An isolated medical billing error might not send shock waves. However, when these issues start to become a regular occurrence, they can have serious ramifications. Here are just some of the real consequences medical billing errors can present for your healthcare office.
Less Operating Capital
It doesn't matter if you're a large hospital or a small medical office, you need operating capital. From administrative costs to material costs, access to this capital keeps your business in operation. Many medical offices receive the majority of their payments from insurance providers.
For this reason, submitting erroneous claims to insurance providers and, therefore, not receiving payment can be problematic. Instead of receiving your payments right away, you will have to correct the issue and then resubmit the claim, which can take a significant amount of time.
More Negative Patient Experience
When your office makes an error, that error can create a stressful experience for both you and your patients. This is the case whether or not the error was made when submitting a claim to an insurance company or even if the error was made on a patient responsible invoice.
In the case of insurance submitted invoices, some insurance companies will contact the patient when there is an error. They may ask them for assistance correcting the issue or, even worse, inform them that they are responsible for the bills. Either scenario can be stressful and make a customer less likely to revisit your practice for care. Poor patient retention is bad for your bottom line.
Inaccurate Patient Records
In many facilities, the billing codes are directly linked to patient medical records. If there is an error with the billing information, it is also highly likely that the same error exists within a patient's medical record. This issue can be especially problematic because it reduces your ability to provide the necessary care for a patient.
While the error will likely be caught after thorough research, it can extend the time it takes for your healthcare team to assess patient care. To ensure proper care, patient records need to be consistent on every platform.
You can protect your medical office from these scenarios by relying on a medical billing service. With a service like Bill Medical, all your billing needs are handled, reducing the risk of an in-house error and helping you get paid faster. Talk to a representative for more information and ensure accurate medical billing.