Recently, medical billing errors are becoming more and more common in the United States. With the involvement of government in the field of medical billing, the disconnect between medical coding professionals and healthcare providers is growing wider leading to miscommunication. The miscommunication between medical coding professionals and healthcare providers these days has become quite common which ultimately leads to improper medical billing.
Industry facts state
Nearly 25-30% of all medical practice income is lost as a result of improper billing
Approximately 59% of in-house billers do not receive EOBs
Around 55% of in-house billers have never appealed a denied claim
These days managing practice along with handling medical billing and coding has become very difficult. Medical practices are in the business of providing high quality medical services, and they are not supposed to be in the billing business. However, in current healthcare scenario, it is mandatory for the healthcare professionals to take care of both these aspects.
Why small practices suffer while handling medical billing?
Medical practices have to see around 20 patients in a day. That means a doctor normally sees around 400 patients in a month. For each patients, the physician must ensure that the patient's data is entered correctly, their documentation, file claims, and other details are maintained accurately. Moreover the physician also has to respond to denials, chase down deductibles and overdue payments to reduce denials and increase the overall revenue. Naturally, it becomes quite a lot of work for a physician, and this makes considerable impact in their practice. As a result, the practice gets overwhelmed with the drudgery that keeps physicians away from what they do best, and they also have to suffer from financial losses.