment of your services.

Do not let coding errors erode the profitability of your practice. Practice management systems can optimize efficiency, revenue and patient satisfaction. Learn how Healthbridge’s cutting-edge Medical Software can help elevate your practice.

Contact us at sales@healthbridge.co.za today to learn more about how we can help your practice thrive.  

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

The Week Ahead – Local releases in the spotlight as offshore releases quieten down

Locally we expect the following releases: ·       Barloworld (1H23 Earnings) – In a recent trading statement, management guided for headline earnings per share (HEPS) from continuing operations...

The Week Ahead – Another busy week on the local front

Companies reporting interim results include: * African Rainbow Minerals – Per a recent trading statement, headline earnings per share (HEPS) are expected to increase between 34% and...

MUST READ

We must protect SA’s groundwater

By Chetan Mistry, Strategy and Marketing Manager at Xylem Africa. THE borehole is a South African staple, accessing water from underground aquifers.  This is called groundwater,...

RECOMMENDED

Cape Business News
Follow us on Social Media