Planning and Strategy
Although they may not get as much attention as other operational issues, coding and billing strategies can have a big impact on a facility’s profitability. So, it is critical to establish and create coding and billing benchmarks for your facility by looking at other similar practices and published industry comparisons.
At Nueterra Healthcare, not only do we measure our facilities to each other, but we also use ASC and hospital benchmark standards to ensure that our facilities are meeting and exceeding industry standards. This ongoing measurement is continually refined based on health care industry trends. Here are the top five coding and billing key indicators that can be used in any practice to improve performance:
- Dictation should be performed within 24 hours or less from date of service
- Cases should be coded within 24 hours from receipt of dictation
- Claims should be billed electronically on the same day as codes are entered
- All claim edits within the practice and electronic billing software should be submitted the same day the claim is filed
- Keep denials less than 2 percent of the overall claim volume within a given period
The key to improving coding and billing performance is to both establish benchmarks, and measure results on a continual basis. You should also raise staff awareness about the importance of key indicators by keeping them informed of current measurements and how the facility is trending with measured performance. The involvement and buy-in of your office staff is critical to the success of your business.
Vickie Sanders, vice president, Business Office Services, Nueterra Healthcare