The healthcare industry is bracing itself for probable disruptions that the latest version of International Classification of Diseases will bring with its new set of codes for describing illnesses and injuries.
Under ICD-10, cardiologists will have 845 codes for angioplasty, dermatologists will need to be specific regarding which of eight kinds of acne a patient has, gastroenterologists who don’t know what’s causing a patient’s stomachache will be asked to specify where the pain is and what other symptoms are present, such as gas or belching; since there is a separate code for each.
While there is no denying the amount of training and practice that individuals and healthcare entities alike have put in to prepare for ICD-10 – using the benefit of external expertise would definitely play a role in the successful management of your billing and claims.
Below are a few of the benefits of outsourcing your billing and coding services:
Less Distractions Equal better Outcomes
When was the last time you had a calculating tool in hand, cross-checking the bills? It’s not about how easy or difficult it is. It’s about staying focused on your task and doing what you do best. If a job is outsourced, any kind of job, your work is handled by the experts, where they take care of what they are good at while you take care of what you are good at i.e., core medical functions.
Quality through Expertise
When an external organization takes care of your billing and coding services, it ensures that there are minimum errors – its sole focus is on increasing the profitability of your practice. The team reviews all payments ensuring that the carriers are paying the correct amount and preventing incorrect adjustments. Every outstanding claim is tracked, till it is processed and paid to the fullest. The team integrates with your staff, and is geared toward the same goals – if the practice does not make money, the billing service doesn’t make money. The practice has the advantage of a large combined knowledge base of billing experts to aid in navigating the tumultuous industry changes.
The healthcare industry is constantly evolving, with billing systems and codes subject to constant changes and updates. Keeping track of all the rules and requirements can become tiresome, not to mention time consuming. Your outsourced medical billing service can save you a great deal of time and energy and filters out the information that’s really necessary for you.
Many experts believe that there is going to be a major increase in payer denials due to errors in codes. A medical billing service such as MedConverge has trained and certified staff that are all set for the huge transition.
These are just a handful of benefits that outsourcing one’s medical billing and coding services provide. If you do decide to take the plunge and outsource your billing and coding, and if you have any questions or hesitations regarding the same, do get in touch with us at [email protected] or call (800) 811-2103 x11.