Is your billing process really reconciling your receipts to the penny?
If it isn’t, then how do you ever validate or audit records that are incomplete? Mass adjustments, as have been experienced this year due to the incremental increase of $0.01 to $0.03 per CPT caused by a late adjustment in the Work Geographic Practice Cost Index (GPCI)***, are time-consuming.
Often these mass payment adjustments are not applied to the individual patient records, making those records inaccurate and incomplete. Reconciliation is vital to the integrity of the billing process and relies on consistently applied accounting principles and practices.
HealthPro is often asked why we invest so much in labor and technology to demand full accounting and reconciliation. The answer is, because without it, your data becomes inaccurate, your receipts substandard, and your ability to manage the accounts receivable process to maximum performance is impossible.
You should be receiving timely reports that show reconciliation to your bank account, accounts receivable, payor contracted reimbursement rates and validation that every report you dictated was processed.
How much are you losing because your billing partner is not investing in your details? Not sure, contact me and we will help you identify what you may be missing.
Sara Nofziger-Drew, Client Relations Director
***Congress passed the Bipartisan Budget Act of 2018 on February 9, 2018, which contained a provision to extend certain Medicare Fee For Service (FFS) policies, one of which is the Work Geographic Practice Cost Index (GPCI) Floor. Shortly after, the Centers for Medicare & Medicaid Services (CMS) provided direction regarding the files impacted due to the extension of the Work GPCI Floor. (Reference: MLN Matters MM10531)