Billing and accounts receivable audits help physician practice with increased first pass rate. Every practice ought to have a solid comprehension of the idea of billing audits as well as  best methods that fit their individual needs. If you don’t have a solid grasp on the billing practices and opportunities for development in your practice, It may be the ideal opportunity for a boost.

Medical Billing Audits 

Medical billing auditing is similar to all audits. It is the way of examining and auditing the documents and records to ensure precision. Medical billing audits make a step further and analyzes clinical records to guarantee that specialists and medical facilities are consistent with the standard and guidelines of the medical field.

Reason for performing medical billing audits

Medical billing auditing includes directing an internal or external audit of coding accuracy, approaches and techniques to guarantee you are dealing with a proficient and clean operation. There are a few motivations to perform medical audits. Evaluating can help secure against fraudulent claims and billing process, distinguish issues before challenged with incorrect coding, recognize the opportunity for reimbursement. An audit can perceive under coding and code overuse.

Billing Audit covers patient scheduling and eligibility verification processes. to ensure effective auditing. Audit the patient’s eligibility and coverage details, Dependent Eligibility Verification etc.

Accounts Receivable Audits

Accounts receivable audits limit the AR aging guaranteeing a constant flow of cash into the business. AR audits help to find the following issues

• Ensure whether the insurance claims billed properly
• Ensure whether the insurance claims paid properly
• Finds the uncollectable debt adjustments
• Finds the collectible insurance aging
• Audits the improper Insurance Claims Denials
• Necessary Claims Appeals
• Responsible Party on Outstanding Balances

Benefits of Medical Billing and Accounts Receivable Audits

• Increases Compliance and Reduce Fraud
• Reducing and prevents improper payments
• Ensures claims are submitted accurately
• Protecting against fraudulent billing activity and claims
• Improving patient care
• Identifying areas for increased reimbursement
• Speeding up and optimizing proper claim payment
• Identifying reimbursement deficiencies
• Encouraging appropriate billing for documented procedures

About MGSI LLC:

MGSI is HIPAA compliant medical billing company in Florida, US. We have 25 years of experience in healthcare industry. We provide medical billing services, insurance eligibility verification, Physician credentialing, AR follows up, revenue cycle management, healthcare denial management, healthcare contract management, Anesthesia medical billing, cardiology medical billing, radiology medical billing, etc. We have experienced a team of billers and coders to handle the billing processes using the latest technologies. We maximize your medical billing & collections and reduce claims denials rate. To learn more about our billing and coding services, visit our website: www.mgsionline.com.