Our weekly series of “Getting Back to Basics with Your Business Systems” is designed to help ensure you are running a profitable business. This week we will review how one code variation can cost you a lot of money! Don’t leave potential money on the table… Read below and follow over the next few weeks as we reveal new pointers that will allow you to take an “outside” look at your business systems and encourage you to make changes if needed.
Don’t leave money on the table! Understand what constitutes a codeable/billable service for your organization. Coding and billing rules change quarterly and it’s important to stay up-to-date on those changes.
We have identified through tens of thousands of post-payment compliance audits that 68% of providers we audit are under-coding and under-valuing their work based on the services actually rendered. This results in substantial lost revenue! For example:
If all office visits are coded and billed as 99213 “to be safe” but 99214 should have been coded and billed, and this documentation and coding error occurred with 50 patient visits per month, this results in over $21,000 in lost revenue annually for one provider. And that’s just one coding error and one provider!
Of the 68% of the providers who we find under-code, the vast majority of those providers are under-coding in multiple E/M scenarios! Lost revenue can easily add up to over $50,000 per year per provider.
How much revenue are you losing?
Are you ready to learn more now? You can get started TODAY with RT Welter’s FREE revenue assessment. Offered with no obligation, you will receive a free revenue assessment and free follow up consultation to see where and how much you might be losing. CLICK HERE to learn more about the assessment and contact us to schedule your review!
In case you missed last week’s report… Review initial article from this series at the link below!