Basics for Revenue codes Their are specific revenues codes assigned to different section of medical facility or department, which have a specific set of procedure codes or CPT codes. These revenue codes are very helpful for medical billing. The medical coders and billing professional will we very much aware of the revenue codes. Below are the list of revenues codes. 0001 Total Charges 001X Reserved for internal payer use 002X Health Insurance Prospective Payment System (HIPPS) 0020-0021 Reserved 0022 – Skilled Nursing Facility (SNF) PPS 0023 – Home Health PPS…
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Stop Revenue Drain With Proper Medical Billing and Coding Practices
Revenue leakages and medical billing in the healthcare industry can lead to significant losses due to long payment cycles. These involve the right medical coding insertion, medical billing process, and increasing claims for payers to get reimbursed on time. Some notable loopholes must be tracked to provide stability to your healthcare business and ensure a steady cash flow. Taking a proactive approach not only helps you to maximize your cash flow but also prevents problems. Therefore, it is necessary to understand the intricacies of the medical billing system to ensure…
Read MoreWhat is Contractual Adjustment in Hospital Medical Billing?
Basics of Contractual Adjustment A Contractual Adjustment is a part of a patient’s bill that a doctor or hospital must write-off (not charge for) because of billing agreements with the insurance company. Adjustments, or write-off’s, are the dollars that are adjusted off a patient account for any reason. The Contractual Adjustment is the most common type of adjustment. The term Adjustment in Contractual Adjustment indicates: denied zero payment partial payment reduced payment penalty applied additional payment supplemental payment In simple language, it is a amount which is reduced from the…
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