Up to 38 % of the average medical practice’s total revenue now comes from patient payments, according to the recent report. This means that thousands of dollars can be lost every year if a doctor’s office does not diligently bill patients and collect outstanding balances from them.
Today, as legalistic medical billing coding rules have taken root and payers have gotten stingier, collecting what you’re owed requires fighting a battle on two fronts: the draconian payers on one front — and patients on the other.
You need the latest tools and tactics just to avoid losing ground in this struggle. You can’t keep doing things “the traditional ways”
Lack of discipline in collecting patient information
If 55-65% of revenue is lost due to leakage, then a hospital is losing between $800K to $950K on average per physician per year. For a hospital with 100 affiliated providers, total leakage costs the health system between $79M to $98M per year.
Incorrect information of patients insurance IDs and the relevant paperwork increases the chances of denials. Medical Billers & Coders offers a comprehensive range of hospital medical billing solutions to meet the unique needs of your healthcare organization.
Not updating on regulations
Medical billing rules and regulations are ever evolving. This requires continual updating the Electronic Health Records. Training the staff and developing new procedures are also important to stay ahead with the consistent altercations happening in the healthcare industry.
Trust Medical Billers & Coders specialized service which gives this task the full-time attention it deserves, reducing/eliminating your time constraints and the possibility that claims will be filed incorrectly.
Handles Your Error Triggers & Denials
As a leader in hospital billings, Medical Billers & Coders understand that even the minutest errors trigger claim rejections and every claim that requires reprocessing is costing you valuable resources.
If your present hospital billings are done in-house, every repeated claim submission increases overhead expenses and results in profit loss. Physicians and hospital administrative staff members are often piled up extra hours when to fix costly hospital billing errors. The time spent on administrative tasks take away from patient care and places an unnecessary burden on hospital personnel.
Medisys Data Solutions Inc. brings transparency to the complex prescription drug ecosystem. Medisys data help companies manage their relationships with their RCM pharmacy managers furthermore; helping feel certain that you are maintaining affordable, high-quality coverage for your employees.
Send us an email or reach us at 302-261-9187 to learn how we can help facilitate your medical billing requirements.
