Medical billing revenue cycles and e-billing can be complicated processes. It involves a lot of paperwork, which can lead to mistakes.
Medical Billing Mistakes Cost Doctors Millions in Lost Revenue
According to a study published by the Journal of the American Medical Association, medical billing errors cost doctors about $3.8 billion each year in lost revenue. These mistakes can also lead to a loss of trust from patients and potential lawsuits.
Medical billing errors are the 2nd most common type of billing mistake, accounting for $1.2 billion in losses annually.
Handling Missing or Incomplete Patient Information
Missing or incomplete patient information can be a serious problem when processing an invoice for a medical procedure. It can cause delays in payments, which is not good for the patient and the medical facility.
Some ways to handle this issue are:
- The medical facility should make sure that they ask for all the necessary information from the patient before starting the procedure in order to avoid missing or incomplete information in their records.
- When processing an invoice, it is important to check if there is any missing or incomplete information and contact the insurance company if needed.
- If you notice any missing or incomplete information on an invoice, you should contact your supervisor and let them know about it.
Summary:
Errors in medical billing revenue cycles cost medical professionals millions in lost revenue.
