Every organization has to balance the books to maintain profitability and grow. Yet, it is easy to become overwhelmed and even too busy to manage this process in a busy substance abuse or mental health organization. Yet, billing audits and reporting are critical to operations and one of the best ways to know where your organization stands at any time. Billing audits and reporting are just some of the ways RevWerx can help to support your organization.
Often, organizations believe they are managing the billing process just fine. They have money coming in, and they are meeting their goals. Yet, there are often many mistakes that can occur along the way, often limiting the overall success of an organization as a result. Billing audits can provide great detail into what is occurring within an organization.
3 Benefits of Auditing Your Billing Procedures
1. Pinpoint Potential Revenue Leaks
Auditing your billing procedures can prevent leaks that could be costing thousands of dollars or more, ensuring accuracy in billing processes. Ensuring that all payments are accurate and eliminating the risk of improper or false payment adjustments helps maintain the organization’s financial wellbeing.
2. Verifying Proper Documentation Is Provided
Document verification, including all healthcare procedures performed, is a step that ensures reduced claims problems. This includes meeting all compliance requirements.
3. Ensuring Each Patient Is Eligible
Ensuring each patient is eligible for care and proper verification of benefits is conducted better ensures payments will be made from insurers.
Billing audits pinpoint areas of concern. These are often areas where the practice is losing money or could be at risk for a fine or fee due to compliance risks.
Improving Audits and Reporting Outside of Normal Operations
How can a company minimize problems? Routine audits can provide insight into what is occurring and offer solutions for overcoming those challenges. However, an audit once a quarter is rarely enough. Audits and reporting should be conducted constantly to minimize the risk of costly errors occurring and getting past initial billing management.
Sometimes, it is quite difficult for organizations to manage audits and reporting like this. That’s because practices are busy, and many do not have the well-trained staff they need to accomplish these goals. More so, many organizations find themselves unable to dedicate a team of professionals to handle billing management. It can seem too expensive to do these services in-house. In these situations, many practices do not get the support they need in billing audits and reporting, and that ends up costing them.
The best solution is often to step outside of these rules and aim for a new strategy. Hiring a team to help you manage this process is critical. A specialist provider can help every step of the way.
How Healthcare Billing Audits Get Easier
With the help of our team at RevWerx, we can eliminate many of the risks your organization is facing. We can also create opportunities for improving operations in various other areas. Get better information and data about how your healthcare practice is operating while also minimizing the overall costs associated with the process.
Our team at RevWerx offers a range of services to support you, including comprehensive billing support and audits. Some of the RCM resources we offer include:
- Substance abuse consulting
- Billing audits and reporting
- Claims management services
- Utilization review service
- Verification of benefits and pre-authorization
- In-house billing implementation
- Aging collections management
Invest in the Right Support Today from the RevWerx Team
For organizations struggling with billing audits, one of the most important investments can be in RevWerx. Even if you are unsure if your organization needs this type of support, our team can offer a review and insight on improving your operations. No matter why you turn to our professionals, your practice and patients will benefit. Learn more about what we can do for you when you call 833.309.0138 or connect with us now online.
