But a surprisingly large portion of the mistakes is linked to the mortality rate and missed days from work. Most of the costs associated with such billing errors involve expenses due to unnecessary inpatient and outpatient care, ancillary services and prescription drug services. Another study shows that medical billing errors cost about $20 billion, a number that has increased right alongside the increase in U.S. Some studies put the error rate for medical bills at a conservative 30 to 40 percent, with others put it closer to 80 or 90 percent, says The Huffington Post. Sad thing is, you may not even realize how much your current medical billing system could be costing you. You can’t afford to lose an extra penny - especially due to a billing mistake that could easily be corrected. As a healthcare provider, you know the high cost of care and the competitive nature of the market. Medical billing errors are costing you money.
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