| Medical Billing Insights |
"Simple Solutions to Your Reimbursement Problems"
You Care, We Deliver!
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| Tuesday May 13, 2014 |
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| Should Medical Billing be outsourced or kept In-House? |
Healthcare reforms, payment cuts and insurance company policies have increased pressure on medical practices. In order to get paid on time, physicians are outsourcing their billing needs as lack of time, money and resources is posing hindrance in handling in-house billing.
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| Industry Facts State: |
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- In 2011, there was a 2% increase in claims processing errors and this resulted in unnecessary administrative costs worth $1.5 billion
- Inefficiencies and billing errors result in annual waste of thousands of dollars (between $600 and $850 billion) in the US healthcare industry
- By eliminating claim errors, approximately $17 billion can be saved on an annual basis
- On an average, mistakes can be found in 5-10% of all submitted claims
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Can in-house medical billing help you attain best results?
There is no doubt that providers can retain control on billing services when they have an in-house billing team but it can also result in difficulties
Read More...
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MBC will be offering the following benefits:
Error-free claim submission: As the coders and billers at MBC are certified and remain up-to-date with latest coding and billing regulations
Use of latest technology: At MBC ensures timely payments so, providers don’t have to worry about investment in latest systems and software
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| Read More... |
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| Get The Best Solutions In RCM Consultancy |
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Effective Billing Solutions |
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Enhanced Revenue |
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| Common Errors that result in Claims unpaid |
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Practices are in constant need of well-trained coders and billers who can submit timely, error-free claims. There are certain billing errors that can prove costly if they go undetected, requiring a skilled billing team for reducing denial rate and getting RCM back on track. If a practice fails to catch errors ahead of time, it can lead to delayed payments, loss of revenue and costly fines.
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| Industry Facts |
- Approximately 8 in 10 medical bills issued by hospitals contain billing errors, costing thousands of dollars to consumers and insurance providers every year
- More people will be getting insurance coverage in 2014 once the Affordable Care Act takes effect. This will also create more room for errors
- According to Kaiser Health News, nearly $68 billon in healthcare spending is lost every year due to billing mistakes and fraud Read More...
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| Efficient practice management equals to higher revenues! |
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