Did you know that approximately 80% of all medical bills contain errors? Insurance companies are very strict about correct medical billing and coding practices, so these errors will often result in a rejection of payout. When this happens, it’s easy for providers to get stuck waiting months for payments. Resubmitting claims multiple times is a waste of time and effort, not to mention cost.
Eliminating these errors prior to the first submission is a critical way to decrease your overhead costs while also improving the turnaround time for payment from the insurance companies. This will result in less stress, better practice management, and an increase in cash flow.
Avoid These Errors When Submitting Claims
Here are some of the most common errors providers make when submitting claims:
Incorrect patient information
Incorrect provider information
Incorrect insurance information
No EOB (explanation of benefit) on a denied claim
Missing or unclear denial codes or claim number references on a denied claim
Be sure to double-check claims before submitting them to help decrease the number of billing problems. After submitting the claim, follow up with the insurance company and quickly correct any errors they may have encountered. It may also be helpful to track the errors that have been made to identify any patterns. By figuring out what information is frequently missing or entered incorrectly, you’ll be better able to train your team moving forward.
The Best Way to Manage Claims
The most efficient billing system will operate with little to no editing and resubmission. This can only happen if the claims are submitted correctly in the first place. If a medical office doesn’t have the resources or know-how to manage billing, one option is outsourcing this vital task to professionals who specialize in medical billing. They’ll know how to submit claims correctly, thus enabling the insurance companies to process them and pay them quickly.