Essay On Medical Billing Mistakes
Medical Billing Mistakes and Their Impact on the Healthcare Industry
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Medical billing is an extremely important component of the healthcare industry. Doctors and other medical professionals spend many, many years of studying, practising and preparing for a future in the healthcare industry. They face all kinds of challenges everyday from providing life-saving emergency treatment, to researching difficult diseases. Medical billing is a critical component of a successful medical practice.
In today’s world one of the biggest challenges physicians face is not patient care, but the business side of healthcare. Especially the billing and coding side.
Physicians leave an estimated $125 billion dollars on the table each year due to poor billing practices. 2 of the most common factors contributing to the loss in profits are:
Billing Errors- up to 80% of medical bills contains errors. Since insurance companies are so strict on correctly billing and coding a claim, even the smallest mistake can be the reason an insurance company rejects a claim. Then the doctor has to fix the error and resubmit the claim all the while hoping the insurance company will reimburse them for their services. This could take several months or more before the doctor receives payment.
Failure to …show more content…
The mistakes cost a lot of people a lot of time, energy, and manpower to find and fix one little mistake that if the medical biller had taken the time to go back over the claim form before submitting it, then their would be a lot less hassle and headache for everyone. Some medical billing mistakes have even caused some families to lose their homes and life savings.Which should never have happened, if the biller would be careful with how they fill the claim forms out in the first place. The doctors lose revenue, the insurance companies lose money, and the patient loses money because of these
OPTION-1
STEP-1
Medical billing is an extremely important component of the healthcare industry. Doctors and other medical professionals spend many, many years of studying, practising and preparing for a future in the healthcare industry. They face all kinds of challenges everyday from providing life-saving emergency treatment, to researching difficult diseases. Medical billing is a critical component of a successful medical practice.
In today’s world one of the biggest challenges physicians face is not patient care, but the business side of healthcare. Especially the billing and coding side.
Physicians leave an estimated $125 billion dollars on the table each year due to poor billing practices. 2 of the most common factors contributing to the loss in profits are:
Billing Errors- up to 80% of medical bills contains errors. Since insurance companies are so strict on correctly billing and coding a claim, even the smallest mistake can be the reason an insurance company rejects a claim. Then the doctor has to fix the error and resubmit the claim all the while hoping the insurance company will reimburse them for their services. This could take several months or more before the doctor receives payment.
Failure to …show more content…
The mistakes cost a lot of people a lot of time, energy, and manpower to find and fix one little mistake that if the medical biller had taken the time to go back over the claim form before submitting it, then their would be a lot less hassle and headache for everyone. Some medical billing mistakes have even caused some families to lose their homes and life savings.Which should never have happened, if the biller would be careful with how they fill the claim forms out in the first place. The doctors lose revenue, the insurance companies lose money, and the patient loses money because of these