In the world of medical billing, shorter revenue cycles are crucial. Today's midwifery practices can handle more claims in less time than ever before by automating billing processes, building built-in clearinghouses with approved practice management software, and incorporating artificial intelligence into their workflows. However, not every practice is utilizing all of the technologies at its disposal, which is why we've compiled this list of the top five suggestions for accelerating billing procedures while lowering errors.
1. The Essence of Tabbing your Books
The first piece of advice will improve your coding accuracy. A wonderful strategy to keep organized and productive at work is to categorize your books. One of the greatest ways to become familiar with and find the key sections of your books is to tab your code manuals.
2. Optimize your Tools
In any task, having the proper tools makes a huge difference. Being a midwife biller in the modern era that still uses paper-based procedures is equivalent to being a carpenter who doesn't utilize power tools. You can automate clerical activities and fundamental billing procedures with the use of cloud-based practice management software and other medical billing software solutions, freeing up your workers' time to focus on tasks that demand a real human touch. Time will be saved, errors will be reduced, and reimbursements will be increased.
3.Increase Your Areas of Expertise
You might believe you're finished if you already have the Certified Professional Coder (CPC) credential. But have you given a specialty certification any thought? This not only improves the salability of your resume but also significantly raises your earning potential. If you want to become a better medical coder, think about enrolling in a specialty certification course.
4. Prepare an Ahead-of-Time Strategy for Line or Complete Denials
Millions of dollars are being unpaid as a result of increasing numbers of claims being denied. Surprisingly, however, many providers do little to recover this lost income; up to 65% of rejected claims are never resubmitted. Any billing department should make recovering this lost money a top priority, especially considering that the typical hospital has millions of dollars in unpaid claims. Ignoring these rejected claims is the same as throwing money away. Thankfully, intelligent PM software can schedule reminders for investigating refused claims and recovering lost money
5. Demand Accuracy for Coding and Claim Submission The timely submission of claims, which requires swift and precise CPT coding, is a crucial component of revenue cycle management. Effective coding procedures speed up the processing of claims and lower insurance denial rates. As it can help with code entry and automatically verify that codes have been added correctly, excellent PM software is crucial in this area as well. One of the easiest strategies to reduce denied claims and enhance your revenue cycle is to double-check everything before submitting a claim.
6. Keep an Eye on Important Statistics These days, data is key, therefore midwifery practices must monitor KPIs and other crucial information to stay in business. You should be able to view details like the processing time for claims, all denied claims, their justifications, the number of pending claims you currently have, and more. You can become more successful and efficient by better understanding the data that underlies your operation.
7. Stay Updated
Finally, keep up with the market so you're the first to learn about any news or updates about medical coding. Be sure to subscribe; the Midwives Advantage blog is an excellent place to start. Another fantastic resource is the AAPC Knowledge Center. Finally, you can follow specific online personalities. The more you understand, the more distinctive you'll be as a medical coder.