Billing Errors Inflate Healthcare Costs
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The current system for medical billing is riddled with errors that impact patients and healthcare costs significantly – in fact, according to Becker’s Hospital Review, an astounding 80% of all medical bills have inaccuracies.
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Healthcare billing errors create a domino effect.
Mistakes in bills push patients into a tedious cycle of verifying benefits, wasting time calling insurance companies and communicating with providers. This hassle can deter individuals from seeking essential preventive services, such as screenings or vaccines due to the fear of cost or complexity. And, more often than not, people just pay the bill because “it's easier.”
When billing errors go unchecked, they can inflate claim costs, causing unnecessary financial strain on a company's healthcare budget—especially those that are self-funded. And financial repercussions are just the tip of the iceberg. When an employee is faced with billing inaccuracies, the stress and complexity of resolving the issue can impact their work focus and productivity.
Billing errors and surprise bills spawn a labyrinth of follow-ups involving insurance companies, billing agencies and additional administrative overhead. This not only results in potential litigations or audits but can immediately tarnish an excellent patient experience, potentially leading to poor patient scores and negative reviews.