Electronic Medical Claims Filing
& Medical Billing
The Problem: Insurance Companies Hate To Pay What They Owe
As many doctors know, the whole process of filing insurance claims is cumbersome, time consuming and energy-draining. The insurance companies have made it as difficult as possible to get paid. Obviously they have a vested interest in paying out as little money as they possibly can. One of the best ways they hang on to their money a little longer is by creating an extremely difficult set of hoops that doctors have to jump through to file and collect their insurance claims.
This arduous process is probably all too familiar to you already. First, one must spend an average of 10 to 15 minutes filling out the CMS 1500’s. This could take hours a day if one has numerous patients. If there are any minute details on the paperwork that are not filled out correctly, the insurance company rejects the entire claim and sends it back to you—unpaid. Then one has to figure out what the problem is, attempt to fix it, and then re-submit the claim and hope it is right the second time around.
The results of this frustrating process are startling: On average 32% of all claims are rejected, 5 to 15% are lost in the shuffle and never collected, and the average time it takes the doctors to collect their money is 60 to 90 days. It can be even longer for Medicaid claims.
In addition, aside from stretching the time it takes to receive payment, this process also presents one with another major problem: it takes a tremendous amount of employee and overhead cost for one to manage the entire claims filing process. In fact, the New England Journal of Medicine states that a typical doctor's overhead and billing expenses account for 43.7% of his/her gross income. This translates into an average of about one and a half clerical workers per doctor at an average annual cost of $51,564. This does not include the hidden costs like vacation time, insurance, and the like.
The Solution: Electronic Medical Claims Filing and Medical Billing Services
View the Services Offered with Outsourcing your Medical Claims Filing and Medical Billing
View the Benefits of Outsourcing your Electronic Medical Claims Filing and Medical Billing
Electronic Medical Claims Processing and Medical Billing FAQMedical Billing
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