Medical Billing Facts:
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Fact: Insurance carriers spend in
excess of $19 billion annually processing paper claims.
Fact: Healthcare providers spend more than $7 billion
annually just submitting claims to carriers.
Fact: According to the New England Journal of Medicine,
the U.S. Healthcare System wastes up to 24 cents out of
every dollar on administrative and billing costs, or in
excess of $6 billion annually.
Fact: 30 to 35% of all paper claims are rejected
due to typo's, errors and omissions.
Fact: Less than 1% of electronic claims are rejected.
Fact: An electronic claim takes just seconds to prepare.
Fact: Most electronic claims are processed for payment
by carriers within 24 hours.
Fact: Electronic claims cost healthcare providers
between $1.50 and $3.00 depending on volume, specialty and
other factors.
Fact: Using paper claims submission, reimbursement
takes an average of 90 to 120 days.
Fact: Electronic claims are paid within 7-21 days.
Fact: Reports show that the average healthcare provider
has more than $150,000 in outstanding accounts receivables.
Fact: Electronic Claims Submission can reduce outstanding
accounts receivables by more than 60%.
Fact: Coding errors for surgical procedures eats
up about $6 billion annually in unneeded costs.
Fact: Medicare provides healthcare coverage to some
35 million people over age 65.
Fact: The social Security Administration estimated
some 2.2 million people turned 65 in the year 2003.
Fact: That number will rise to 4.2 million in the
year 2027. In all, 74.9 million people will turn 65 during
the next 25 year period, creating a future of opportunity
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