EIGHT out of TEN medical bills have errors. Let’s hope our surgeons don’t make that many errors when operating on us. But this just shows how complicated our country’s medical system is that even the people who do this all day long, make countless errors. 

Why are there so many errors? Unfortunately, it’s a bureaucratic and inefficient process. It usually goes something like this. A doctor sees a patient. The doctor writes a note about the visit. This info is reviewed by admin staff who figure out all the proper billing techniques. Then a different department starts going back and forth with your insurance company to see who pays for what. 

Medical billing can be intimidating to even try to decipher. But putting in some effort can save you a ton of money. Here’s how to do it:

1) Request an itemized bill from your medical provider. 

2) Google the codes on the itemized bill to see what each one is for and make sure they each sound right.

3) If not, contact the doctor’s office and ask them to clarify. 

4) You can also request a copy of your medical record from the office. This will help you verify that tests and procedures that are noted in your medical record align with the bill. 

On top of that, always make sure to talk to your insurance carrier and get clarity on what you are responsible for paying prior to even going to the doctor if possible. That will help limit the number of surprises in the bill for what portion you have to cover. 

And, if you’re facing high out-of-pocket costs, don’t hesitate to negotiate with the healthcare provider or the billing department. They might be willing to work out a payment plan or adjust charges.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Vivi & Shane