WILMINGTON, Delaware, October 3, 2011 /PRNewswire/ --
Medical fraud and abuse is the most profitable healthcare crime in the US, and a string of recent high-profile cases in medical fraud in California, Florida, and Michigan have once again catapulted the topic center stage.
The US healthcare reimbursement is contextualized in a plethora of stringent and complex billing and coding regimen and, ironically, that itself makes it vulnerable to potential abuse, fraud, and waste by its various stakeholders. According to a report by Thomson Reuters, the US healthcare system wastes around $505-$850 billion every year, out of which the waste caused due to fraud and abuse constitutes $200 billion, or 22% of healthcare waste every year.
What are the most effective ways of handling this revenue loss in an industry that consumes nearly 16% of the national GDP?
This is precisely the area where the third party billing companies can come to the aid of healthcare providers. Billing companies play a crucial role in assisting physicians in processing claims in accordance with applicable regulations. Apart from that, they provide timely and accurate advice vis-à-vis reimbursement issues as well as overall business decision-making. Further, individual medical billing and coding companies cater to a variety of providers with different specialties and can therefore play a pro-active role in establishing and ensuring compliance responsibilities with their clients.
MBC, the largest consortium of billers and coders in the US, catering to billing and other reimbursement requireme
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