Revealing the Financial Impact of Delayed Medical Billing

 


The impact of prolonged turnaround times from billers in medical billing is frequently underestimated, yet it has far-reaching consequences for everyone involved. Delays in processing times impose financial burdens on healthcare organizations and patients. By gaining insight into the concealed costs and inefficiencies, we can enhance the process and achieve more favorable financial outcomes.

In our previous discussions, we explored how initial delays in medical billing can arise from factors beyond the biller’s control. However, it is not uncommon for additional delays to occur once an apparently completed claim is handed over to the biller, mainly due to the overwhelming volume of incoming claims that billers must manage.

The average claim submission time in medical billing is typically one to two months. However, to provide a real-life example, we collaborated with a practice that uncovered an astonishing average time of 110 days, equivalent to over three and a half months.

Through the utilization of technological advancements, they successfully reduced the biller’s processing time to just one day. While delays are prevalent in medical billing, they come with substantial costs. Let’s delve into the numbers to gain a deeper understanding of the magnitude of this issue.

Emerging studies have shed light on the unexpectedly sluggish turnaround times in medical billing, with averages ranging from one to two months. These findings emphasize the significant time commitment required by billers and the overwhelming volume of claims they handle. However, by harnessing the power of technological advancements in the field of medical billing, we can unlock the potential for substantial time and cost savings.


https://www.allzonems.com/financial-impact-of-delayed-medical-billing/

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