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Charge capture is considered one of the trickiest jobs in the medical billing and coding process flow next only to Coding. Also, Coding and Charges go hand-in-hand to ensure successful payment of claims. It is for this reason that most healthcare providers use Charge Masters, which document patients’ vital information, including medical procedures, charge descriptions, modifiers, billing codes and price list. An inaccurate Charge Master might cause overpayments, underpayments, claim denials, and even penalty charges. Therefore, providers must review their Charge Master to ensure timely reimbursements and better physician practice management. Let’s take a look at the significance of a Charge Master review, Coding Accuracy: Over the past decade the healthcare codes and related fees have seen a revision every year. Because of this change, Healthcare Facilities and Providers have been forced to update the Charge Master with new procedures and codes and their relevant fees frequently. Such frequent modifications have made the accuracy of Charge Masters uncertain. Therefore, it is highly essential that a provider’s Charge Master be reviewed periodically to ensure error-free coding. Avoid Claim Denials: One of the main reasons for claim denials is inaccurate coding. As stated earlier, coding errors occur due to inaccurate Charge Master. In many instances, deleted codes are still used for billing that result in Denials. Thus, a chain reaction takes place as a result of improper medical billing and coding. A healthcare provider can eliminate such problems by reviewing their Charge Master regularly. Timely Reimbursements: By conductingregular audits in the Charge Master database, a provider can be sure of the accuracy level. Therefore, the medical billing and coding process is carried out smoothly. As a result, providers receive their payments on time. Why Outsource: Performing a Charge Master review is not an easy task as it involves various complexities while consuming a lot of productive time. Outsourcing medical billing processes such as Charge Master reviews to a reputed medical billing company like MGSI would be a prudent decision. About MGSI: Based in Florida, MGSI has been providing exceptional medical billing and coding services to its clients for over 20 years. This medical billing company is adept in carrying out the Charge Master reviews and has been doing so for several years to its clientele. Outsource a part of physician billing services to this company to promote a healthy revenue cycle management. For more details, log on to www.mgsionline.com.
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