Simple roadmap to holistic medical accounts receivable services
A lot of practices today complain with the rising complexities in medical bills. As a provider, you must understand that almost 80% of the medical bills that happen to be in the US contain some form of mistakes. On average doctors lose $125 billion per year which is $5 per healthcare practice with lack luster approaches in medical accounts receivable and billing. Almost 30% of the claims submitted on the first submission get denied while 32% cite that coding as a genuine reason for a rejection. Also, it costs $25 on an average to resubmit an insurance claim. Human errors are considered to be one of the major reasons for denied claims and mistakes in claims filing. It is important to note that almost 90% of the denials are potentially avoidable while 34% can be avoided absolutely. Also, changing regulations with coding can create serious problems which can hinder the process of medical accounts receivable bucket. In fact ICD-11 has 4x more number of codes and problems arise due to the s...
