{"id":6536,"date":"2016-08-02T10:49:18","date_gmt":"2016-08-02T10:49:18","guid":{"rendered":"http:\/\/www.medicalbillersandcoders.com\/blog\/?p=6536"},"modified":"2025-05-24T13:29:06","modified_gmt":"2025-05-24T13:29:06","slug":"mind-boggling-medical-billing-facts","status":"publish","type":"post","link":"https:\/\/www.medicalbillersandcoders.com\/blog\/mind-boggling-medical-billing-facts\/","title":{"rendered":"Mind Boggling Medical Billing facts"},"content":{"rendered":"

It\u2019s all about Billing, Billing, Billing \u2013 Ringing in the cash revenues!<\/p>\n

Here are some mind-boggling Medical Billing facts that affect healthcare revenues impacting the Revenue Cycle Management Process and medical billing practices.<\/p>\n

The total market size of outsourced revenue cycle management (RCM) services<\/a> has already reached $5 billion, and it is estimated that escalating financial pressures will further expand the market<\/p>\n

The average US doctor spends one-sixth or 16.6 percent of his or her working hours on administrative tasks alone and includes billing rechecks<\/p>\n

It is estimated that doctors in the U.S. leave approximately $125 billion on the table each year due to poor billing practices.<\/p>\n

And that about 25 to 30 percent of lost medical practice income is due to improper billing.<\/p>\n

Did you know that it takes as many as 250 people- from the nurse to the medical coder \u2014 who could be involved in generating just one bill!!<\/b><\/p>\n

And despite the technology and processes and workflows, some experts opine that as many as 80 percent of the medical billing contains errors!<\/p>\n

And a recent survey conducted in the United State revealed that the single largest yet avoidable reason for about 78.2percent of all Insurance Claim Denials is because of – incorrect patient demographic<\/i> information<\/i>.<\/p>\n

Added to this, approximately 30 percent of all claims submitted to an insurance carrier on the initial submission are denied whether they are correct or not. Insurances workers do this because only less than 25 percent of medical practices appeal their claims denial in the USA!!<\/p>\n

30 percent of the 15 billion claims submitted annually in the US are denied<\/strong><\/p>\n