A billing audit can help your practice find ways to improve its revenue cycle. It looks for mistakes in billing, missing charges, contract issues, and other problems that can lead to denied claims and lost money. On average, audits can help recover 5-10% more potential revenue. So, if your practice bills $5 million a year, that’s $250,000-$500,000 that could be uncovered. Audits also help prevent future lost income by making your billing processes better. If you notice that your denial rates are going up, it takes a long time to collect cash, your accounts receivable keep growing for no reason, your reimbursement levels are dropping, or you haven’t had an audit in more than 2 years, it might be time for an audit.
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