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One of the major factors that keep both healthcare and medical claims billing operations running smooth and uninterrupted is chart audits. Many Healthcare Providers and Facilities think that auditing medical charts wastes their effort, money and time. However, they fail to realize the fact that time, money and effort will be consumed invariably only when audits are not performed. Apart from helping to measure the quality of care rendered, provider billing chart audits have several other advantages. They are as follows: Improve Quality of Service: As mentioned earlier, chart audits help improve the quality of service. In a large Healthcare Facility containing more than 100 Providers, keeping track of performance would be a herculean task. However when chart audits are conducted, the quality of service provided by each one of them can be measured easily, enhancing the scope for improvement by cross learning of best practices. Claim Denials: The denial of claims by insurance carriers is one of the prime factors, which affects Provider’s revenue. By doing medical billing and coding audits, claims will be reviewed periodically for accuracy and compliance to make them ‘denial proof’. In addition, a retrospective audit can help improve medical claims billing by going through the history of claim submissions and reimbursements. Avoiding Claim Re-submission Flaws: Claim denials are uncertain no matter how careful, a Healthcare Provider does its medical billing and coding. Likewise, claim re-submissions might also contain other errors, which can cause a huge revenue loss. For instance, denied claims that are reviewed and corrected, might be submitted twice by error. However in an insurance carrier’s point of view, it is considered a fraudulent activity of submitting duplicate claims and a huge penalty is imposed. Therefore chart audits are indispensable to identify denial patterns in medical claims billing. Find Areas of Improvement: Another advantage of conducting chart audits is finding weak areas in medical claims billing. By reviewing the history of medical records, one can easily find troublesome areas, which affect the revenue cycle management and revenue growth. Fixing these areas can help improve physician’s billing effectively. About MGSI: Performing chart audits is not a breeze as it requires time and expertise. MGSI, a leading medical billing company in Florida, has been doing this for several years to many of its clients. With more than 20 years of experience, it has been providing exceptional physician billing services that are better than industry standards. Take MGSI’s help to conduct chart audits and enhance your practice management. For more details, log on to www.mgsionline.com.
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