Mistakes in medical billing can jeopardize the reputation of your
medical practice and hurt patient loyalty. The trust deficit created due to
inaccurate medical billing can be irreparable.
According to the 2019 Patient Payment Technology Report, based on a survey of 1000 U.S. healthcare consumers, only 33% of consumers expressed confidence in
As most providers can attest, when running a healthcare
practice, accurate patient billing is critically important. Billing errors can
lead to severe consequences, including a loss in revenue, increased claim
denials, costly reworking of claims as well as heavy fines and penalties. It is
estimated that a staggering 80%
of medical bills contain err
Prior Authorization (PA) can be a frustrating and
time-consuming process. In fact, 86%
of physicians describe the administrative burden of prior authorization as high
or extremely high.
90% of healthcare providers reported a treatment delay caused
by Prior Authorization. Of these, 60% said it took at least one business day to
receive a reply,
Claim denials have become a fact of life for HMEs/ DMEs yet studies show that up to 90% of claim denials are preventable. If proper care is not taken, medical billing errors may arise, leading to delay in payments, delinquency in claims, and eventually patient disappointment. Quick and accurate verification of a patient’s eligibility and authori
High AR (Account Receivable) days are red flags that
can negatively impact the bottom line of your practice. According to hospital
benchmarks, AR days for facilities are 47.5 days, and anything above that
means less money to hire quality staff, fewer margins, and capital for
expansion. Regular, proactive follow-up of outstanding claims is critical
Billing errors are not only bad for patients but also for medical practices. It’s critically important for healthcare providers to minimize any coding and processing errors to increase their revenue.
Frequent claim denials and negligence may also trigger
billing audits and investigations which may not only damage the HME/ DME’s
Claim denials can be frustrating for any medical practice. They not only lead to high administrative costs but also impact your reputation as a reliable healthcare provider. In addition, appealing denied claims can be a time-consuming process, straining an already overworked administrative team.
We identified the 7 most common reasons for claim
Insurance verification is the first and most significant step in the medical billing and coding process. Today’s continually changing and increasingly complex healthcare environment requires, more than ever, close attention to validating coverage, benefits, co-payments, and deductibles. Thus, it becomes crucial that medical care providers unders
In the past, most DMEs, HMEs, and practitioners were doing
their medical billing in-house. However, more recently, with ever-changing
regulations in the medical business, implementation of the complex ICD-10/ ICD
-11 coding system, and a federal mandate to implement EHR (Electronic Health
Records), various companies are now outsourcing their medic
Medical billing can be horribly tedious and very
time-consuming for HME & DME practitioners!
The problem appears to be getting worse! The number of
exposed records more
than doubled year over year, from 5,138,179 records in 2017 to 13,236,569
records in 2018. Moreover, the penalties for HIPAA violations can be severe. It
is difficult to kee