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As per the Harvard Business Review, the top hospitals have lost hundreds of millions of dollars of income due to revenue leakages. As per American Hospital Association, all kinds of U.S. hospitals reported approximately $620 billion in uncompensated care costs since 2000.<br>The phenomenon is especially common in the Durable Medical Equipment (DME) billing & coding industry because of the inherent cumbersome nature of DME billing. Revenue leakages are a major concern in the healthcare industry. They are the difference in the claimed amount that healthcare providers are entitled to receive versus the amount of the reimbursement they actually receive. <br>
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Top Reasons Why Revenue Leakages happen in DME Billing and Coding http://www.247medicalbillingservices.com
Top Reasons Why Revenue Leakages happen in DME Billing and Coding As per the Harvard Business Review, the top hospitals have lost hundreds of millions of dollars of income due to revenue leakages. As per American Hospital Association, all kinds of U.S. hospitals reported approximately $620 billion in uncompensated care costs since 2000. The phenomenon is especially common in the Durable Medical Equipment (DME) billing & coding industry because of the inherent cumbersome nature of DME billing. Revenue leakages are a major concern in the healthcare industry. They are the difference in the claimedamount that healthcare providers are entitled to receive versus the amount of the reimbursement they actually receive. http://www.247medicalbillingservices.com
Top Reasons Why Revenue Leakages happen in DME Billing and Coding Top reasons revenue leakages happen in DME billing and coding: Denial of claims: 20% of all revenue loss is due to denial of claims. Claims can majorly be denied if: Demographic Information of the patient is incomplete. Information is missing or invalid. Medical Necessity of DME usage is not clearly mentioned. CPT code, Modifier, PIN, or NPI is incorrect or missing. Duplicate claim or service is found. Inaccurate codes: Another common reason for revenue leakage is incorrect coding of accessories or equipment. http://www.247medicalbillingservices.com
Top Reasons Why Revenue Leakages happen in DME Billing and Coding Non-compliance: All the guidelines laid down by the Health Insurance Portability and Accountability Act (HIPAA) and the Office of the Inspector General (OIG) must be followed to the last bit in order to prevent complete rejection of your claims and thereby leakages in revenue. Lack of real-time monitoring: There’s no substitute to correct and real-time data. If that’s not available and there are discrepancies in your data, be sure of major revenue leakages. Incorrect data: Inaccurate data entry in the database can give rise to mismanagement of funds and thereby revenue leakage. Failure to Follow-up: Failure to follow-up regularly can sometimes lead to non-payment of claims. Lack of expert guidance: By now you know that DME billing is an exhaustive process and must not be handled without expert guidance. http://www.247medicalbillingservices.com
Top Reasons Why Revenue Leakages happen in DME Billing and Coding About 24/7 Medical Billing Services 24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%. Call us today at 888-502-0537 to know more on how we can help boost profitability for your practice. Media Contact: Hari Sudan, Media Relations, 24/7 Medical Billing Services, 16192 Coastal Hwy, Lewes, DE – 19958 Tel: + 1 -888-502-0537 Email - info@247medicalbillingservices.com http://www.247medicalbillingservices.com
