Understanding operational terms like charge lag and reconciliation is crucial for ensuring the financial health of medical practices. Both elements play pivotal roles in the revenue cycle management (RCM) process, influencing the efficiency of hospital billing and medical billing services.
Charge lag, a common term in hospital billing and medical billing services, refers to the delay between the time a healthcare service is provided and the time the charge for that service is entered into the billing system. This delay can significantly impact a practice's cash flow and revenue cycle management.
Charge lag can stem from several sources, each contributing to delays in the billing process. Some of the most common causes include:
Charge reconciliation is the process that ensures every service provided to a patient is accurately documented and billed. This critical step in medical billing services involves reviewing and verifying the charges entered against the patient's medical record and the services documented by healthcare providers. Charge reconciliation aims to identify and correct any discrepancies, missed charges, or errors, ensuring that the practice is appropriately reimbursed for all services rendered.
Modern charge capture technologies offer a solution to many of the challenges associated with charge lag and reconciliation. By leveraging these advanced tools, healthcare practices can streamline their billing processes and improve financial outcomes. Here's how:
At pMD®, we are committed to helping small practices streamline and optimize the patient care episode and the revenue cycle. Whether it's through providing specialist expertise, offering outsourcing solutions, or delivering our integrated billing services, our focus is to enable small practices to concentrate more on patient care and less on billing complexities. We can help your practice consolidate vendors, reduce costs, streamline workflows, improve patient care and satisfaction, and collect their maximum reimbursement more quickly.
Not sure what a vendor could do to improve your behavioral health billing? Contact pMD® for a no-commitment financial impact analysis by our team of healthcare RCM experts free of charge!
To find out more about pMD's suite of products, which includes our charge capture and MIPS registry, billing services, telehealth, and secure communication software and services, please contact pMD.