The Impact of Medical Billing Issues
Healthcare industry experts estimate that close to 80% of medical bills submitted to insurance companies have errors in them! This is an alarming number and is resulting in a loss of close to $125 billion every year for providers. As a care provider this should be a cause of concern since it translates into a loss of close to 30% of your revenue, annually.
Aspiring doctors spend years and years honing their skills to make a positive impact on patients and their health. Medical billing errors and the consequences of these errors catch care providers off guard hurting the earning potential of their medical practice. This is the reason why business issues like medical billing conundrums take up a significant effort from care providers to address despite not having anything to do with their area of expertise.
Deploying the Fix
The root cause of medical billing errors is very simple. Yet they bear such an impact on a healthcare practice. This is mainly because care providers need to be as meticulous and accurate with the management of medical billing as they are with the clinical aspect of their practice. The demand for such a level of detail to avoid medical billing errors can take a toll on you as a practitioner.
Your best bet to tackle this problem effectively is to leverage the help specialist business organizations that are experts are streamlining medical billing and coding processes. They have the expertise and the resources to streamline medical billing processes and eliminate the most common reasons behind errors which are as follow: –
- Inaccurate patient information and treatment codes
- Inefficient patient eligibility check
- Failure to keep up with changes in medical billing regulations.
The Magic Touch of an Expert
The answer to “how do I fix my billing errors” is straightforward. You can do this by leveraging the services of a third-party medical billing and coding company.
These companies help medical practices cope with changing medical billing and coding standards and the unique rules of insurers that usually lead to denied claims when not adhered to meticulously.
Although outsourcing medical billing and coding duties may appear to be expensive at the outset, the benefits waiting at the other end of the tunnel are simply too good for care providers to ignore.
Here’s How Medical Billing and Coding Companies Fix Billing Errors:
Treatment code and Patient Data Verification: Some of the most recurring billing errors result from the entry of treatment details against incorrect CPT codes. Insurance companies strictly deny claim with inconsistent coding information. Medical billing and coding companies leverage intelligent software to validate the accuracy of treatment code by comparing them with doctor notes to ensure accurate coding practices.
Validate Patient Eligibility: It is paramount for care providers to know if the treatment being given to the patient is covered by their care plan or not. The proactive verification of patient eligibility can help you as a care provider to vastly reduce the rate of denied claims by ensuring that medical billing errors are resolved at the point of care.
Leverage Data Analytics: Using billing systems and CRM tools with business intelligence capabilities gives care providers deeper insights to recurring instances of errors in billing. Companies that provide medical billing and coding services to care providers use these cutting-edge tools to improve the efficiency of your billing process.
To fix medical billing and coding issues, care providers require the assistance of third-party service providers. Their linear and innovative business models are essential today for the sustainability of a healthcare practice.