Billing processes for medical practices can be extremely complicated endeavors. Medical practices have to follow strict billing rules. These include following the necessary guidelines to file medical insurance claims.
Incorrect medical billing is a serious ethical violation. That's not to mention the hassle it poses for both practice and patient. Even the most professional practices can’t help but make billing mistakes from time to time. Errors and omissions (E&O) insurance can help practices protect their assets and patients in the event of billing errors.
Errors & Omissions Insurance
Billing mistakes might wind up causing severe financial problems for patients. A patient may sue the practice for the financial damages that this mistake caused. E&O coverage can help you in these situations.
E&O insurance can help your business in case your mistakes cause harm to clients. You might use this coverage to fight legal claims, compensate a client, and make reforms to prevent future mistakes.
Preventing Billing Mistakes at Your Practice
Even carrying E&O insurance doesn’t free you from the responsibility to prevent mistakes. Negligent practices could cause your insurance company to deny your E&O claims. You might still have to compensate a client for billing damages, but you won’t get insurance coverage for it.
Always take proper steps to protect yourself from billing mistakes in your practice:
- Proper billing practices start in the examination room. Before you begin treatment, make sure you verify a patient’s billing information. Also verify insurance coverage and contact information.
- Carefully note the treatment you provide. Always get a patient’s consent before you provide treatment. Inform them if they might expect billing because of this treatment.
- Teach your staff proper billing practices. Staff should know how to properly document treatment and file insurance claims. This ensures proper billing
- Keep a log of financial transactions within the business. You can use this log to monitor the processing of financial statements. It might even help you investigate mistake claims and pinpoint errors.
- Follow all billing accountability laws. Always respect a patient’s financial and medical privacy.
- Use trusted and verified medical accountants to process billing statements.
In the event of a billing errors claim, it is best to have a process to investigate these claims. A reporting system might help you catch mistakes that can save both you and the client time and money.
The Joseph A. Britton Agency, Inc. has your coverage needs in mind. If you need billing errors liability insurance coverage, one of our agents can help you get a fast, free quote now. Call us at (800) 462-3401 for more information.