Grow Your Practice Performance with Our Updated Medical Billing Audit
Do you need to update your medical billing audit? Partner with a leading medical billing company iSolve RCM to help you grow your practice.
Save Time For Patient Care With Our Medical Billing Audit
Our medical billing audit services are designed to improve your billing efficiency and maximize revenue with accuracy and efficiency. We have highly proficient medical billing auditors with strong analytical skills. They thoroughly examine the billing documents to identify billing mistakes, which improves the financial health and profitability of hospitals.
What Is Medical Billing Audit?
A medical billing audit is a process in which a certified billing auditor reviews the complete and accurate bills and claims of the patient submitted by a healthcare provider. It saves your revenue by reviewing the patient’s bill to avoid the risk of fraud, inaccurate patient data, and improper coding. The audit ensures the correct use of codes, verifies that the patient’s information is complete, and more.
Types Of Medical Billing Audits
At iSolve RCM, we provide comprehensive and reliable medical billing audit services. Below are the types of medical billing audits that support revenue cycle integrity:
Internal Audit
First-party auditing, commonly referred to as internal auditing, is a method in which the healthcare provider's own auditors thoroughly assess its systems, methods, and compliance policies and procedures. Considering how well internal procedures match specified requirements and objectives is the aim. In order to improve overall performance and efficiency, it also helps to determine gaps and areas for improvement.
External Audit
An independent auditor audits a healthcare organization's financial statements and other records as an aspect of a formal process referred to as an external audit. Auditing their accuracy, transparency, and accordance with the necessary accounting laws and regulations is the primary objective. Providers feel confident by this audit that the healthcare organization's financial reports accurately depict its operations and outcomes.
Coding Audit
An auditor assesses the medical codes used in billing as part of a coding audit in order to make sure they are accurate and follow legal requirements. It assists in identifying significant mistakes or discrepancies that may threaten finance or regulations. Healthcare organizations may prevent compliance violations while getting the correct payment by addressing these problems.
Compliance Audit
An auditor's comprehensive review of an organization's adherence to the necessary regulations, laws, and internal policies is known as a compliance audit. It assists in identifying any areas in which the organization can be exposed to legal problems or non-compliance. Healthcare organizations can maintain ethical and legal integrity and enhance accountability through the above method.
Hybrid Medical Billing Audit
A combination of random sampling audit (automated tools) and comprehensive audit (manual tools) is called a hybrid medical billing audit to ensure accuracy in both medical billing and coding. This two-step process assures a thorough evaluation of medical billing and coding accuracy. Healthcare organizations could spot errors, increase compliance, and improve reimbursement efficiency through the combination of technology with expert review.
Quality Assurance Audit
A procedure in which an auditor reviews the production process of a company to improve the quality of products, avoid problems, and ensure compliance is called a quality assurance audit. Healthcare practices may maintain compliance with this audit, improve performance, and enhance satisfaction with clients.
Technology Platforms
Technology Platforms
Boost Your Practice Revenue by Outsourcing Medical Billing Audit Services to iSolve RCM
If you are concerned with claim denials, frequent errors in billing, and suspicion of fraud in the medical billing audit, then iSolve RCM is the right partner for you. It is a top medical billing audit company where we have qualified billing auditors with the appropriate information about the auditing methods, categorizing errors, and producing reports. As a first-rate medical billing audit services providing company, iSolve RCM offers following medical billing and coding audit services:
iSolve RCM Post-Audit Reports Focus on Billing Compliance
Our complete post-audit reports provide a broad overview of your coding and billing processes at iSolve RCM. Below are the important reports delivered as part of the post-audit:
Coding Audit Report
Our coding audit observes a sample of diagrams to classify coding errors and development opportunities. The audit report particulars coding accuracy rates, the financial effect of errors, and the adopted education requirements for coders. We also offer a risk analysis to help prioritize auditing struggles.
Denials Analysis Report
We thoughtfully review your denial data to identify the root causes of denials, determine when appeals are appropriate, and implement strategies to avoid recurring issues. This report provides insights to minimize denials and advance inclusive revenue cycle efficiency.
Charge Capture Analysis Report
This report emphasizes points of financial outflow by identifying causes of revenue loss and missed charges in the front-end charge capture process. Our findings support you in enhancing charge capture accuracy with real-world recommendations.
Compliance Risk Assessment Report
We measure your compliance risk profile across crucial areas such as coding accuracy, billing documentation, Medicare regulations, and HIPAA-compliant. You will receive a thorough record of compliance risks along with approaches to strengthen your compliance program.
Revenue Cycle Performance Benchmarking Report
We compare your KPIs including denial rate, A/R days, and net collection rate; against industry benchmarks and peer organizations. This benchmarking report recognizes performance gaps and improvement opportunities to keep your revenue cycle competitive and well-organized.
Why Choose Us?
Choose iSolve RCM, one of the top medical billing companies, for affordable medical billing and consulting services that reduce denials and increase collections.
- 100% HIPAA-Compliant Medical Billing
- Boost Revenue
- Less than 1% Rejection
- 99% Acceptance
- No Hidden Fees
- Enhance reimbursement outcomes
- 24/7 Access
- As low as 2.99% of monthly collections
Get Free Consultation
How iSolve RCM Is Setting New Standards in Medical Billing and Coding Audits
Here is how iSolve RCM is setting new standards:
- Our qualified medical billers and coders help enhance precision by removing errors in your medical billing and coding.
- We reduce the risk of fraud by quickly identifying unbundling, upcoding, and other inappropriate coding.
- Our medical billing compliance endorses operational efficiency and ensures quicker claim processing.
- Our experts quickly detect areas of revenue outflow, enhancing charge capture to improve reimbursement.
- Our auditing saves the time of your internal auditors and allows them to focus on more decisive tasks.
- Our medical coding compliance services ensure compliance with regulations.
- Outsourcing medical billing and audit services with iSolve RCM help your visibility into your billing operations. This is because our auditors use specific software and advanced analytics tools for a stronger image.
FAQ's
What is a medical billing audit checklist?
A tool primarily used by healthcare providers, medical billers, and coders to systematically review and identify errors, reducing claim denials and rejections, is called a medical billing audit checklist.
Why is medical audit important in a healthcare organization?
Medical audit is essential in healthcare organizations because it protects revenue by identifying improper coding, ensures you stay 100% compliant, reduces financial loss, and more.
What are the 3Cs of auditing?
The 3Cs of auditing are as follows:
- Compliance
- Correctness
- Consistency
Each of these helps avoid penalties, maintain data integrity, and boost reliable operations, respectively.
Does iSolve provide a free medical audit?
Absolutely! We provide a free medical audit. Our expert audit gives you the best solutions by identifying revenue leakages and errors, and fixing them before submission.
Do you offer clinical audit services?
Absolutely! At iSolve RCM, we offer professional clinical audit services to improve treatment outcomes.