Ultimate Guide to Medical Billing Audit Process

One doesn’t need a specific motivation or an outright reason for conducting a billing audit. Maintaining continuous billing audits is suitable for every facet of your practice.

Let’s look into some of the benefits of billing audits for your practice:

1. Carrying out billing audits can boost your practice’s profitability.
2. Audits can also serve as a perfect method that can help you locate incomplete, inaccurate, or even inappropriate billing practices that can cost you a lot of money.
3. Unrecorded or unnecessary charges for services or items provider to patients can be identified via a billing audit on the medical record documentation.
4. The billing audit process also helps coding staff by offering them ways to find, correct, and understand problems even before being identified by the insurer/payor or the government in the context of inappropriate coding.  
5. The billing audit process also improves the medical record documentation of your practice. The improved documentation increases the payments for the services rendered, resulting in the first benefit.
6. The billing audit process as a whole sets a standard that can be followed by admin staff, helping them avoid frustrations and stress in the future.
7. Another advantage of following the billing audit process is protection from fraudulent claims and compliance issues.
8. Billing audits become a necessity when you are providing services through Medicare.
9. In addition to assisting your healthcare practice in increasing its overall profit, the billing audits also help you avoid a range of fees for Medicare reporting mistakes.
10. Healthcare audits also help verify ICD-10-CM and EHR’s (electronic health record) readiness and meaningful use.