What’s So Great About Electronic Medical Billing Claims?
What’s So Great About Electronic Medical Billing Claims?
In short – everything. This is one of the few scenarios where there truly is no downside. Medicare alone receives more than 500 million claims on the average per year and they only accept electronic medical billing claims.
Filing your medical billing claims or having them filed electronically by your medical billing partner will cut your turn around time on your reimbursements from an average of 90 days for paper or self filed claims to about 14 days for most claims. That alone should be enough to encourage you to outsource your medical billing.
Electronic claims will enable you to create a revenue stream that you can count on and this in turn will help you grow your practice to a more successful level because your payment turnaround time will be so greatly reduced. Another bonus of filing your medical billing claims electronically is that this form of sending in your claims will reduce your average reporting error rate to less than 1% to 2% on the average.
Another fact that will make electronic filing seem appetizing will be when you learn that nearly 35% of all paper claims have errors that result in rejection of the medical billing claims. Someone in your office has to take time out to file those claims again and make sure they are submitted properly. These are great reasons to consider outsourcing your medical billing claims to a professional service that can take the time to submit your medical billing correctly the first time and get your practice the maximum reimbursement.
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