Improve Total Collection Rates to Capture More Revenue
Better medical coding results in higher revenue capture for medical clinics of all sizes.
Efficient back-end revenue cycle management starts with the claims process, where coders translate the services a physician provided (indicated in the EHR) into billable charges. Having knowledgeable medical billing staff is important, but perhaps even more critical today is having the right software tools at your team’s disposal so they can find the correct ICD-10, HCPCS, and CPT codes. Next, medical coders must ensure that each claim meets payor-specific requirements, which can vary widely. Finally, they have to verify patient data and insurance information on each claim prior to submission.
For many clinics, the sheer scope of work means some claims go out with errors, leading to claims denials and even more work to capture that revenue. A significant number of claims are denied after the first submission (as many as 5%, according to industry reports from the American Medical Association). As many as half of those claims are never resubmitted because staff are focused on processing new claims and finding the errors would require a lot of manual work and time they don’t have.
The truth is most errors in denied claims are preventable, and by eliminating minor mistakes you can significantly improve collection rates and boost your bottom line.
Remain Compliant with Rule Changes
With a cloud medical coding software, you can stay ahead of all the rules changes, regulatory requirements, and implementation deadlines for HIPAA. As your software vendor, AdvancedMD is defined as a Business Associate, and HIPAA requires that we meet all the same patient privacy and data protection rules as your healthcare organization.
We take that role very seriously by:
- Maintaining a thorough understanding of all existing HIPAA regulations
- Providing software and services that comply 100% with all HIPAA requirements
- Providing end-to-end compliance with all our agents and business partners
- Ensuring the security of your data with hassle-free automatic backups and high-level encryption
As our partner, you’ll never need to worry about whether we are taking HIPAA compliance seriously and whether you are protected—we do all of this automatically and provide it free to every client with no software downloads, no upgrades or additional modules to purchase. We also provide training and educational materials to help keep you and your staff updated on any changes or new compliance requirements. You can find the full details in our Terms of Service.