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StitcherWe came to a point where acquiring diseases and viruses no longer makes us super anxious, but rather from receiving a lengthy hospital bill and medical expenses! In this episode, Jen and Jill, together with Scott Speranza, CEO of HealthLock, discover a long list of medical billing errors and share ways to identify and dispute healthcare overbilling.
If you’re making 80% of decisions out of health, then the 20% of financial decisions that are made out of stress aren’t as impactful
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Check out some relevant episodes
Scott Speranza is the CEO of HealthLock, a cutting-edge disrupter in healthcare billing and fraud protection. As the Chairman and CEO of HealthLock’s parent company inAssist, Scott has led both companies to audit over half a billion dollars in medical claims and saved members more than $130 million over the past decade through innovative technology and monitoring.
A Growing Problem in the Healthcare Billing System
Scott shed light on common medical overbilling errors caused by complexities and frustrations within the healthcare billing system. Over 40% of medical bills contain errors, ranging from coding errors to balance billing. Denials of benefits from insurance carriers affect roughly 20% of Americans annually, contributing to financial stress and anxiety surrounding medical expenses.
Scott also highlights various types of overbilling errors, including duplicate charges, incorrect patient information, upcoding, and unbundling, all of which contribute to the estimated $325 billion lost annually due to overbilling and fraud. Flagging outrageous charges, significant discrepancies in pricing compared to market values, and duplicate services are some of the most common overbilling issues encountered.
It’s Not You, It’s The Complex Terms.
Identifying and understanding medical billing errors can be challenging, even for those familiar with the healthcare industry. Scott mentions the complexity of medical coding and the terminologies used within the field, saying that for average consumers, navigating such can be daunting. Seeking transparency regarding costs upfront will be helpful, but it is advised against paying upfront for medical services and is recommended to allow the billing process to unfold, as errors may be caught during analysis or disputes with insurance carriers. Request itemized bills; this often reveals mistakes and potentially lowers overall medical expenses.
The Long Appeal Process
If faced with a denial of benefits from your insurance company, initiating an appeal process is crucial, albeit long. This typically involves navigating through specific forms, procedures, and policies set by the insurance carrier, which may entail multiple levels of appeal. Working closely with healthcare providers is essential, as they control out-of-pocket costs and can provide insight into billing discrepancies.
Scott advises consumers to question how fees are determined and why insurance coverage may be insufficient. Examining the itemized bill closely and questioning unfamiliar charges is highly important. Recognize that the process may require time and expertise due to the intentionally complex nature of medical billing systems.
HealthLock As Your Medical Bill Partner
Scott proudly introduces HealthLock as a comprehensive solution to navigate the complexities of the healthcare billing process. It offers to streamline the management of medical bills by syncing with insurance carriers to retrieve and analyze explanations of benefits and charges automatically. Through advanced analytics, HealthLock identifies discrepancies and flags potential errors, providing users with peace of mind and control over their healthcare finances.
HealthLock prioritizes savings, control, and privacy for users. It serves as a one-stop shop, alleviating the need for patients to navigate multiple entities for billing inquiries. With 24/7 monitoring for data breaches and medical identity theft, HealthLock ensures the protection of users’ privacy and financial interests. Additionally, the platform is accessible to individuals from all economic backgrounds, offering various payment methods to make its services widely available.
Have you been overbilled and what did you do?
- Scott: A dental bill
- Jill: I call ahead of time to get pricing
- Jen: Billed for accidental test (on her son’s flu test) at pediatrician’s office
Get more from Scott
HealthLock’s Official Website
HealthLock’s Instagram: @gethealthlock
Got a Mastercard? Get HealthLock for FREE!
Bill of The Week
Thank you Scott for sharing your bill about Jessica who got a big medical bill!
Thanks so Much for Listening!
Thanks so much for listening. Many of you know we have a newsletter called The Friendletter that goes out 3x a week where we send out freebies, saving tips, and life hacks to help you save money. We want to give a shout out to this friend for replying to us this sweet email:
You Will Not Be Bored!
Saving money? Sounds boring, right? NOT TRUE! :). The Frugal Friends Podcast turns financial responsibility into something that is fun. So often I am trying to find podcasts about personal finance and can’t bear to make myself listen to the whole thing as it’s SO BORING. The Frugal Friends Podcast is so much fun and makes me laugh, all while learning new ways to be a better steward of my money. And I feel like I have two new friends! Thanks guys for everything!
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