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Medical Billing Mistakes
It is estimated that doctors in the U.S. leave approximately $125 billion on the table each year
due to poor billing practices. This is a stark reminder for physicians that providing optimal
patient care is only one of the big factors in becoming a successful in the industry.
Two of the most common factors contributing to a loss in profits:
Billing Errors
It is estimated that up to 80% of medical bills contain errors. Insurance companies are very strict on correct medical billing and coding practices, and even the smallest mistake can cause an insurance company to reject a medical billing claim. This starts a long process requiring the doctor to fix the error, submit the claim a second time, and then wait (and hope) for the new claim to be accepted and processed. Medical billing errors can cause a doctor to have to wait several months or more before receiving payment for their services.
Failure to Stay Up-to-Date on Medical Billing Rules & Regulations
These rules are constantly changing, requiring physicians and administrators to spend time and money on continuing education, software, or staff training to stay current, having a direct effect on the cash flow and profits of a practice.
Not only are the rules and regulations concerning medical billing changing, but they are also changing for health care as a whole. Updates and major changes administered with the Health Care Reform bill have increased the number of insured Americans by more than 30 million, so proper medical billing procedures are more important than ever.
Medical practices now have to worry about insurance companies’ unique rules along with new and changing coding standards. With the burden of knowledge being so heavy, they’re losing money due to lost or ignored claims, denials, and underpayments.
Using C&E Medical Billing as Your C.B.O.
Using C&E Medical Billing Service as your Central Billing Office is the right choice. Here’s why:
C&E Medical Billing Service charges on a percent-basis, meaning we will only charge a percentage of the revenue we bring in for your Practice. With this in mind, we are very diligent about faster collections and resubmitting claims. Your current employees don’t have time to run through denied claims. C&E Medical Billing Service is dedicated to this.
Employing a staff for billing purposes can get expensive. Even to hire just one new person, a practice has to think about the costs of training, the employee’s salary, benefits, and taxes, as well as compensation for turnover. C&E Medical Billing Service eliminates the headache of training and familiarizing a staff with your billing software, procedures, coding, etc. We already have trained professionals, who only make money when you do.
The amount of time doctors and nurses spend on billing and staffing concerns can be eliminated. This freed-up time can be used to care for patients – which is what you’re goal is in the first place.
C&E Medical Billing Service has up to date Billing & Coding expertise and is compliant with the latest health care laws, like HIPAA and the Health Care Reform bill, so you can rest assured that the law is being followed.
Since most Practices differ in the Services required to meet their individual needs, C&E's fee vary from client to client.
The main variables in our fee structure include:
Specialty
Monthly Claim Volume
HMO to PPO Claim Ratio
Practice Reporting and Claim Appeal Requirements
Our fee for services will range between 6.5% - 9.0% of your monthly collections.