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Wednesday August 07, 2013
Is Your Practice Covering the Cost of Health Insurer Errors?
Increasing number of insurer errors in the US healthcare system provides a huge potential for reducing administrative costs and hence a great need for increasing the degree of accuracy.
Industry Standards State
  • Health insurers process at least 1 out of 5 medical claims inaccurately
  • Entire health insurance industry's accuracy rate for processing and paying claims = 80%
  • Claim processing expenditure = approximately $210 bn. per year
  • Improving claim processing accuracy by only 1% = savings of nearly $777.6 mn. in unnecessary administrative cost
  • Improving accuracy & completing getting rid of errors = saving of nearly $15.5 bn. each year
Unfortunately physicians and even patients end up covering the cost of these errors-
  • Physicians time spent on health insurer red tape = 5 weeks annually
  • Physicians revenue diverted on administrative tasks to ensure accurate payments = nearly 14%
How to avoid these costly errors? --- finding a solution! A simplified administrative process with standardized requirements can help reduce unnecessary costs and requirement of maintaining a costly claims management system …
Finding a cost –effective solution with MBC….

Administrative processes – help physicians with areas of administration

Accuracy- regularly review and audit all the claims to ensure they are accurate

Timeliness – process all claims on time besides applying updated medical policies

Transparency- regular reports; constantly studying vital policies, insurer fee schedules...
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MBC billing services = Increased accuracy + reduced costs = Increased revenue!
Improving Practice Work Flow to Reduce Denials!

Getting a denied claim can be quite frustrating for physician practices and medical billers. Majority of denials and rejections are caused due to minor coding error or some issues while filing the claims. Quite often it is the minor work flow process errors which prevent a practice from being paid on time.

Most practices believe that the major reason for medical billing denials and rejections are due to coding errors however this is not always the case. In fact recent industry facts state –"top reasons for medical billing denials and rejections are caused by failures within the work flow of the practice's office"

Efficient practice management equals to higher revenues!
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