To manage revenue in a cost-effective manner, perform annual miniaudits of your reporting, coding, and billing activities. The audits serve the following valuable purposes:
- Identify discrepancies. By examining the information related to a specific service and comparing the documentation on various office records, your staff will see where and why services end up understated, overstated, or even lost.
- Increase reimbursement IQ. As your reception and nursing staff examine explanations of benefits (EOB) and see 30%–40% adjustments, they should begin to understand why they must properly capture every charge. Tracking the steps that lead up to EOBs shows how to improve the results, which is a direct educational approach.
- Improve awareness of coding’s revenue-enhancing importance. By examining charts and billing information, your staff can better grasp the importance of accounting for every service rendered.