Ensure Billing Compliance with MEDICAL BILLING AUDIT In USA Across 50 States
Get A Detailed MEDICAL BILLING AUDIT For Healthcare Practices
Our Team helps you to reduce billing compliance issues
Simplify medical billing audits across all your departments by partnering with leading medical billing providers and coding partners for 24-hour medical billing services. When it comes to documentation or other audit-related tasks, there’s no fuss because we handle patient data securely.
Moreover, medical billing audits enhance and strengthen billing and coding processes, ensure stricter claims processes, and demonstrate that all necessary measures are in place to avoid future errors. Plus, ensure proper revenue cycle management (RCM) processes are set to increase income.
Our expert medical billing audit team consists of compliance officers, finance managers, case managers, IT, medical advisors, and HIMs. They ensure that the medical practices can not only meet regulatory requirements. But also streamline processes and workflows to ensure higher profits through the claims process is the most rigorous and efficient.
Benefits to hire i-med claims
- Enhanced cash flow
- 99% Claim Rate
- Minimize A/R delays
- Starts from 2.95% of your collections
- Fewer claim denials and rejections
- EHR Flexible Solutions
- Dedicated Team of 1000+ Experts
Take control of your medical billing with a thorough audit.
What Is A Medical Billing Audit?
A medical billing audit is a process performed to evaluate clinical documents. Verify the accuracy, reliability, and validity of records maintained by medical facilities and review billing documents submitted to taxpayers. Auditing allows for the detection, monitoring, and correction of inappropriate billing practices.
A medical bill audit is a complex process. You will need to manage many data sources, including clinical records, financial records, accounting documents, and policy-related documents. Therefore, it is very important to gather all the information in one system and arrange it correctly
The Medical Practice Audit Process
Medical Billing Audits are considered to be crucial for the operational and financial performance of a medical practice. The process is rather simple, yet complicated because of several factors contributing to a smooth revenue cycle for medical practices.
An Internal Medical Billing Audit is highly involved in the financial affluence of medical practices as it gauges the strengths and weaknesses of the practice in order to improve its performance. Medical practices can simply type “medical practice audit companies near me” to find a quality billing company that can carry out an audit and help you improve your revenue collections and decrease account receivables.
Why Is Medical Billing Audit Important?
Auditing is an essential function in every business, in every industry. It is a great tool to ensure efficient management of revenue following rules and regulations and to identify the need to improve internal procedures. This is especially true for physicians when it comes to medical claims. Medical billing audits are two ways to improve the process of medical practice. The first is to contact the claims administrator. The second type of medical billing audit is an audit of your own business to find areas of error and how to improve the mistakes you’ve made.
Managing medical bills can be complex and costly if not managed properly. Some reasons why a medical claims audit may be required include identifying errors in medical billing audits, identifying ways to increase the likelihood of recovery, and ensuring that medical practices adhere to the latest compliance rules regarding medical claims.
Your Practice is in Secure Hands!
Yes, Medical Practices! With I-Med Claims your RCM billing audit is in safe hands, we are a completely professional and HIPAA-compliant billing company that ensures data protection. This is why it is always a good idea to outsource your billing audit to our medical billing auditors who will provide you with an eagle-eyed view of your medical practice. With our audit services, you can grow your practice without worrying about revenue leakages destroying your revenue collection rates.
Medical Billing Audits Made Secure with HIPAA Compliance
The Medical Billing Audit process is a good way to see the bigger picture when it comes to your medical practice and its overall performance. It allows you to fix all revenue leakages and contribute to better revenue cycle management. However, for medical practices, these medical billing audit templates have to be outsourced to those RCM billing companies that are completely HIPAA compliant and ensure the protection of Private Healthcare Information [PHI]. As a result, your medical practice can benefit from the audit while staying assured regarding the security of your patient’s healthcare information.
The RCM Medical Billing Audit Checklist
An audit checklist is essential for a billing and audit company to navigate the entire process. It helps in tracking all possible revenue leakages and contributes to a better revenue cycle. This is why Medical billing audits are highly critical to ensure the accuracy as well as integrity of billing practices and to prevent revenue loss and financial distress.
Checklist:
- Initially, search and verify the valid patient IDs.
- Verify that all the patient demographic information is accurate and complete.
- Ensure that the correct coding and billing of services are executed.
- Review the accuracy of all insurance information and payment processing.
- Ensure that claims are submitted within the required deadline.
- Check for duplicate billing and proper use of modifiers
- Verify the appropriateness of documentation supports the services billed
- Ensure that all applicable adjustments or discounts are implemented accurately.
- Evaluate ethical and legal compliance with local, state, and federal regulations in order to avoid any kind of litigation.
Thus, we can say that a regular medical billing audit offers many benefits, such as improved revenue cycle management, compliance with legal rules, and low account receivables. As a result, increased financial stability for healthcare providers is ensured along with higher patient satisfaction.
Maximize Your Reimbursements - Schedule a Medical Billing Audit Today!
Medical Billing Audit Types
Sampling Audit
Conduct medical billing audits this way and select claims based on insurance funds that cover both small and large claims. Perform an audit. The focus is on dollar amounts, not the number of shares being analyzed. A random audit doesn’t mean you’ll receive a refund from your insurance company, but it may help complete a more thorough audit review.Full Audit
The review is extensive and examines claims that have previously been audited manually or electronically. Additionally, it allows you to make claims to the claims administrator, which is the main goal of auditing.Hybrid Medical Billing Audit
Hybrid medical billing audits combine random sampling audits with comprehensive audit reviews to achieve results including chargebacks and compliance. Additionally, it focuses on recovering overpayments quickly.Benefits of a Medical Billing Audit
Self-auditing is not officially recognized by the federal government and is only encouraged by CMS.According to CMS (Centers for Medicare & Medicaid Services), medical practices may gain the following benefits from Medical Billing Audit.Prevent and reduce the use of fraudulent payments
A medical bill audit is a way to check your regular and irregular payments. They can also guide you to make necessary changes with your claims company. Additionally, it helps identify the reasons for the late payment of medical claims/billing systems and gives you a clear view of improvements and best practices. It will help you deal with fewer payment issues and prevent money from going to medical clinics.Make sure you file your claim accurately
Medical Bill Checker allows you to check every area of your medical bill and submit and process claims. Future claims will be processed and will not be rejected by the insurance company. If you file a claim correctly and accurately, your revenue will increase, which will increase patient satisfaction.Improve the rate of patient care
Regular medical billing audits can help you get immediate reimbursement and increase your focus on the care of your visiting patients. Without the complexity of medical billing or claims processing workflows, you can run your business more efficiently while spending more time with your patients.Minimize the risk that an external auditor will be able to audit your company
There is no need to spend time and effort on an external review when a physical examination performed internally is sufficient to provide possibilities for improvement and to identify areas of non-working.Instant feedback on employee performance
Internal medical audits are an opportunity to immediately identify employee performance and direct employees to areas that need improvement. Plus, it provides accountability for team mistakes to ensure they are more accountable.Costs, Benefits, and Compliance
Auditing helps your practice identify where you can withdraw funds that are overdue or in the process of withdrawing, and develop new procedures and policies to ensure your employees do not repeat mistakes. Therefore, auditing is beneficial in terms of compliance and cost.Weak link description
Because Internal Medical Billing Voice lets you know how well your employees are doing with filing health bills and claims. They can also receive proper training in areas where they struggle.Call us today for the best Medical Billing Audit Service in the USA By I-Med Claims
Get 24/7 medical billing support from our expert team. Our in-house medical billing auditors offer comprehensive, specialized assistance to help balance your work and life. Contact us now!
