Healthcare is going through a period of time where there is no more leeway for billing and claims mistakes. Hospitals and clinics are in a situation where every single penny counts, and no longer are the days when missing out on medical claims leaves no noticeable impact on a practice. Medical billing mistakes are a common cause for lost profits. Let's review some of the most common medical billing mistakes, and how some hospitals, providers, and clinics are creating a more patient-focused environment in order to improve collections. Common Medical Billing Mistakes A recent article published in Healthcare Business Tech illustrated two of the most common medical billing mistakes that contribute to a loss in profits. According to the publication, …show more content…
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." When this occurs, there is a long process that ensues in which the doctor, provider, or hospital must fix the error and resubmit the claim, and then wait for a period of time to see if it's been accepted and processed. This sometimes lengthy process can result in a waiting period of months before the service provider receives any payment. Failure to Stay Current on Rules and 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." In addition to the rules and regulations concerning medical billing constantly changing, the regulations on healthcare in general are also changing causing confusion. Proper medical billing processes are more important than ever because the updates and changes in regards to the Health Care Reform Bill have increased the number of Americans with insurance by more than 30