Running a successful healthcare practice involves much more complications than one can think. Be it a small clinic or running a lab, or urgent care center there are several things you need to keep in mind and get everything right if you are looking for a successful practice.
So let us discuss the challenges in medical billing now:
Missing information or billing errors – 73% of denials can be avoided if careful attention is given. As insurance companies mostly deny 65% of claims due to missing and incorrect information and even missing documentation; all these however can be avoided if proper attention is given.
Declining any kind of claim that lacks proper documentation is one of the common issues in the billing world. In fact, it is also often seen that a simple spelling error or mismatch of address is often the reason for your late reimbursement which is why it is extremely vital to not only double-check every entry for accuracy but also know the codes to avoid any sort of mistakes. A team of experts ensuring the right checks and balances can in fact minimize your overall chances of errors and claim denial.
Missing Referral or Authorization – improper authorization can result in claim denial. The authorization specialist should not only have a clear understanding of the carrier’s limitations but should also work with patients to get the necessary referral or authorization before submitting claims.
Coding mistakes – Improper coding and undercoding are a few common challenges in medical billing where several factors can be responsible.
This is why today outsourcing is the most convenient and best solution when it comes to managing billing operations.
There are in fact several RCM solutions that cater to all medical billing needs. From taking care of data management to getting your backlog clear, there are one stop RCM destinations eg -Sunknowledge Services Inc is one such RCM organization that not only ensures faster reimbursement but also helps you streamline your process in no time. In fact, partnering with Sunknowledge there are various advantages that you can easily leverage.
With a complete understanding of the present industry mandates and changing billing regulations, Sunknowledge further
- reduces your overall operational expenses by 80%,
- Following the right checks and balances assure 99.9% accuracy
- helps in a 30% shrink in the AR bucket instantly.
Making your medical billing process seamless at only $7/ hr, Sunknowledge assures better ROI, guarantee!
Sunknowledge Services Inc. – an ISO 27001:2022 certified, American-owned & operated company, headquartered in New York City – is a leading global provider of Business and Knowledge Process Outsourcing services in the US healthcare domain.
