The following is a sponsored post written by MEDBILLiQ, in reference to their billing app that allows customers to take pictures of their medical bill in order to review them for inaccuracies and also negotiate on their behalf.
How often has someone entered a hospital or emergency room for a simple procedure and walked out with an outrageously high bill? As you review the complicated bill you notice how that CT scan the doctor ordered is as much as three months of your mortgage. You could spend weeks trying to contact the hospital billing department to no avail. Statistically, how many hundreds of thousands of patients have been overcharged and could not pay? According to the Affordable Care Act, maximum out-of-pocket costs for consumers will increase to $6,550 for an individual and $13,100 for family coverage. With a stagnant wage, most adults do not have enough savings to cover even a $1,000 emergency room bill.
Due to the increasing out-of-pocket health care expense, how can you ease the financial burden of today’s healthcare cost? As personal income remains flat and healthcare cost continues to grow at 10%+ a year, most adults do not have enough saved for these unexpected costs.
New data released by National Nurses United revealed that not only do a handful of hospitals charge patients more than 10 times the actual cost of treatment but that prices have been steadily increasing for nearly two decades. Fourteen hospitals charged more than $1,000 for every $100 of their total costs, according to the union’s analysis. “Today’s hospital bill is a symptom of a broken payment system,” the association said in a statement to ABCNews.com. “It’s an example of the fragmented nature of our delivery system in which hospital bills often reflect just one aspect of care.”
MedBill-IQ, founded by Yury Furman MD. and Peter Yeh is on a mission to help patients take control of their healthcare expenses by reviewing medical bills for inaccuracies and negotiating the patient’s responsibility portion. The company was founded by a team of healthcare professionals with over 30 years of experience in treating patients and navigating our healthcare system.
“The issue is that people do not understand the intricacies involved in medical billing,” says Yury Furman, MD, Co-Founder of MedBill-IQ, “When people get a medical bill, they don’t know that it is negotiable to some extent. There are a ton of different coding and billing errors that can lead to potential problems and excess out-of-pocket expenses. Our job is to identify those errors and alleviate those expenses.”
With MedBill-IQ’s new free app, available for iOS and Android, patients can have their medical expenses appealed and negotiated, in house, with the simple snapshot of a bill.
“What makes us unique is our expertise in both analyzing medical data and our ability to work with providers to come up with a reasonable fee for the services that were provided,” says Co-Founder Peter Yeh.
After a complimentary medical bill review, users can then opt-in to their appeals and negotiations services. A fee of 30% is charged on the amount of money saved. There is no fee if they are unable to save you money. You can rest assured that there is help to negotiate the complex medical billing system.
Submitting a Bill
Patients can upload their medical bills via the MedBill-IQ website or the mobile app for both Apple and Android. A picture or virtual form of (up to ten) medical bills is uploaded to the website or captured via the app. After upload, the HIPAA form is filled out so that MedBill-IQ can speak on the patient’s behalf.