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3 Biggest Medical Billing Issues and How Outsourcing Can Help

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VinodkumarC
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3 Biggest Medical Billing Issues and How Outsourcing Can Help

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  1. 3 Biggest Medical Billing Issues & How Outsourcing Can Help? 1

  2. The The Issues • ICD-10 • Delayed Payments and revenue losses • Costly billing teams 2

  3. Problem No.1: ICD-10 ICD-10 Implementation is projected to increase: • Claim denials by 200% • AR days by 40% • Claim errors by 7% How outsourcing can help? • Access to trained and experienced ICD-10 coders • 97% claims paid on first submission • Significant reductions in A/R days • Additional proofreading services reduces claim errors by 99.99% 3

  4. Problem No.2: Getting paid on time and revenue losses • Average waiting time to get reimbursed: 15-45 days • Revenue losses due to inaccurate practices, collection delays and filing errors How outsourcing can help? • Claim testing through thousands of codes, variables and modifiers in less than 6 seconds • 2/3rd reduction in claims filing time • Improved turnaround time by 8-10 days • 25% increase in collection within the first few months 4

  5. Problem No.4: An expensive and often inept billing team $45,000 $40,000 • In-house coders are too expensive; cost per biller = $40,000 per annum $40,000 $35,000 $30,000 $25,000 • Average claim denials is 4+%, which is very poor $18,000 $20,000 $15,000 How outsourcing can help? $10,000 $5,000 $1,600 $18 • Cost efficient services; cost per FTE = $13,000 to $18,000 per annum $0 In-House Outsource Expensive Average claim denials • Average claim denials < 0.01% 5

  6. Why outsource to MedBillingExperts? • Help you focus on patients • Complete data security • Timely, flexible and accurate reporting • HIPAA compliance • Highest level of transparency and accountability • Scalability Contact us for more info. 6

  7. Mr.Vinothkumar C Business Head - Healthcare Services at Flatworld Solutions Email: vinothkumar.c@flatworldsolutions.com Website : www.medbillingexpert.com Source: CureMD 7

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