These nine tips will help you restore your practice's financial health. You may be losing money in silent, unseen ways that adversely affect the health of your practice. Here are some suggested therapies. Don't give anything away.
Some practices have the unfortunate habit of neglecting to claim everything they legally can.
For example, a practice will bill for a vaccine but fail to claim the corresponding vaccine administration code or bill for administering an injection but fail to bill for the substance injected. Failing to charge for services provided is like handing out money to your patients and their insurers. For the services you are claiming, make sure you're claiming exactly what you did. For example, if you code a 99213 when you actually provided and documented a 99214, you'll have given Medicare a 36 percent discount on your services. Likewise, coding an established patient office visit, rather than a consultation, for a pre-operative evaluation requested by a surgeon will minimize your reimbursement.