3 Biggest Medical Billing Issues and How Outsourcing Can Help

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3 Biggest Medical Billing Issues How
Outsourcing Can Help?
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The Issues

• ICD-10
• Delayed Payments and revenue losses
• Costly billing teams

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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

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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

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Problem No.4 An expensive and often inept
billing team

• In-house coders are too expensive cost per
  biller 40,000 per annum
• Average claim denials is 4, which is very poor

• How outsourcing can help?
• Cost efficient services cost per FTE 13,000
  to 18,000 per annum
• Average claim denials lt 0.01

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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.

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• Mr.Vinothkumar C
• Business Head - Healthcare Services at Flatworld
  Solutions
• Email vinothkumar.c_at_flatworldsolutions.com
• Website www.medbillingexpert.com
• Source CureMD