Tranquilmoney Reports: $125B in Rejected Insurance Claims Challenging Private Practices - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • AdvisorNews
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
May 14, 2018 Newswires No comments
Share
Share
Tweet
Email

Tranquilmoney Reports: $125B in Rejected Insurance Claims Challenging Private Practices

PR Web

SOUTH ORANGE, N.J. (PRWEB) May 14, 2018

U.S. doctors leave approximately $125 billion uncollected each year due to poor billing practices, serving as a reminder that providing optimal patient care is only one of the big factors in becoming successful in the industry.1 Another major factor is medical practice management, which should ensure that the practice is fiscally sound – but has traditionally been a pain point for physicians. According to Dr. Karun Philip, Tranquilmoney President and Co-founder, there are alternatives to help the physician's office stay ahead of the curve regarding billing and collections.

Per Philip, there are two main reasons that doctors' offices don't always get properly reimbursed: (1) insufficient office staff that are adequately trained on how to complete the forms accurately, checking diagnostic codes, making sure everything is complete, etc.; and (2) the constantly changing landscape of rules and regulations governing what the insurance company and public payers will pay for.

When examining the issue of inadequate trained office staff further, one finds that up to 80% of medical bills contain errors.2 Insurance companies are very strict on correct medical billing and coding practices, so that the smallest mistake can result in a rejected claim. Kaiser Health Care estimated in 2010 that $68 billion in lost healthcare revenue could be attributed to fraud and medical billing mistakes.3 Billing errors can cause a doctor's office to have to wait several months or more before receiving payment for their services, if they get paid at all.

Philip adds that the second thorn if a physician's side – the failure to stay up-to-date on medical billing regulations – is made more difficult due to constantly changing rules, requiring physicians and administrators to spend time and money on continuing education, software, or staff re-training to stay current, having a direct impact on the cash flow and profit of the practice.

Compounding the issue, there is a zero-tolerance policy by Medicare and Medicaid for errors and suspected fraud, so that practices may be prevented from billing Medicare or Medicaid services for years.

The risks are not just financial; failure to bill correctly can impact a patient's treatment due to an incorrect diagnostic code.4

Industry experts estimate that 25-30% of all healthcare claims are denied or rejected. 5 Practices do their best to keep their billing rejections below 5% if possible. Time spent attempting to manage claims denials just delays timely reimbursement even further – especially as most providers use manual processes. But this is avoidable – if the doctor has the technology tools to manage income from insurance companies, medical coding and regulations.

Dr. Philip suggests considering outsourcing your billing and collections. "If you are still handling your medical billing in-house and your billing errors are high, and if you do not follow up on denials, you may want to seriously consider outsourcing these duties."

Doing so will gives physicians access to a staff of experienced coding and billing professionals and a range of other services that can help their business reduce costs and increase revenue. Medical practices and health care organizations often find they save time, money, and resources when they use an experienced medical billing company, making it well worth the funds spent.6

Specific technology tools from Tranquilmoney give the independent practicing physician the ability to manage office insurance payments, regulation compliance, and medical coding -- thereby increasing the focus on patient care.

About Tranquilmoney:
Tranquilmoney was incorporated in 1995 to provide solutions aimed at reversing the trend of doctors in independent practices feeling at a loss with the increased complexity of the business and regulatory side of the healthcare industry. The pattern of physicians selling their practices to large hospitals is one that is avoidable. Tranquilmoney has the tools in place to provide physician practices with financial management services, such as physician receivables management, pharmacy receivables management, healthcare insurance forms processing, and data capture services. In short, doctors can focus on patient care knowing that their practices are in order. The company is based in South Orange, New Jersey with back office facilities in Chennai, India. Tranquilmoney Inc. operates as a subsidiary of MM Group. For more, please see: http://www.tranquilmoney.com/

1 "Medical Billing." Hospital Billing Errors | Medical Billing Services, Healthcare Business & Technology, 21 Apr. 2011.
2 Loria, Keith. "Easy Tips for Physicians to Reduce Billing Errors." Medical Economics, 2 Aug. 2017.
3 "Medical Billing Errors Create Significant Costs For Patients." Kaiser Health News, 5 Apr. 2010.
4 Medical Reimbursement Services. "How Medical Billing Mistakes Can Hurt Your Practice." Medical Reimbursement Services, 30 Nov. 2017.
5 "Avoiding Denials: 5 Ways to Improve Claims Reimbursement." Rev-Ignition, 29 Oct. 2016.
6 "How Medical Coding Mistakes Affect Your Revenue?" Latest Updates on Medical Billing - MedicalBillersandCoders.com, 13 Nov. 2014.

Read the full story at http://www.prweb.com/releases/2018/05/prweb15479372.htm

Older

Nekton’s Discovery of 100+ New Species Around Bermuda Confirms a New Zone in the Ocean

Newer

Who is a High Risk Drivers and What Determines Car Insurance Prices

Advisor News

  • Do you really think you can beat the market?
  • William Lako: Market reactions and investor perspectives amid the debt ceiling debate
  • Owner of Westchester-based company stole from retirement accounts
  • Americans owe $1 trillion in credit card debt
  • Former Wells Fargo executive Tolstedt agrees to settle SEC fraud charges
More Advisor News

Annuity News

  • Annuity sales on steady ‘positive trajectory’ through 2027, LIMRA predicts
  • Venerable to recapture annuity blocks from Athene
  • Indexed, MYGA annuities set Q1 sales record, says Wink
  • Global Atlantic announces $19.2 billion reinsurance agreement with MetLife
  • Prudential Financial to reinsure $10B block of traditional VAs with Constellation affiliate
Sponsor
More Annuity News

Health/Employee Benefits News

  • Retired NYC workers sue to block Mayor Adams’ latest Medicare Advantage plan
  • Many people living in the ‘Diabetes Belt’ are plagued with medical debt
  • Special agents bust insurance fraud crime ring led by former AFLAC employee
  • Denials of health insurance claims are rising — and getting weirder
  • Medicaid cutoffs: an American horror story
More Health/Employee Benefits News

Life Insurance News

  • Pan-American Life acquires Encova’s life insurance affiliate
  • Tennessee regulators search for Southland policyholders after liquidation
  • Next wave of life expectancy gains is on the horizon, says Swiss Re report
  • Nationwide adjusters make 6 demands to rectify overwork concerns
  • John Hancock announces collaboration with ŌURA
More Life Insurance News

- Presented By -

Top Read Stories

  • Why MYGAs are enjoying a renaissance
  • Annuity sales on steady ‘positive trajectory’ through 2027, LIMRA predicts
  • Product bundling, information key to annuity, LTCi purchases, studies show
  • Former head of Arkansas State Medical Board raided by Drug Enforcement Administration
  • Conning: Growing demand for in-plan annuities creates opportunity for insurers
More Top Read Stories >

Press Releases

  • RFP #T01623
  • Insurity Event Response Guide: P&C Insurers Can Dramatically Reduce Time Spent on Event Response with Intuitive, Proactive Data Analysis
  • Shae Lucabaugh Joins TBX® as Senior Director of Operations
  • Insurity to Provide Sure Claims Payments as a Standalone Offering, Allowing Insurers to Go Live with the Cloud-Based Solution in Just 4 Weeks
  • Insurity and VIPR Solutions Unite for Seamless, Automated Program Management
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet