In a medical practice, generating revenue is not a guarantee of receiving revenue. Physician practices routinely lose revenue due to poor charge capture, billing, and follow-up practices. A great way to start off the new year is to evaluate how well your practice functions in activities that support practice revenue. Are your coding and billing tools and processes effective? While it may feel like your practice is operating effectively and efficiently, it is important to routinely verify whether your data support this feeling. Some top areas to review periodically include

How quickly after each encounter are charges typically billed for services? Same day? If not, can you identify the reasons for the lag? This may be delayed documentation, charge entry, or billing practices that delay claim submission. Chances of collecting the full amount due to your practice are reduced with each day of delay.

Missed opportunities to bill happen in...

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