As a medical practice owner, have you ever had the feeling the practice was running along smoothly only to then be bogged down with several medical coding errors all in a row? Did the errors result in you not being properly reimbursed for services? While one or two medical coding problems may be trivial and easy to solve, continued coding errors often result in loss of income for practices. Thankfully, the medical coding experts at Outsource Receivables can help minimize these errors and in turn boost the profitability of your practice.
What Implications Do Medical Coding Errors Have on a Private Practice?
Medical coding errors can be extremely costly not only in terms of lost revenue, but also in terms of frustration felt by patients.
The Financial Impact
According to the Institute of Medicine, medical billing errors cost practices between $17 – $29 billion each year. These are staggering numbers that emphasize the enormity of medical coding errors. The reality is the cost to work an appeal often triples the amount of time working aging, and doesn’t ensure payment. Plus appeals can delay payment by as much as 90 days! When you choose to outsource your medical billing with ORI, our coding specialists can eliminate appeals relating to bundling and other errors, which simply put means you get your money faster.
The Effect on Patients
In addition to the obvious financial costs coding errors cause, delayed or incorrect billing is frustrating for patients. Medical costs and coverage can be difficult to understand as a consumer. Errors layered on top of an already complex system may be enough for patients to find another medical provider. Proper coding is good for your bottom line and good for our patients.
Challenging Times Ahead for Medical Practices
As the U.S population continues to grow in size and age, the world of medical billing will grow more complex. By streamlining your practice’s medical billing processes now, you’ll help ensure the profitability of your practice in the future.
Why Outsource Your Medical Billing to Outsource Receivables?
At Outsource Receivables, medical billing is our specialty. We work with providers and their teams to streamline their billing processes and save money. We’re so confident in our abilities to help, we offer a money back guarantee. To learn more, contact us at (866) 585-2800.