Medical billing has always been a crucial element in the health care industry. The article talks about how medical billing mistakes have an impact on practices across the globe and how various types of services ensure the best record of care for patients.
Years of studies and implementation, practice providers have managed to mark their place in the industry by delivering cutting edge care for their patients. However, these providers face major challengers every day. From proving emergency treatment and care to researching on complexities all day, these providers must also deal with the complication itself known as medical billing.
With the changing dynamics of the healthcare industry, business issues often take precedence over medical care while analyzing the sustainability and growth of a practice. One of the most complexed challenges faced by physicians today is not only concerned with patient care, but also the business side of healthcare that has to go hand in hand. Medical billing and coding take up most of these complexities.
Medical Billing Mistakes
Doctors across the states end up leaving an approximate sum of $125 billion on the table each year due to inefficient billing practices. Hence, emphasizing again on how providing optimal care to patients is just one of the big factors adding up to the pyramid of healthcare industry.
Things to look out for
Up to 80% (approximately) of medical bills contain both major and minor errors. Insurance companies on the other side, are not at all liberal when it comes to medical billing and coding practices; even the slightest of error may cause insurance companies to reject a medical billing claim. The extremely lengthy and tiring process is then initiated which requires the doctors to fix the error, submit the claim a second time, and then wait for the new claim to be accepted. And processed as well. Medical billing errors may cause a provider to wait several months before finally receiving payment for their services.
Failure to stay up-to-date on medical billing rules and regulations.
The ever evolving rules are now asking physicians and administrators to spend time and money on continuing education or training of staff to stay current, eventually placing a direct impact on the cash flow of a practice.
Apart from medical billing alone, the rules for the healthcare industry as a whole are taking a shift, and a noticeable one. Not long ago the changes in the Health Care Reform bill have increased the number of insured Americans by more than 30 million, hence placing even a greater emphasis on the importance of medical billing.
With the economy itself in a state of delicacy, the medical providers’ patients are affected along with the providers themselves. Unemployment equipped with high deductibles eventually results in patients that are not able to afford the medical attention. Eventually practices end up losing money.
Moreover, practices now have to worry about insurance companies’ regulations combined with the changing coding standards just being introduced. Because of ignored claims, denials and underpayments, providers are losing money especially with the burden of knowledge being this heavy.
Hiring a third party for medical billing services may often be an effective way to increase revenue and gain control. However, a few may feel that keeping operations in-house is the safest, most cost-effective bet. Here’s a few more ways to streamline your medical billing.
- Always stay up-dated. With the ever evolving rules and regulations of the industry, it’s essential that the software complies as well in order to avoid irregularities.
- Sign a contract; one that delineates parties liable for each task, payments methods and of course, terms of ending the contract itself.
- Use business intelligence to identify areas for improvement. Accurate data mining ultimately improves both the service and collection rate.
- Communicate wisely with patients and
- Collect full information; make sure you don’t miss anything out while entering the data in order to avoid unnecessary irregularities that end up affecting the practice’s service and patient’s experience.
Adapting a pro-active approach and maintaining an up-to-date medical billing practice will help physicians operate at top potential and eliminate costly errors; one that end up inhibiting their ability to provide the optimal patient care. With the providers being taken care of, the healthcare industry benefits as a whole.