According to reports from an elder care coaching organization; 90% of medical bills have errors. Errors at the time of billing costs not only the doctors but it adversely affect the clinics, physician groups, hospitals and so on. Alarmingly, this could result in revenue loss of thousands of dollars which impacts the practice significantly.
Overbilling too can be a problem. In a scenario where a physician over bills the patient he may have to pay a penalty as high as $ 11,000 per claim, plus three times the amount of the claim and legal fees.
Mistakes in medical billing can arise due to common errors like typographical or data entry errors or they could be of high magnitudes as well and as mentioned earlier; overbilling too can prove to be detrimental. Fact is even a small mistake may consume lot of time to detect when it comes to tracking
Common Errors committed:
Action Steps Recommended:
One of the ways to avoid medical billing errors is to create a proven medical billing and coding process. A medical biller needs to understand the myriad spectrum of medical treatments. These mistakes can be avoided by having a good understanding of medical billing and coding procedures. Being a certified medical biller and coder can help in being more astute and this way lesser mistakes will happen. Partnering with MedicalBillersandCoders.com can help as they have a team of certified medical billers and coders who can take care of the physicians’ different medical treatments. They can make sure that mistakes are avoided and claims are reimbursed.