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4 coding & billing Qs with Tranquilmoney's Dr. Karun Philip

Insurance companies will reject claims for even the smallest mistake, according to Tranquilmoney President and Co-founder Karun Philip, PhD.

Dr. Philip discussed the consequences of improper billing and potential added revenue from medical billing and coding services with Becker's ASC Review.

Note: Responses have been lightly edited for style.

Here are four insights he shared:

Q: How can I gauge what my practice is losing due to incorrect billing?
Dr. Karun Philip: Before starting with a new client, we provide an analysis of your current accounts receivable and estimate losses due to incorrect billing, as well as other reasons for denials.

Q: What results can medical coding and billing services deliver?
KP: Increases in your collection should be five times what you pay for these services.

Q: How much added revenue could one expect from medical billing and coding services?
KP: We have clients who have increased revenue realization by well over 100 percent, but the average client should expect above a 20 percent increase.

Q: How can coding and billing companies help improve regulation compliance?
KP: A billing and coding company will be collecting the data regarding each patient visit. They need to feed this data into a certified electronic health record-compliant practice management software system to ensure compliance. There are few packages that offer practice management, certified EHR and billing systems all integrated together. Our clients get our integrated PracticeTracker software free with billing services or can license it separately.

If you would like to share a coding & billing tip to be featured, please email Angie Stewart at astewart@beckershealthcare.com.

More articles on coding, billing and collections:
3 common medical billing and coding challenges
Medical coders are in high demand at ASCs & other facilities: Growth 2x U.S. average
Billing tip of the day: 3 keys for dental practices

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