Are your medical coders still making mistakes during charge capture?
The last thing any healthcare institution or revenue cycle management company wants is a loss of revenue due to missing or inaccurate charge capture.
In this article, we’ll understand what healthcare charge capture is, its challenges, and how you can address the challenges in the charge capture process using MEDICODIO’s AI-powered platform.
What is claim charge capture?
Claim charge capture refers to the process of accurately documenting all the medical services and procedures provided to a patient during their visit to a healthcare facility. This information is used to generate a claim that is submitted to the patient’s insurance provider for payment.
The capturing of claim charge process typically involves the identification of all billable services and procedures, as well as the collection of relevant patient information and insurance details. A patient’s record and associated CPT and ICD-10 codes are thoroughly checked before being submitted to the medical revenue cycle management billing process. This information is then entered into a billing system and used to generate a claim that is sent to the insurance provider.
The accurate and timely capture of charges is critical to the financial health of healthcare organizations, as it ensures that they receive timely payment for the services they provide. Failure to capture all billable charges can result in lost revenue and decreased profitability.
Strategies for Effective Charge Capture
To improve the charge capture process, healthcare billing departments can implement the following strategies:
- Accurate Documentation: Encourage healthcare billing executives to document services and procedures clearly, ensuring an accurate representation of the care delivered.
- Standardized Processes: Set up standardized workflows for charge capture, reducing variation and improving consistency.
- Real-Time Feedback: Provide timely feedback to clinicians regarding charge capture, educating them on documentation requirements and coding guidelines.
- Continuous Learning: Offer regular training sessions and educational programs to clinical staff and coders to enhance their coding skills and knowledge.
- Quality Assurance: Implement robust auditing processes to monitor and review charge capture activities, identifying and addressing any gaps or errors.
- Monitoring and Auditing Charge Capture: Regular monitoring and auditing of the charge capture process are essential to identify potential issues and ensure compliance. Conducting internal audits and reviews help hospitals identify coding errors, documentation deficiencies, and opportunities for improvement. Corrective measures can then be implemented to enhance accuracy and efficiency.
Effective claim charge reporting is essential for healthcare providers to ensure that they are reimbursed for the services they provide accurately. The claim charge capture process entails gathering a variety of data, including the patient’s identification, the date of treatment, the kind of service rendered, how long it lasted, and the identity of the healthcare provider. Claims are then created using this data and submitted to insurance companies for payment.
The inability to access reports for tracking various information is one of the biggest challenges facing medical coders during this entire procedure. Without a reliable tool, manually searching for reports is time-consuming and prone to inaccuracies.
As per a 2018 market study by Ingenious Med, nearly 60% of healthcare leaders stated that they had limited knowledge of potential standalone charge capture solutions.
MEDICODIO’s AI-powered medical coding platform automates the process of capturing charges for medical services provided to patients, which helps healthcare providers improve efficiency and reduce claim denials. This solution is designed to improve the accuracy and efficiency of the charge capture process, reducing errors and delays in billing and reimbursement.
MEDICODIO’s AI-powered platform is typically integrated with electronic health record (EHR) and EMR systems, allowing for seamless and automated capture of charge data. The solution uses advanced algorithms and machine learning to identify billable services and procedures and ensure that all relevant patient and insurance information is captured and recorded accurately.
The benefits of MEDICODIO’s solution include improved revenue cycle management, increased efficiency and productivity, and reduced compliance risk. By automating the charge capture process, healthcare providers can focus on providing high-quality patient care, while ensuring that they are accurately and efficiently reimbursed for their services.
How does it help medical coders and providers?
By deploying MEDICODIO’s AI-powered coding platform, medical coders get access to multiple ways to download and view the count of charges and claims entered into the EMR or EHR for the given date range.
Since MEDICODIO’s platform automatically enters charge and claim details, healthcare institutions need not spend additional amounts on data entry. This will not only save them money but also improve their accuracy and productivity.
If you are interested in learning more about MEDICODIO’s AI-powered medical coding platform, please schedule a free demo.