The hard truth that every medical practitioner, be it a biller or coder, is that the reimbursements are a pain. The insurance companies and other payers have a set of rules and regulations that every biller needs to follow. Non-compliance of it leads to claims denials and underpayments too. Statistics say that only 70% of claims are paid after they are correctly submitted at the first attempt. After that, around 60% claims get lost, or are either denied or ignored. It is also estimated that payers underpay practices by an average of 7-11%. A total of $125 billion is left on the table each year by practitioners. It is believed that if the medical practice doesn’t identify claims automatically, they’ll be denied.
There are many ways by which revenues can be increased and they are listed as follows:
These small yet important steps from the administrative end go a long way to ensure the revenue cycle is supported duly. To focus more on your practice and lesser on the collection of bills and claims, it is essential that the doctors and hospitals hire medical billing and coding agencies to take care of this financial aspect. Companies like MedicalBillersandCoders.com could be helpful in providing you efficient services encompassing all your backend billing and coding needs. They are a consortium of trained professionals who offer highly customized services to over 42 specialties.Back