Say Goodbye to Audit Anxiety: How ExdionACE Helps Medical Practices Avoid Audits
Nobody wants to hear the words “audit” and “payor” in the same sentence, especially those who work in a medical practice or urgent care setting. The moment an audit is initiated, heads turn away, anxiety levels go sky high, and everyone knows that the practice is about to go through a labor-intensive process.
But audits don’t have to spell disaster – not when you put ExdionACE into action. This powerful AI driven platform can help you keep your medical practice audit-ready and avoid costly denials. Let’s discover how.
A Quick History of Clinical Audits
Audits in healthcare have been around for a long time. In the early days of medical coding, there were no standards or guidelines. Doctors and nurses had to rely on their own judgment when it came to billing insurance companies. This led to a lot of fraudulent claims, which caused insurance companies to begin conducting audits in order to weed out the scammers.
In the modern era, coding has become much more sophisticated and standardized. Nevertheless, audits are still a necessary part of doing business in the healthcare industry. And while often anxiety inducing, audits are essential in order to maintain the integrity of the healthcare system.
The Fearsome Four – What You Need to Know About Insurance Audits
We’ve mentioned the word “anxiety” quite a bit in this article, but the truth is, insurance audits often lose their “fear factor” when you understand the four aim elements that make up an audit in a clinical setting – coding, documentation, billing accuracy, and compliance. If a practice does not meet all of these criteria, it can result in denials, fines, or even more serious penalties.
Audits are also conducted by third-party vendors hired by insurance companies to review patient records and documents for accuracy. This process usually takes days or weeks to complete, which means medical practices must invest a lot of time and resources into preparing for the audit.
ExdionACE to the Rescue – How AI Can Help Medical Practices Pass Audits
That’s where ExdionACE comes in. ExdionACE is an AI driven coding platform that rids medical practices of the hassle and headache of preparing for audits by automatically reviewing patient records and identifying any coding or documentation issues that could cause denials. It also eliminates the need for manual processes that are labor-intensive and often time-consuming.
ExdionACE uses Artificial Intelligence to review every one of your charts every day and ensures that these claims are compliant and are meeting the highest levels of accuracy. Plus, it helps users determine the cause of denials quickly, which means they can make corrective measures right away and avoid missed revenue and leakage.
Goodbye Audits, Hello ExdionACE
The last thing any medical practice wants is to be subject to a lengthy audit from an insurance payor, but the truth is that it’s inevitable if patient records are not properly documented and coded. Fortunately, ExdionACE offers a cost-effective and efficient solution.
Through the power of AI, ExdionACE helps you quickly analyze patient records and identify any issues that could lead to compliance gaps. It also helps you save time and resources by eliminating the need for manual processes, so you can get run your practice without being worried about audits.
So, the question begs to be asked – should your practice fear audits? Not anymore. With ExdionACE in your corner, you can rest assured that your practice will be highly compliant while getting optimal reimbursements.
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