On average, 12% of claims submitted by private practice owners go unpaid due to submission errors. That’s a full 12% of revenue that goes uncollected for services rendered.
Let’s estimate how much your practice might be losing because of faulty claim submission and follow up. This chart assumes average payment of $200 per claim.
The margin of loss per monthly submissions is $1,200 for ever 50 claims submitted.
A single mid-sized private practice provider submits approximately 4,000 claims annually.
No longer do you have to waste your time and energy trying to ensure that your claims are being reimbursed quickly and accurately.
There are 7 opportunities to correct a claim for proper processing. The likelihood of a claim being corrected at each stage works from the bottom up and errors are more likely to be caught at the earlier stages than the later ones. If the larger claim is outstanding, it is more likely to be overlooked, and proper payment is forfeited.
The billing and collections specialists at EcareMD would be more than happy to evaluate your needs and devise an efficient custom made system tailored for your practice. Contact us today for more information.
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