How Charge Entry Process Can Maximize Your Revenue Collections?

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Aug 10, 2022

How Charge Entry Process Can Maximize Your Revenue Collections

Of all those time-consuming, complex processes that go into healthcare billing cycle, be it eligibility verification, coding, claims submission or payment posting, one process that stands out the most, considering its complexity, is charge entry services. Charge entry is critical to billing and even a minor mistake not only impacts the reimbursements that you receive from the insurance company but also leads to compliance issues. Hence, a well-structured charge entry is an important part of the billing process to ensure a good reputation, fewer denials and a constant cash flow for the medical practice.

What is charge entry process?

Charge entry is a crucial step in the medical billing process, where the charge entry specialists assign the right monetary value for the medical services rendered by the physician. In this process, all patient accounts created are assigned with proper monetary value based on the medical codes and fee schedule. For this purpose practices need to be in line with the codes as codes and charges are updated frequently. Being ignorant of changes in codes and charges can lead to serious financial loss. Achieving quality in charge entry process ensures that the cost of services is billed rightly for reimbursement.

  1. The importance of charge entry process

  2. If you are keen on protecting the financial health of your practice, it is important that services are billed accurately and collections maximized. And that starts with an efficient and accurate charge entry process. Charge entry is a key step as it involves “keying” in of crucial data to enable claims processing. Due diligence should be exercised to ensure it is done in the appropriate manner and without any errors. Any mistake made in the charge entry process will be immediately reflected as claims get automatically rejected upon submission. To ensure that entries are error-free the charge entry team and the medical coding team should collaborate and work together.

    Steps in charge entry process

    In order to ensure error-free charge entry process the following are the two main steps involved.

    • Entering billing information of patients is the first and crucial step in charge entry processing. It involves capturing information like the patient and provider details, date of patient visit, date and place of service, and services availed. Cross-checking the accuracy of patient billing and visit details is crucial.

    • The second step is assigning charges for the medical codes. This is done by professionals who have an eye for detail and are well-acquainted with the recent data of the two coding sets that are recognized globally.

    How accurate charge entry can help medical practices?

    • Ensure timely reimbursements: Medical practice should enter the appropriate codes that are associated with the service charges. These codes represent the services rendered by the physician. Using the right codes and the charges associated with it is important for accurate and timely reimbursements for the services provided.
    • Prevent denials and rejections: Accurate charge entry eliminates the chances of claims getting rejected or denied. Errors in pre-authorization and inaccurate patient demographic details can lead to claim denials and rejections. Sometimes these errors are not caught and forwarded to next step of claim submission process, but the reviewer might spot it. These claims have to be re-submitted after making the corrections, which can be time-consuming.
    • Errors spotted on time: All it takes is just a fraction of a second to enter a wrong data. But the time and effort it takes to spot these errors is unpredictable as it can take even a week or month which could greatly impact the revenue cycle process. When you have a systematic charge entry process in place it helps identify and spot errors quickly, saving valuable time.

    Now that you are aware that charge entry is a complex, intricate process, it should be carried out by highly-detail oriented and trained professionals who have years of experience in the medical billing field. This is why it is important to outsource your charge entry process to the experts in the field – Scribe4Me. We have a well-structured and seamless charge entry process in place to ensure accurate and error-free charge entry services to minimize claims denials and ensure a healthy cash flow to your practice. If you would like to optimize your charge entry process for maximum benefits get in touch with us today.

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