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January 2007 Will Bring Cuts in Reimbursements

January 2007 Will Bring Cuts in Reimbursements

This January will bring something even larger than the reported 4.7%; now it has been reported to be 5.1 percent.

As you know the maximum Medicare can cut your payments in one year is 5.1 percent and normally those cuts are done in a number of cuts over each year for certain types of payments, this year it will happen all at once in January.

The cut comes from the costs to reimburse certain programs are sky rocketing and Congress keeps canceling the annual cuts without considering the following year’s growth rate for funds that will be needed. In order to level off the amount of claims versus payments, Medicare is forced to make cuts.

You need to make sure you’re getting maximum reimbursements more so than ever. If you aren’t already partnering with a medical billing company, it’s time. Not only will a medical billing company help you recoup your maximum reimbursements for the services you render to your patients, both Medicare and regular insured, they will also make sure that your error rate goes down from the average of one-fourth of your submitted claims to less than 1%.

Your rate of kickbacks and denials will fall as a result of the checks and balances they have in place to make sure the claims are accepted the first time they are submitted. This means faster reimbursements and a steady revenue flow for your practice. Additionally, most practices report they see an increase in their revenue reimbursements of up to 25% – there is no downside to outsourcing your medical billing; look into the benefits of outsourcing your medical billing today!

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