If you have been watching the news lately, you will find that a lot of rehabs are going out of business. This seems to be a trend that started late 2015. However, it is expected that more closings will occur in 2016. The main reason for this is that rehabs cannot figure out how to turn good profits for their treatment center. It is estimated that treatment centers will lose around 35% of their profits if their billing is not done correctly. Many treatment center owners are already seeing this happening.
You have to be smart about your billing these days. There are no rooms for error. Many billers today are seeing checks as low as $1,000.00 for their patient's treatment. It is not even enough to pay salaries. You are lucky if you can turn a profit. It is important that you hire qualified medical coders. If you are asking yourself how a coder is qualified, please read on.
Many treatment center owners are trying to figure out if they should keep their practice up and running or close it down. This is a decision that will have to be talked about. In the past, treatment centers were often receiving checks for $20,000 to $30,000 for treating patients for a 30 day stay in their facility. Today, treatment centers are not seeing these kinds of profits. There seems to be some kind of a war going on with insurance companies and rehabs.
It is important to ask your in house biller serious questions. Find out how well they know their job. If they never heard of ICD-10, you may as well fire them. Today's standards require you to use ICD-10. It takes a lot of experience to do well working with these codes. Most in house billers are not familiar with these new codes. However, the healthcare industry is finding that outsourced companies seem like they are better trained in handling outsourced claims.
Most coders that work for treatment centers are seeing claims being returned to them. It is hard to imagine your hard work getting rejected over and over again. Many treatment centers are asking themselves if it's worth having an in house billing team at all. What should you do? In my opinion, you should set up a conference call with a company that claims that they can get you a higher return than you are getting right now.
You have to be smart about your billing these days. There are no rooms for error. Many billers today are seeing checks as low as $1,000.00 for their patient's treatment. It is not even enough to pay salaries. You are lucky if you can turn a profit. It is important that you hire qualified medical coders. If you are asking yourself how a coder is qualified, please read on.
Many treatment center owners are trying to figure out if they should keep their practice up and running or close it down. This is a decision that will have to be talked about. In the past, treatment centers were often receiving checks for $20,000 to $30,000 for treating patients for a 30 day stay in their facility. Today, treatment centers are not seeing these kinds of profits. There seems to be some kind of a war going on with insurance companies and rehabs.
It is important to ask your in house biller serious questions. Find out how well they know their job. If they never heard of ICD-10, you may as well fire them. Today's standards require you to use ICD-10. It takes a lot of experience to do well working with these codes. Most in house billers are not familiar with these new codes. However, the healthcare industry is finding that outsourced companies seem like they are better trained in handling outsourced claims.
Most coders that work for treatment centers are seeing claims being returned to them. It is hard to imagine your hard work getting rejected over and over again. Many treatment centers are asking themselves if it's worth having an in house billing team at all. What should you do? In my opinion, you should set up a conference call with a company that claims that they can get you a higher return than you are getting right now.
About the Author:
A medical billing and coding organization should provide you with utilization management and verification of benefits. You should get a reputable billing and coding organization that works with hospitals and rehab centers of all sizes. We have been doing great coding for years for now.
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