Many medical professionals rely on medical billing and transcription companies to help them file health insurance claims and keep up-to-date on patient records. Handling sensitive, confidential information can leave the medical billing companies open to mistakes. These examples of errors and omissions are the reason transcription companies benefit from medical billing e&o insurance.
Most transcriptionists type over 55 wpm. They handle hundreds of claims a day. Unfortunately, a single typo in the person’s name, date of birth, address or insurance information can cause an insurance company to delay or deny payment on that patient’s claim. This is why medical billing e&o through companies like www.axisins.com can help cover these potentially costly errors.
The prevalence of electronic medical records means more and more patient information is digitized. Cyber thieves can come in and hack your computer or system and steal that information for nefarious deeds. Unfortunately, that leaves your company in an unpleasant situation.
Part of operating in the digital age is having the right software program for the job. These programs often need periodic updates. Failure to provide those updates could create a problem with the medical provider, insurance provider and your company working together to handle claims.
If a lawsuit is filed against your company for errors or omissions, medical billing e&o steps in. These are only a few examples of the types of claims filed against medical transcription companies.