As 2025 approaches, it is the right moment for healthcare practices to-look-in and evaluate their financial and operational health. Don’t treat a Year-End Medical Billing Audit as a simple checklist item; consider it a powerful tool for optimizing revenue, minimizing risks, and making your practice work for you in 2025.
The Importance of a Year-End Medical Billing Audit
An audit is important however not only for compliance. Here’s why:
Optimize Billing:
Identify and correct mistakes in claims and payments to avoid revenue leakage.
Increase Compliance:
Keep abreast to changes in payer policies and mitigate penalties from audits or claim denials.
Increase Income:
Find out what wasn’t billed and where reimbursements are too low.
Plan For The Future:
Leverage insights drawn from the audit to inform establishment of financial goals and improve operational processes for the year ahead.
Important Areas to Highlight During an Audit
Claim Rejections & Denials:
Explore denial trends to identify root causes and prevent them from happening again. Track resolution rates to guarantee consistent cash flow.
Multitrack Coding:
Be mindful to make sure your codes are appropriate and compliant. Look ahead to coding changes on the 2025 horizon
Accounts Receivable (A/R) Management:
Address overdue accounts and claims to increase cash flow. Develop strategies for addressing remaining patient balances.
Payer Contract Analysis:
Look closely at reimbursement rates vs your contracts for discrepancies. Judiciously negotiate with subpar payers to improve your terms.
Patient Statements and Communication:
Using clear, accurate, and transparent patient statements to help foster patient trust and alleviate payment confusion.
Here are ways to maximize your year-end audit:
Define What You Want to Accomplish:
Establish the objectives of your audit, such as ensuring compliance, recovering lost revenue, or enhancing efficiency. Collect relevant reports for the review period on claims, payments, denials and A/R
Bringing in Experts:
Consider engaging billing professionals or third-party auditors to provide an analysis of the breakdown.
Key Takeaways from the Review:
Summarize big takeaways and areas for focused effort.
Make Adjustments: Apply findings from your audits to revise workflows, training, and billing processes.
Reasons to Opt for TechCare Global for Year-End Audit
TCG has over years of experience delivering:
Audit Services- Customized audits for specialties like OB-GYN, Wound Care, Family Practice, Dermatology, Optometry and Orthopedics. We partner with every EHR and practice management system with little to no disruption to your workflow. Our experienced team walks you through the audit process in detail, every step of the way.
Stay on Top of Compliance:
Stay on top of payer regulations and industry best practices.
Increase Cash Flow:
Recapture lost revenue by resolving claim and coding errors.
Leverage Their Resources:
Improve billing processes for future prosperity.
Prepare Today for a Profitable 2025
Don’t miss out on 2024 without reviewing your billing process. The end-of-year audit isn’t merely about spotting trouble—it’s an opportunity to set up your practice for growth, streamlined processes and higher profit margins in the new year.
Let’s Get Started!
At Techcare Global, we’re passionate about helping practices like yours grow! Enter 2025 with confidence through our customized audit services.
Call us today to schedule your end of year audit appointment!
Email: info@techcareglobal.com
Phone: 832-799-1893
Website: www.techcareglobal.com