All Posts in Category: ASC Revenue Cycle Management

Medical Billing mistakes

The Cost Of Medical Billing Mistakes

The Cost of Medical Billing Mistakes

Medical billing errors are costing you money. Period. As a healthcare provider, you know the high cost of care and the competitive nature of the market. You can’t afford to lose an extra penny — especially due to a billing mistake that could easily be corrected. Sad thing is, you may not even realize how much your current medical billing system could be costing you. Some studies put the error rate for medical bills at a conservative 30 to 40 percent, with others put it closer to 80 or 90 percent, says The Huffington Post. Another study shows that medical billing errors cost about $20 billion, a number that has increased right alongside the increase in U.S. population.

A Look at the Numbers

Most of the costs associated with such billing errors involve expenses due to unnecessary inpatient and outpatient care, ancillary services and prescription drug services. But a surprisingly large portion of the mistakes is linked to the mortality rate and missed days from work. If you widen the lens and look at the costs as they pertain to quality of life and fatalities due to medical errors, the total costs jump to between $187 billion and $250 billion. Widen that lens even further to account for loss of productivity in patients who have experienced a decrease in quality of life and you’re looking at costs even into the trillions. Human error is one of the most common causes of medical billing mistakes, such as when a wrong billing code is entered.

Bottom line: medical billing errors are expensive. While you may be able to afford malpractice insurance (and let’s face it, this cost alone is probably eating into a lot of your profits), you certainly can’t take the blow to your reputation in event a major medical billing error costs someone their health or their life. So, ask yourself: do you have the in-house manpower necessary to make sure you are responsible for as few billing errors as possible? If the answer is no, you should probably think about outsourcing your medical billing.

Protecting Your Business and Your Patients

To protect your business and bottom line, it’s wise to examine your records for the past couple of years. What’s the total cost of your errors? How could they have been avoided? Remember, you’re in the healthcare business, caring for your patients from the time they step in your door until they walk out. You have a certain duty of care to uphold for them. It’s critical to ensure your patients don’t fall victim to easily-avoided medical billing errors. In the process, you’ll save your business’ budget and reputation.

Contact Medical Healthcare Solutions

If you are ready to improve your office processes, cut administrative overhead and boost patient satisfaction within your practice, rely on the seamless medical billing provided by Medical Healthcare Solutions. We can help you put an end to those costly mistakes that are leeching your profits and taxing your resources. Call us today to learn more at 800-762-9800.

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ASC Revenue Cycle Management Helps You Overcome Practice Challenges

As a medical practitioner, you realize there are many roadblocks and challenges that inhibit your strengths as a provider. ASC (ambulatory surgery center) revenue cycle management can help you overcome those challenges, identify gaps in the process, and focus on those areas that have a positive impact on your revenue cycle. An internal audit of sorts on a regular basis can assist you in identifying key performance indicators. Let’s take a look at some benefits of ASC revenue cycle management practices that can help you overcome those practice challenges.

Accuracy in scheduling: Getting accurate and complete information when scheduling your patients seems like it would be fairly easy but this is a task that often falls through the cracks. Gathering patient names, insurance, birth date and other pertinent information is standard practice, but oftentimes this information is not verified, leading to a lot of energy expended later tracking all of it down. This not only wastes time, it also can result in claims being denied or delays in payment collection. Both of these affect your bottom line, so it’s important to get it right the first time. It’s time to take advantage of online pre-admission technology that allows the patients themselves to update their medical histories on their own time, such as at home before their appointment.

Verify benefits in advance: Rather than waiting to the last minute (aka, when the patient shows up for the appointment), good ASC revenue cycle management practices dictate that you ensure patient coverage well before the procedure or appointment. This way, you can pinpoint any potential issues beforehand, get them rectified and have a seamless day-of experience. This includes verifying coverage for the actual appointment or procedure, making sure you have obtained the proper referrals, determined deductibles, etc. ASC revenue cycle management software can track insurance data, benefit information, and surgery coverage qualifications all in one place. As a result, you can cut down on collection costs, prevent last-minute cancellations, and decrease bad debt.

Outsourcing coding and billing: Handling coding and billing in house can be overwhelming and ineffective, taxing your already-stressed staff members who are expected to tack on more duties to their crowded days. When you outsource your coding and billing, you’re able to get your claims processed in a more timely manner and with increased accuracy, with one central database for information that cuts down on manual data entry. No more billing, insurance or collection delays!

Get in Touch with Medical Healthcare Solutions

Medical Healthcare Solutions offers ASC revenue cycle management services for ambulatory surgery centers (ASC) with software that allows us to benchmark key revenue cycle management performance indicators. As a result, we can better determine your strengths and weaknesses and implement the right improvements to your bottom line. Give us a call to learn more about our ASC revenue cycle management services at 800-762-9800 or fill out our convenient online form.

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