It’s no secret that medical billing is a complex and ever-changing process. And as a healthcare provider, you know how important it is to get reimbursement for your services to maintain your practice’s financial health.
The AMA releases new CPT codes several times per year to stay up-to-date with current health care services. And, of course, your chargemaster should include all the correct codes for the procedures and services you offer.
But how do you determine the appropriate charge amount for your market?
Market Data and UCR
Some providers choose to set their rates by the Center for Medicare and Medicaid Services (CMS) Physician Fee Schedule; however, this route is not always reflective of what is “usual, customary, and reasonable” (UCR).
At Veritas Experts, we use benchmarking databases to determine up-to-date UCR rates. By understanding local market trends, we help practices set themselves up for success in the future.
Without this data, you could be left with outdated pricing and lost revenue.
It’s also why regular third-party chargemaster analysis should be an ongoing process and not a one-time event.
The process can be time-consuming and confusing if you’re not an expert in medical billing. Besides, you’re a medical practitioner and your patient’s well-being is your priority.
This is where Veritas Experts can help.
We understand medical billing and can provide a thorough review of your chargemaster. In addition, we can identify any deactivated codes and recommend them for removal as needed.
It’s essential to have an expert in medical billing review your chargemaster regularly because:
- CPT codes are updated several times a year
- Inaccurate coding leads to denied claims and underpayment
- Outdated pricing and reimbursement rates are lost revenue
- Medical billing experts save you time and money
Contact Veritas Experts today to get the most out of your chargemaster.