When it comes to practice operations, billing, coding, staffing, efficiency, and cash flow, ER is a specialty with its own set of issues. Because patients are admitted immediately with no or incorrect insurance information, emergency room billing difficulties are numerous and complicated. ER doctors must offer emergency care regardless of the patient’s insurance status, according to federal law, particularly the Emergency Medical Treatment and Labor Act (EMTALA).
The most difficult aspect of ER medical billing is obtaining maximum payment from insurance companies. Emergency medical specialists billing is one that takes care of cash flow but the challenges are huge. In this article, we will discuss emergency room medical billing challenges and solutions.
Challenge 1- Compliance Standards
The most serious threats to patients’ sensitive data are privacy breaches. It must be safeguarded. The emergency room’s revenue cycle management systems must be compatible with the Healthcare Information Portability and Accountability Act of 1996. (HIPAA). Healthcare fraud and legislation violations may result in penalties and hurt your medical practice.
Ensuring the privacy, security, and confidentiality of protected health information is as simple as adhering to the HIPAA regulations and following the required protocols and guidelines.
Challenge 2- Coding and Billing
This is an area where emergency room therapy must develop. It can establish a seamless revenue cycle if done appropriately and on schedule. Because emergency medical billing and coding are directly tied to a practice’s income, they must be handled with exceptional care. However, the actual occurrences are not the same. According to a National Health Insurance report, approximately 20% of claims are wrongly paid, causing healthcare institutions to lose between 4% and 12% of their total entitled funds.
Your emergency room practice must hire well-respected medical coders and billers who are professionals in denial resolution, claim follow-up, claim appeal submission, bill adjustments, and other areas to recover the prescribed amount. You can also collaborate with a professional agency that is familiar with the ICD-10 and ICD 11 coding systems. This is an excellent strategy to ensure a good cash flow in your business, which will help to accelerate your revenue cycle.
Challenge 3- Interoperability
Accelerating the sharing of information between diverse healthcare scenarios, information, and communication technology have helped organizations save time and money. Physicians in emergency rooms can quickly gain access to their patients’ information and integrate it with other records. As a result, interoperability, or the capacity of IT systems and applications to communicate and exchange data, is still a work in progress.
Because of their autonomous character, which includes distinct modules and nomenclature for multiple processes and procedures, these legacy systems are still in use in hospitals, making interoperability hard.
Challenge 4 – Maintaining a Consistent Cash Flow
According to the American Medical Association (AMA), more than 10% of claims are paid incorrectly. An emergency room’s financial health is determined by its constant cash flow. You don’t have to be concerned if your accounts receivables are strong. Alternatively, you may require immediate action to maximize collections and cash flow.
Work with a professional medical billing agency to determine the critical aspects of the emergency department revenue cycle.