New stories often focus on medical billing mistakes that significantly harm the patient, yet they never publicize the stories where the medical provider loses money due to a mistake of this type. Unfortunately, this happens more than many individuals realize. Anyone responsible for billing in a medical practice needs to be aware of these mistakes and how to avoid them, so the focus of the practice can remain where it belongs—on high-quality patient care.
Medical professionals need to ensure they have the correct patient data at all times. Insurance claims require the correct information to be processed, and the practice must know where to send any bills for the patient portion of the charges. The wrong date of birth or a name spelled incorrectly can lead to payment being denied. All individuals who come into contact with a patient should verify the information with the individual at each visit, as personal information may change over time.
Individuals tend to change insurance frequently now. They may switch jobs or find a lower plan through the marketplace. As a result, medical practices need to make certain they verify insurance coverage before every appointment. In fact, a large percentage of hospitals spend tens of thousands of dollars each year solely on claim denials. No medical practice or business can afford this over the long term. Make certain the insurance is one accepted by the practice, ask about secondary insurance, determine the co-pay, and learn how many visits are permitted by the insurance provider.
Thanks to the increasing popularity of high deductible insurance policies, patients now owe more to doctors than they did in the past. Medical practices spend both time and resources attempting to collect these funds. Each practice needs to make certain they are informing patients of their financial responsibilities and collecting a portion of this payment at the time of the visit.
Numerous other problems are often seen by medical practices when the time comes to collect payment from either the insurance company or the patient. For this reason, many practices and organizations turn to medical billing companies for assistance. Although this may seem like an unnecessary expense, nothing is further from the truth. Practices and organizations find they save time, money, and resources when they go this route, making it worth the funds spent.