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In 2021, approximately 16% of medical claims submitted received a denial code, equating to about 48 million denied claims, resulting in significant lost revenue for many practices. To avoid this issue, it is crucial to understand the healthcare billing process and the specific standards involved, especially given the constantly changing rules and guidelines in medical coding. Understanding different codes is essential, including universal codes applicable to all U.S. insurance carriers. This video focuses on the importance of revenue codes in navigating medical billing effectively.
