Medicare appears to be the more badly hit because of increasing health insurance expenses
An aging populace and a very slowly recovering economy are taking their toll on the long-term condition of Medicare and Social Security, the United States’ government’s biggest benefit programs. The astonishing discoveries pertaining to the situation have been summarized by PRN Funding, an Ohio-based healthcare factoring company. Though Medicare appears to be in a more serious condition because of soaring health care expenses, the trustees who manage the programs say both programs are nearing bankruptcy.
Worse than Earlier Expected
As the trustees point out, Medicare’s hospital insurance fund for seniors would become insolvent in 2024. Social Security’s retirement fund has more time – it was expected to run out of funds only in 2038. The disability fund of the same program however was predicted to run dry by 2018. Unfortunately, the disability fund is not going to last as long as earlier predicted according to the Congressional Budget Office. Going by March 2012 predictions, it is going to last only till 2016. The reason for this distressing difference of two years is that the number of applications from people becoming jobless have gone up.
Reduce Claim Rejections and Improve your Revenue
You can reduce Medicare claim denials and improve cash flow into your practice by getting help from a healthcare outsourcing company. A reliable HIPAA compliant BPO company can help you eliminate medical billing errors – a major cause for claim rejections. Superior medical billing services offered would include efficient handling of all areas of the medical billing process, timely submission of claims, and reporting and follow-up on rejected claims. Outsourcing to such a service provider would actually reduce your billing associated operating costs by at least 30 percent.