A recent report revealed that there are errors in as many as 30 – 40 percent of all medical bills. That amounts to around $125 billion in lost profits for American medical practices around the country. When your practice bills in-house, it’s vital to spot such mistakes quickly. Knowing the reasons behind those mistakes is also key to fixing them and keeping them from happening again. With this in mind, here are two reasons why you need a better medical billing solution for your practice.
Why Is Medical Billing an Issue?
Medical practices cannot operate without adequate cash flow. The only way to keep money flowing in is to manage the billing system properly. Without a speedy and streamlined system of invoicing, practices cannot receive payments on time. Insurers are more likely to reject claims and patients are likely to avoid their payment responsibilities. As a result, delays occur, and cash flow dries up. It’s no wonder so many practices are struggling to cope.
The Medical Coding System’s Complexity
Medical coding is constantly going through changes and updates. It’s no wonder that practices are struggling to keep up with the pace of change. Medical billing errors often occur simply because the coding used is incorrect or codes are missing from the bill completely.
While the original idea behind ICD was to make the healthcare system more efficient and safer, this has not happened. Designed to reduce billing errors because of the specific services for every code, ICD has only caused more difficulties. Practices have found it difficult to learn the complex coding system and to stay up to date with it. Not only that, but insurers have also taken a stricter line when it comes to coding and medical billing practices. Now, even tiny errors cause medical billing claims to be instantly rejected. As a result, the billing cycle becomes longer, and months may go by before services rendered are finally paid for.
Constantly Changing Medical Billing Regulations and Rules
The second challenge that faces medical practices today is finding ways to cope with changing medical billing regulations and rules. The Medicare E&M code changes in 2019 have only added yet another set of billing codes to remember. Practice staff members are already struggling to keep abreast of the system. They often also lack the skill and time to read, then, implement those changes. Medical staff members are rapidly becoming frustrated with how to stay compliant with a large amount of changing regulations.
Tackling the Problem with A Better Medical Billing Solution
Finding a more efficient medical billing solution is a high priority for today’s struggling practices. BillingTree can offer a cutting-edge system to streamline the presentment and payment of medical bills. With online payment portals tailored to the needs of the healthcare industry, BillingTree is leading the way for practices. This solution saves staff time. And, in turn, that saves money. Staff members will no longer need to spend time manually processing invoices. Even better, BillingTree’s solutions are fully compliant. So, this takes another level of pressure off medical staff since compliance is a complex yet vital problem.
Keeping cash flowing into the practice is paramount. However, tackling the problems associated with medical billing may seem to be an insurmountable difficulty. When it comes to keeping up with constant fluctuation in coding and regulations, a better billing solution is the answer. When staff members can use online systems to process invoices and payments, they can focus on other things. BillingTree’s compliant medical billing solution is easy to implement and works seamlessly with existing practice systems. As a result, the process of getting paid for healthcare services rendered becomes simpler and quicker.