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Docs Give Insurers a Taste of their Own Medicine
by Eli Staub | Tuesday, June 24, 2008
This just in: doctors are fed up with insurance companies' failures to pay doctors on time and in full for the services they provide. So doctors, in response to the insurance companies frequent ratings and rankings of medical professionals, have developed their own report cards to rate the companies right back!
According to the American Medical Association's press release, physicians spend as much as 14 percent of their total revenue trying to ensure accurate payments for their services from insurance companies. Additional findings from their report include:
- We waste $210 billion every year because of how inefficiently and unpredictably the insurance companies process medical claims. Just imagine what medical services we could provide with $210 billion!
- Insurance companies pay nothing in response to physician claims as much as 7 percent of the time.
- Insurers are not consistent in how they explain denials to doctors, which means that physicians must spend inordinate amounts of time and money figuring out how to appeal.
Get ratings of individual insurance companies and find out more about the study here.
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