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Are you too losing 25-30% of your Revenue Due to Improper Medical Billing?

October 30, 2013



Recently, medical billing errors are becoming more and more common in the United States. With the involvement of government in the field of medical billing, the disconnect between medical coding professionals and healthcare providers is growing wider leading to miscommunication. The miscommunication between medical coding professionals and healthcare providers these days has become quite common which ultimately leads to improper medical billing.

Industry facts state

  • Nearly 25-30% of all medical practice income is lost as a result of improper billing
  • Approximately 59% of in-house billers do not receive EOBs
  • Around 55% of in-house billers have never appealed a denied claim

These days managing practice along with handling medical billing and coding has become very difficult. Medical practices are in the business of providing high quality medical services, and they are not supposed to be in the billing business. However, in current healthcare scenario, it is mandatory for the healthcare professionals to take care of both these aspects.

Why small practices suffer while handling medical billing?

Medical practices have to see around 20 patients in a day. That means a doctor normally sees around 400 patients in a month. For each patients, the physician must ensure that the patient's data is entered correctly, their documentation, file claims, and other details are maintained accurately. Moreover the physician also has to respond to denials, chase down deductibles and overdue payments to reduce denials and increase the overall revenue. Naturally, it becomes quite a lot of work for a physician, and this makes considerable impact in their practice. As a result, the practice gets overwhelmed with the drudgery that keeps physicians away from what they do best, and they also have to suffer from financial losses.

What can practices do to improve medical billing?

All the medical billing services works on a basic principle ? the healthcare provider must get paid by either the patient or by an insurance carrier. Medical billing and coding consumes a considerable amount of time and resources which keeps the physicians away from their basic responsibility ? providing services to their patients.

Of the many business questions small healthcare providers encounter, choosing between outsourcing their medical billing services to third-party billing companies and maintaining an in-house billing department is a significant one. Since profitability is something all providers aim for, outsourcing medical billing services will outweigh in-house billing in most cases if the right decision has to be made. If the practices start outsourcing their billing function to a specialist, it could turn out to be much more profitable prospect. Third-party billing companies can take care of all the medical billing and coding needs bundle everything into one comprehensive package which would definitely help physicians manage their claims more effectively.

Benefits of outsourcing medical billing to MBC:

Maximum profit at minimal cost: Outsourcing healthcare services like medical coding, medical transcription, claims adjudication, and medical illustration to MBC help practices save around 60% on the current cost.
Huge savings on capital expenditure: By outsourcing billing services to MBC, practices can also save on time, workforce, and healthcare infrastructure. Moreover, practices would also not have to invest on expensive healthcare software and technology, as MBC would take care of all the worries regarding management of healthcare staff and compliance with HIPAA.
Increase in level of productivity and efficiency: With the outsourcing of revenue cycle management or healthcare administration, physicians can focus all of their time and effort on patient care. When the healthcare staff totally devoted on providing better healthcare services to their patients, its result will gradually reflect on the overall level of productivity and efficiency.
Work gets completed ahead of schedule: By outsourcing the billing work to third-party providers like MBC, physicians can be assured that all the important work gets completed ahead of schedule.
Complete access to all the reports: With a dedicated healthcare service provider handling all the work, physicians can quickly access any of the healthcare reports from their system to know the current status.
Better business performance: By outsourcing, practices can drastically improve the level of productivity and profits. Outsourcing can also boost hospital’s business value and give an edge over others.
Enhanced accuracy: By outsourcing all non-core healthcare work to MBC, practices can be assured of accuracy in medical transcription, medical billing, medical coding, and claims adjudication, as the third-party service providers follow stringent quality control processes.

MBC is the largest consortium of billers and coders providing medical billing services across all 50 US States in varied specialties. Our billing experts also offer specialized billing services customized to practice managements needs which the physician can choose as per their requirements, like medical coding, medical transcription, claims adjudication, medical illustration and so on.

MBC = Cost reduct ion + Timely processing + Claims storage and retrieval
 

Category : Revenue Cycle Management