How to Optimize Charge Entry Process for Maximum Benefits?
Charge Entry Services
Charge entry is the process of assigning to the patient account an appropriate $ value as per the chosen medical codes and corresponding fee schedule. The reimbursements for the healthcare provider’s services are dependent on the charges entered for the medical services performed. Charge Entry must be completed without any errors, as it may increase claim denials. Reduce revenue leakage through an adequate review of medical services provided and save millions of lost revenue. We ensure effective collaboration between the coding and the charge entry teams to ensure that the charges captured are accurate, all procedures all billed for, and the codes ascribed are compliant.
Why Does The Charge Entry Process Matter?
As noted above, charge entry is one piece of the larger process of medical billing. Charge entry matters simply because seamless accurate recordkeeping matters. Even for situations in which one individual error in a reported charge leads to a minor miscommunication, the stage is still set for bigger, more impactful errors down the road. For all healthcare professionals who strive to ensure quality and comfort across all interactions with clients, it’s essential. Stakes for Healthcare Patients, Payors, and Providers. The stakeholders impacted by charge entry are those directly involved in the care relationship between patient, payor, and provider. Their respective stakes include but are not limited to:
- Patients – Improper charge entry can lead to unexpected bills and even delayed care. This can make patients hesitant to get the care they need in a timely manner.
- Payors – Charge entry mishaps can have financial, accounting, and legal implications. Certain mistakes can also damage reputations with both patients and providers.
- Providers – Charge entry is critical to reputation, relationships, and even compliance. Additionally, charge entry management leads to efficiency and stable, timely payments.
On the last point, it’s important to secure every step in the charge entry process per HIPAA rules on privacy, security, and breach notification while preserving patients’ rights of access. Other stakeholders for charge entry are partners or investors with an interest in providers’ success.
What should all be covered under an accurate charged entry?
- Diagnosis code
- Service Location
- The physician taking care of the case
- Authorization
- Date of the service being provided
- Date and time of admission
- Billing providers
One of the most common billing error which is also one of the most expensive ones is that of entering wrong information, which deprives healthcare service providers of their insurance money. Putting down incorrect information from the list mentioned above leads to immediate claim denial by the insurance companies. Furthermore, if the medical practice mentions inaccurate quantity like miscalculation in the number of days medical services were provided to the patient or in-facility prescriptions like Intravenous units etc., then they might not get the right compensation.