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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Medical Billing for Colleges

What Can MHS Do For College And University Campuses In America?

Medical Healthcare Solutions will be attending the American College Health Association 2018 meeting at the end of May in Washington DC. We hope to contribute in some meaningful way to this valuable initiative that affects college students across the country. It’s our sincere hope that we can join forces with ACHA to promote healthy campus communities and students. Here at MHS, we’re all about making life easier on healthcare professionals. After all, we cater to university student health centers in addition to hospitals, providers and large practices.

Since 1920, the American College Health Association (ACHA) has been linking college health professionals throughout the world, leading to the formation of a strong, collaborative network base designed to form a foundation of health services and programs. In the end, the goal is to empower and support college students nationally through advocacy outreach, education and further research.

The Stats

Health promotion enables people of all ages, in this instance college students, to take more control over how to improve their health. It goes beyond a focus on individual behavior and extends to a wider range of social and environmental interventions. We must do more to promote the physical and mental health of our college students.

A recent study by the University of Minnesota Boynton Health Service revealed that 39 percent of students are overweight or obese. Nearly 16 percent have been diagnosed with a mental health illness in the last year. The report also found that more than nine percent of students simply do not have health insurance.

Our Role

It’s become clear that the need for quality, streamlined medical billing goes beyond hospitals and doctor’s offices and extends to universities. Student health and wellness, a growing component of the medical community, is at critical levels that are threatening attendance rates on top of basic health issues. Medical Healthcare Solutions specializes in conducting comprehensive medical billing to universities all across the country. In 2015 alone, 20 million students attended American colleges and universities, representing a boost of about five million since 2000, according to the National Center for Education Statistics. All of these kids need some form of healthcare. If they don’t have it, they have to pay out of pocket. Staying on top of those payments, whether originating from the insurance company or cash, is one that affects the bottom line of many student health centers.

Medical billing is, not surprisingly, a challenging task, particularly for small entities. It saves time and cash, as well as the stress of multi-tasking. It also allows them to save on staff resources to prevent overly-taxed offices. One of the main benefits, of course, is to shift the focus onto student care rather than the financials. With a greater focus on student care and smoother operations, such as text reminders for payments and appointments, can make a world of difference.

Medical Healthcare Solutions continues to be your go-to resource for medical billing within university student health centers. We have remained committed to providing superior student health services billing. If you have questions about the ACHA 2018 meeting, or would like to know more about our many services, call us at 800-762-9800 or fill out our online form.

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5 Reasons To Pursue a Career in Medical Billing and Coding

Whether you’re just starting out in your career or you’re well entrenched in adult life and need to make a drastic change, becoming a medical billing and coding professional is a great option. The healthcare industry is booming, yet the workforce in this area is sorely lacking in order to meet the demand. The employment of healthcare occupations is projected to grow 18 percent between 2016 and 2026, much faster than the average, with the addition of about 2.4 million new jobs expected, according to the Bureau of Labor Statistics.

With the increase in the country’s aging population, there will continue to be an added demand for medical billing and coding professionals to assist healthcare providers of all kinds with the uptick in patient encounters and medical chart reviews. According to MedicalBillingandCoding.org, the average salary of a certified coding professional was $48,000 in 2012, but has grown to between $52,000 and $55,000 as of 2018. Whether you decide to work in a hospital, medical center or as a freelancer who works in a home setting, there are many reasons why you should pursue a career in medical billing and coding. Here are five of them to peruse:

1. Stay on the Cutting Edge of Technology

While the incorporation of new software can greatly enhance the job of a medical coder and biller, nothing can replace an actual human being who can enter information, spot errors and inconsistencies, and organize information in ways others can easily follow. You can train on all the latest software that assists providers, greatly enhancing your subject matter expertise and knowledge base that will keep you competitive in the field. Plus, being a medical coder can give you the experience necessary to pursue further clerical and administrative opportunities within health care later on if you so choose. Being a coder and biller puts you in the unique position to become familiar with the operations of all elements of the healthcare business. You simply don’t see that in other entry-level positions within other industries.

2. Start Working More Quickly

Most jobs in the healthcare industry require you to go through several years of special, focused training. However, preparing yourself for a career as a medical coder can happen in just three months. With the abundance of online and on-campus technical colleges and schools, you have more options than ever before to complete your coursework and training on your own time.

3. Never Stop Learning

Thanks to the ever-changing standards practices involved with insurance billing, Medicare and Medicaid, you can stay abreast of the many changes in coding requirements so you’re always active in your job. The ability to learn and adapt as the months and years go on will position you in the best possible light for advancement and fulfillment in your career. This industry is constantly evolving. The ability to stay on top of developments will provide you with invaluable perspective going forward.

4. Maintain a Predictable Work Schedule

Most medical coders work within hospitals or in physician offices. These hours tend to be fairly flexible, with steady schedules and solid benefits. Whereas others in the healthcare industry, such as doctors and nurses, work long and unpredictable hours, a medical coder can hold down a 40-hour work week without weekends. This is great for juggling a social life, family, kids and other commitments such as a second job.

If medical coding and billing sounds like the perfect opportunity to you, contact Medical Healthcare Solutions at 800-762-9800 to see just what we do and how you can become part of the healthcare industry. Here at MHS, we boast decades of medical billing experience and service to the healthcare community. Check out our career opportunities, where we highlight current medical billing specialist job openings. We also welcome you to meet our team.

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Here’s Why We’re Attending ACHA This Year

As a leading medical billing provider, we know how quickly things evolve in the healthcare industry. That’s why it’s so important to stay at the top of our game by attending annual gatherings like the 2018 ACHA American College Health Association Meeting. This year’s meeting will be held in Washington DC May 29 to June 2. We look forward to joining 2,000 colleagues in college health and wellness designed for and by college health leaders. The focus this year is unite, lead, and transform.

That’s all well and good but why are we going? Well, we are Medical Healthcare Solutions and we provide comprehensive medical billing services to university student health centers, among other clients like hospital-based practices, individual providers, and large group practices. Because college medical billing is such a big part of what we do, we feel our presence at the 2018 ACHA American College Health Association Meeting is critical.

We believe in ACHA and its goal of bringing college health leaders together to improve the health and resilience of today’s college students. Not only will we take part in advocating for top-notch college health through networking and collaboration, but we will help create goals and strategies to ensure a brighter future for college health. Our main priority is to do what we can to boost the health and wellness of U.S. college campuses.

Why We Care About College Students and Their Health

According to the National Center for Education Statistics, 20.4 million students entered American colleges and universities this year, representing an increase of about 5.1 million since 2000. All of those students need quality medical care during their stay on campus. Many but not all students are still on their parents’ healthcare plans. Some are responsible for their own bills. Whatever the case, as a student care provider, your first priority is to understandably focus your efforts on the quality of care that you’re giving your students. Perhaps you’re managing a boarding high school, a small college or a large university. Perhaps you’re trying to handle all the medical billing in-house. This can prove to be difficult and even detrimental to your bottom line as these efforts are taxing your existing staff. In addition to that, you’re boosting the chances for costly mistakes, resulting in accounts receivables that are incorrect or inaccurate.

Joining the Conversation

You’re a business like any other. Yes, you want to promote the health and well-being of your students. But that cannot come at the cost of failing to collect on payments rightly due to you. At the ACHA meeting, our goal is to educate as many college leaders as we can on how a third-party provider can streamline their student health billing processes. Whether you divide billing among your staff or employ an in-house employee to handle these tasks on the side, you could be losing money, productivity and time. If you find yourself spending too many resources on delegating billing tasks, figuring out where mistakes have been made, and chasing down payments, then you are not fulfilling the role you are meant to play: that of caregiver.

We can help you establish a new revenue stream by reducing self-pay billable line items. The revenue streams you may have assumed would go unpaid, usually because the student has left the school and you no longer have a way of contacting them, can now be recouped. Did you know the recovery rate for non-hospitals is 21 percent for healthcare debt and collections? This is according to ACA International. Those numbers are very high for college campuses, as students enter and exit at such a quick rate.

As a company that’s been in this business a long time now, we know better than anybody that medical billing, especially on a fast-paced college campus, is not only demanding but draining, time-consuming and challenging as well. Don’t saddle your staff with these challenges while they are trying to give time and attention to your young patients. After all, that’s what we’re all here for: meeting the health challenges of today’s young people.

Looking to attend the ACHA 2018 Annual Meeting as well? Register now before the slots fill up. Registration is now open for the ACHA 2018 Annual Meeting in Washington DC scheduled for May 29 to June 2. Sign up by April 9 and get an Early Bird Rate. The last day of pre-registering is May 8. We hope to see you there!

Medical Healthcare Solutions is strongly committed to student health services billing. To learn more about our services or why you should attend ACHA 2018, call us at 800-762-9800 or fill out our online form.

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Medical Healthcare Solutions Featured in CIO Review Magazine

We are proud to share that Medical Healthcare Solutions has been selected as one of the 50 Most Promising Healthcare Solution Providers in the CIO Review magazine. The CIO Review is a leading print magazine and online portal that bridges the gap between enterprise IT vendors & buyers. As a knowledge network, CIOReview offers a range of in-depth CIO/CXO articles, white papers, latest Enterprise Technology News to help CIOs & IT leaders make the right decisions.

It is a great honor to be listed among 49 other top healthcare solution providers in this series.

Our very own Stephen Brighton took part in an interview feature for CIO Review and was quoted saying, “MHS’ service-oriented approach and utilization of cutting edge technology allows us to provide healthcare professionals with medical billing, electronic health records, and practice management solutions.”

The article provides an in-depth overview of the services MHS offers such as medical billing, healthcare informatics, and practice management consulting services to name a few. Additionally, the article highlights the effectiveness of third-party billing and how it can ‘take precedence in determining the sustainability of a practice.’  A streamlined medical billing service only scratches the surface of what MHS has to offer and why MHS is listed in CIO Review as one of the 50 most promising healthcare solution providers. Brighton is also quoted in the article saying, “MHS’ services allow enhanced insights into medical practice performance with an outcome that achieves higher profitability and provides more time for staff to focus on patient care and increases referrals, especially in small practices.” Most importantly MHS can help practices, hospitals, and universities ‘experience immediate improvement in day-to-day collections, boosted cash flow, and reduced costs.’

We thank CIO Review for featuring MHS in their TOP 50 Most Promising Medical Healthcare Solution Providers of 2018 series. We invite you to check out the article. Click here to go to the article and turn to page 63.

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