Going through tough times is something we have a lot of compassion for here at Centric Capital. While rushing to the hospital, “OUCH” is usually the uppermost thought in your mind, rather than, “I wonder what the bill will look like?” Once you’re bandaged up, though, a hospital visit can sometimes come with a little bit of sticker shock.
It’s no secret that the cost of healthcare is steadily rising due to a variety of reasons. A study by Consumer Reports showed that as many as 8 out of 10 hospital bills contain errors. These errors can include billing twice for the same medication, billing for extended operating room times or “upcoding,” the practice of escalating the diagnosis code to a more serious condition.
Make sure you carefully review your bill when it arrives. If you can’t or don’t have time, it’s possible to hire a billing advocate to review your bill for you. These services typically cost anywhere between $75 and $130, or a percentage of the amount they save you.
If you do find any errors, report it to the hospital’s billing department and to your insurance provider.
A visit to the hospital can be painful for both your body and your wallet. Don’t let it be more painful than it has to be. Download our whitepaper on a brief history of healthcare and what everyone is spending. If you feel so inclined, we’d like to offer the opportunity to set up a consultation.