A University of Minnesota professor with an extensive knowledge in medical billing, Stephen Parente, claims that an estimate of 30% – 40% of medical billing contains errors. However, the Medical Billing Advocates of America and a Boston-based healthcare advocacy group called The Access Project claim that it’s higher than that. These two groups inclined towards the healthcare industry are pointing out that the errors found in medical billing transactions are actually closer to 80%.
Errors in medical billing, when not contained, will directly affect the customers of the medical billing company. It will not only affect the budget of the customer, but it may also affect their credit standing as well. It was reported by the Federal Reserve last December that more than half of the debts that they are collecting are related to medical billing.
Errors do happen as it is a part of every process and oftentimes, these errors can be corrected. However, what is important is to keep in mind some tips on how to spot errors on your bills at once to avoid further hassles. Some of the most important things a customer must check to see if the medical bill is correct are the name, the address and the insurance company’s name. Once these items have been checked and are seen to be correct, it is important to also check the medical procedures performed as well as the dates and times these services were done. All of the information in a medical bill is important to ensure that both customers and insurance companies are paying for the correct items, and the doctors or physicians will receive the correct amount for the procedures they have done. The most common medical billing error, which can also be considered as the one that medical billers should never commit, is the error on the amount being charged. Decimal places, commas, or even just a digit can create a huge difference, which is why before submitting these medical billing statements, it must be reviewed thoroughly.
Medical billing companies can reduce their efforts on reviewing medical billing statements and one way of doing this is to engage in a partnership with a trusted healthcare or medical coding outsourcing partner with years of experience in the industry. Many outsourcing companies that offer healthcare solutions are already in the market. But of the greater population of outsourcing companies, there are only a few who offer solutions that will fit your medical business.
A trusted outsourcing partner should be able to verify the information in a billing statement and there are a number of ways to conduct such verification. One way is to establish a connection with the medical institution, doctor or physician so as to cross-check the information on the billing statement with the patient’s record. Another way is to conduct the verification through directly contacting a patient by phone. With regards to the medical procedures done, a clear and concise document containing the medical codes should also be in place so that the medical billers will be able to process the transaction quickly. Admittedly, the above are costly measures which is why it is better to approach an outsourcing partner who can help keep the bills accurate without breaking the company’s budget.
The key points mentioned above together with a trusted outsourcing partner, when kept in mind, should be able to lessen, if not entirely eliminate, the occurrence of medical billing errors.
Infinit Outsourcing, Inc. is an outsourcing company which offers healthcare outsourcing solutions, including medical billing and medical coding services. The company assigns a dedicated team of medical billers and medical coders to your company to give you a competitive advantage in your respective field.