The Top 3 Most Expensive Mistakes Doctors Make with Medical Billing
Pitman, New Jersey (PRWEB) April 16, 2008 -- In an attempt to save money, doctors are making three very costly medical billing mistakes that are financially killing their medical practices.
According to APEX Medical Billing Solutions (http://www.apexmedicalbilling.com), one of the nation's most respected medical billing service firms, here are the top 3 most expensive mistakes doctors make with medical billing:
1. Inefficiently and lost productivity: When doctors spend time on medical billing paperwork, they are not seeing patients. It is far more profitable for a doctor to spend time treating patients than performing medical billing. Doctors can easily increase the profits of their medical practice by tens of thousands of dollars per year by seeing more patients and outsourcing their medical billing claims processing.
2. Billing errors. Insurance companies are very strict on how medical billing needs to be coded. Even the smallest mistake will cause an insurance company to reject a medical billing claim, forcing the doctor to fix the error(s), resubmit the claim, and then hope the new claim will be accepted and processed. Medical billing errors can cause a doctor to have to wait several months or more before being paid. To add to this problem, medical billing rules and regulations are constantly changing, requiring a doctor to spend time and money on continuing education to stay current. This kills cash flow for a medical practice.
"Our extensive medical billing knowledge and compliance with the latest regulatory changes reduces a physician's need to invest time and money in continuing education and familiarizing their staff with ever-changing standards for insurance coverage," says Anthony Gawronski, managing partner of APEX. "Our job is to increase a doctor's cash flow and profits by focusing on follow-up and retrieval of payments. We also evaluate the reimbursement by procedure code and suggest increases when necessary."
3. Lack of follow-up with insurance companies. An area where most medical practices really hurt themselves financially is a lack of follow-up to see if claims have been accepted by the insurance company and when payment will be issued. By not consistently following up to see if claims are being processed by insurance companies, medical practices lose tens of thousands of dollars a year.
About APEX Medical Billing Solutions
Headquartered in Pitman, NJ, APEX Medical Billing Solutions is one of the nation's most respected medical billing service firms. They are a full-service medical billing and recovery service that staffs seasoned medical billing professionals. APEX is HIPPA compliant and monitors both diagnosis and procedure coding. For more information, visit http://www.apexmedicalbilling.com or call 856-435-6667.
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