Detailed Medical Billing Audit Services for Practice | I-Med Claims (2024)

Maximize your income and level up your practice revenue with I-Med Claims medical billing audit services

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 andcodingprocesses, 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.

• 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

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.

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:

Medical billing audits and medical billing claims are available no matter the size of your business. Conducting regular audits can help ensure that your medical billing system is efficient and has sufficient cash flow.These are some of the types of reviews that are done in the medical field:

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 reimbursem*nt 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.

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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.