Did you know that 80% of medical bills contain errors? That’s enough to make you wonder what else they’ve got wrong.
How would they fix the errors? There is a coding system set up in place to help prevent errors from happening. It doesn’t always mean that it will work, but it will help in catching more errors.
What Is Medical Billing?
Medical billing is where a claim is sent to insurance companies. Where they make a bill for the healthcare service provided. Using information from the physician, patient, and insurance company to make the claim.
What Is an Entity Code in Medical Billing?
If you are an individual, business, or corporation, you are an entity. An entity code would represent the patient and the medical billing service.
This includes third-party billing services.
These entity codes are used to help billing providers get the correct information. If you use any kind of system, it can flag the error and let you know what needs to be fixed.
Entity Code Errors
Having errors in medical billing can make a difference in what the patient pays and what the doctor gets paid. A system that lets you know when you have an error is the best way to go.
Instead of trying to do it all by hand, which takes up more time than it should.
These entity codes can catch errors in patient records, rendering providers, insurance, and physician. It could catch if it ended up in the wrong place.
To fix this you need to get the correct information and then resubmit the forms to the appropriate place.
Medical Billing Tips
Here are some tips that can help you with medical billing.
- Have a clear process for collections
- Do your best to manage claims
- Verify that you have the right information from the patient
- Always find ways that you can improve your process
- When you need to outsource to a revenue cycle management service
People have talked badly about outsourcing, but it can be a good thing if your establishment is very busy. It will save you time and stress so you can focus on your patients.
Benefits of Using Revenue Cycle Management Services
There are many benefits of using an RCM service. They will make your business run much smoother. With an RCM service you can lower your overhead cost.
Another benefit is the reliability of using the service. You don’t have to worry about having to train another person if you or your medical biller decides to move on.
There are two disadvantages when it comes to using an RCM service. One disadvantage is that the RCM company has to work with other companies. Though this isn’t a bad thing as most account for having to do so.
The other disadvantage is the reduced ownership that you have over doing the medical billing.
Consider Using a Revenue Cycle Management Service
Knowing what is an entity code in medical billing. You can choose if you want to use an RCM or do it on your own.
If you liked reading this article, be sure to check out our other articles as well!