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In 2021, approximately 16% of all medical claims submitted received a denial code, translating to around 48 million denied claims, which resulted in substantial lost revenue for many practices. To avoid such situations, it is crucial for practices to understand the healthcare billing process and the specific standards involved. With the ever-evolving rules and guidelines in medical coding, keeping up can be challenging. A key aspect is understanding the different types of codes, particularly revenue codes, which are essential for all insurance carriers in the United States. This video focuses on highlighting the importance of revenue codes in the billing process.
