The Importance of Medical Billing Compliance
The heart of every medical practice is, of course, serving your patients—but what makes staying in business possible besides your skills as a doctor is successful billing. Your practice cannot continue to function if you do not bill properly and receive reimbursements for the work you do and the services you provide. Of course, improper billing can not only keep you from getting paid correctly, it can land you with audits, investigations, and heavy fines. That’s why medical billing compliance matters, and why it should be a priority for your practice.
Medical billing regulations were originally designed to combat fraud and prevent the government, insurance providers, and patients from paying out more than they needed to for the services and care they received. Documentation proving what you did, coding the diagnosis, and adhering to the different rules of insurance are all important when submitting a claim. As a result, even small mistakes in how you bill can mean big trouble. Submitting improper claims that do not adhere to current regulations can land you with an audit—and potentially thousands of dollars in fines.
So staying up-to-date on your medical billing compliance matters quite a bit for your practice. Don’t take for granted that your in-office billing or your outsourced billing service is compliant, either. Work with your billing staff or your billing service to make sure that your processes are up-to-date and compliant with current standards.
With adjustments to reimbursements coming fast and increased government regulations, however, managing your medical billing compliance can seem overwhelming. This is where Collaborative Practice Solutions can help. Our Medical Billing Compliance Solutions program can help evaluate your billing processes through a baseline audit and determine where you need to make changes. We also provide you with a compliance manual and help you plan out what actions you need to take to improve.
How you bill and comply with regulations and standards matters. You really cannot afford to fall short in this area if you want to continue practicing medicine. Though improving your compliance can be a challenge, it isn’t impossible and it’s definitely worth your time and investment. If you know your medical billing compliance needs help, or even if you’re not sure, contact Collaborative Practice Solutions for more information today. You can use our online forms or call (844) 430-6675 to reach us.