Any job that requires human interaction is susceptible to mistakes. The job site Indeed defines a medical biller as someone who organizes patient medical costs and sends invoices to collect payment from patients and their insurers. The job includes entering and recording a lot of data by a person. Missteps will happen.
Medical billing errors and omissions insurance (E&O) will protect your business in the event of a claim against your business for various reasons. You can avoid paying out of pocket for expenses such as legal defense, judgments, and settlements with E&O insurance. This type of coverage is also referred to as professional liability insurance.
Common E&O Insurance Claims
- Incorrect or false advice
- HIPAA related penalties
- Punitive damages
- Errors or omissions
Common E&O Insurance Exclusions
- A breach in data
- Work-related injuries
- Property damage
Premiums for medical billing errors and omissions insurance can vary depending on the size of your business, geographical location, revenue, and what type of coverage you seek. One claim could be very costly for your business, which is important to remember when considering the premium.
Medical billing is complex, and errors happen more often than you think. It is a good idea to have a safeguard against legal claims. To learn more about how E&O insurance can protect your business, contact a trusted provider.