Many healthcare organisations and small practices are facing difficulties such as escalating costs, fewer reimbursements etc in the transition to ICD-10. In-house medical billing and coding can be tedious and may incur higher cost in purchasing advanced technology systems. Lack of knowledge about the new system can lead to claim denial, and loss of revenue among other issues. To overcome these glitches, it is better to opt for the services of a good medical coding company.
Outsourcing to a reliable provider can bring the following benefits:
- Maintaining proper coding, billing pattern and complete documentation is important in case there is an audit. Outsourcing to a company with the necessary expertise and workforce can ensure that documentation and coding are thoroughly checked.
- It eliminates the difficulty and expense involved in recruiting and training staff and also prevents loss of time and resources.
- Utilizing medical billing and coding services will serve to reduce administrative burden. Practitioners and their office staff can focus on more productive activities rather than waste time on paperwork.
- The company has efficient resources which helps them track unpaid claims.
- These companies have already transitioned to ICD-10 coding and so they have become highly efficient in using the new system and will ensure maximum revenue for their clients.
- For any healthcare organization it is important to stay compliant. Outsourcing billing and coding will ensure compliance with insurance requirements and coding rules.
- In-house billing and coding is time consuming and the staff may have many other core tasks and responsibilities to attend to. Your outsourcing company will offer the value-added services of expert billers and coders to streamline your revenue cycle management.
- They have a meticulous method of operation when it comes to ICD-10 coding. These are trained to find any errors and avoid claim denials and delays.
- In-house billing and coding may result in data entry errors and mistakes in coding whereas outsourcing companies are detail-oriented and so there are no chances of such issues.
- Medical billing and coding services are usually cost-effective. The fact is that you can expect a 5 to 15 percent increase in the amount you collect, which is enough to pay your service provider.
So, why outsource? Practices, especially smaller ones stand to benefit immensely from outsourcing. They need not spend long hours struggling to remain compliant with coding rules, patient privacy considerations and regulations. They can provide quality care for their patients, while remaining assured that accurate codes will be used on their medical claims, that the claims will be submitted in a timely manner, and that there will be a steady inflow of revenue.