According to Etactics, almost 50% of all Medicare claims that are submitted contain errors. If you’re wondering how medical billing errors affect your practice, you might be surprised by the answer. When it comes to solutions for medical billing mistakes, the sooner you implement changes, the better. Continue reading to learn more about some of the ways billing errors can impact your medical practice.
Payment Delays That Affect Cash Flow
Fluctuations in cash flow can make it increasingly difficult to accurately project revenue and plan a monthly or annual budget. When delays and denied claims add up, the chance of falling behind on paying expenses becomes a risk. Properly coded claims that are submitted in a timely manner can help your practice avoid this risk. If you’re tired of not knowing how much money the practice will receive on a monthly basis, it’s time to take a closer look at some practical solutions for medical billing.
Your practice isn’t alone in its frustration with billing errors; your patients are also affected. When patients are expecting their insurance or Medicare to cover the cost of their medical care, it’s understandable that they become upset upon learning that they’ll have to cover those expenses themselves. In order to keep a vibrant practice, it’s important to meet your patients’ expectations. Poor billing habits can quickly cause your practice to go from thriving to just barely getting by. Ideally, your staff should make corrections and have a handle on correct billing practices before any of these issues arise.
Audits and Investigations
No one wants to have to go through the stress and turmoil that audits and investigations can cause. If the billing team at your office isn’t doing a good job and isn’t corrected in a timely manner, you could find yourself looking at a pretty substantial problem. Fines can be levied against the practice, making a bad situation even worse. And when the practice’s reputation takes a hit, the monetary losses can be difficult to accurately measure. Taking steps now to handle all billing correctly can help you avoid these outcomes.
Is it time for your practice to implement effective solutions for medical billing? Contact Sentinel Billing today to learn more about how our services can help your practice eliminate costly billing mistakes.