According to Medical Economics, 80% of medical bills contain mistakes, and plenty of coding mistakes happen, despite the increased use of automation in billing and coding today. Billions of dollars are lost each year due to medical billing mistakes, and mistakes result in a loss of reimbursement, which means your practice is losing revenue. Unfortunately, it’s smaller facilities and practices where little mistakes are often overlooked, which results in underpaid or unpaid claims, damaging their overall financial picture.
One of the best things your practice can do to deal with costly medical billing mistakes is to look at the most common points of failure and find solutions that help prevent mistakes in the future. Here’s a look at some of the most common points of failure for billing and coding, as well as some actions that can be taken to solve these problems.