If you run a healthcare organization, such as a hospital or clinic, you may be challenged by the ever-evolving and changing healthcare industry in the US. For example, regulatory changes, such as the Affordable Care Act (ACA) and medical necessity requirements, can impact your organization’s ability to receive reimbursements.
This is one of the reasons hospitals and physician practices are now under extreme pressure to deliver high-quality medical care at a reasonable cost.
There is no doubt that accurate and reliable medical coding is essential to create an adequate record of patient care and streamline the billing process in your organization. It also accelerates payments to physicians and identifies healthcare areas that may require more focus.
You may know that with higher instances of self-pay as well as stringent compliance requirements in the US, the risks associated with medical coding rise.
As a result, whether you are part of a small medical practice or a large physician group, medical coding service support is worth considering. As a healthcare provider, you can outsource medical coding in order to garner higher returns and enjoy more efficient business operations.
Did you know that your medical practice’s cash flow and compensation depend on accurate and timely coding and submission of various medical services to your insurance carriers? Note that depending on how you currently perform medical coding, outsourcing this process or using medical coding services support may be the most cost-effective and best way to achieve your goals.
What is Medical Coding?
We can define medical coding as the transformation or conversion of healthcare procedures, diagnoses, medical services, and medical equipment into universal alphanumeric codes. It is worth noting that medical coding experts take pertinent information from medical documentation and then assign suitable diagnoses as well as procedure codes.
After that, these professionals create an insurance claim. This claim indicates the amount of money the insurance provider owes for the care. It also determines how much a patient will be billed. Keep in mind that the procedure and diagnosis codes are usually taken from medical record documentation, like the transcription of a physician’s notes and radiologic and laboratory results.
In other words, medical coding involves translating important healthcare information into simple codes. This is done for the purpose of adequately documenting medical records and facilitating accurate medical billing in an organization.
Medical Coding Services Support
If you would like to achieve your cost reduction and accuracy goals, note that professional organizations providing medical coding services are focused on enhancing operational efficiency.
This is why outsourcing medical coding has become a popular choice for organizations throughout the country, as it offers many major advantages.
Some of these benefits are outlined below.
Considerable Monetary Savings
You may know that you can save money, which is an obvious and important benefit of outsourcing medical coding. However, you cannot overlook this benefit. It is no secret that outsourcing medical coding allows organizations to decrease employee and office expenses, resulting in more revenue.
Did you know that hiring one employee to handle medical coding responsibilities can easily cost thrice the amount of money it costs to outsource medical coding? Also, for larger healthcare organizations that require a considerable amount of coding, these savings can be even more significant.
Lower Turnaround Times
You should know that compliance with organizational turnaround times is one of the major factors in achieving as well as sustaining an effective revenue cycle. This is where collaborating with a reliable outsourcing provider, such as UControlBilling; to meet your medical coding needs offers you the greatest benefit.
Higher Accuracy Rates
There is no doubt that the need for reliable and accurate coded data is more important than it was in the past. Did you know that coded medical data has several uses, such as coding policy, reimbursement, research, and even tracking public health?
Mistakes or errors are possible in the most professional environments. And it isn’t an indictment of your medical staff to suggest that there could be a better and more effective approach to handling an increase in mistakes in medical coding.
If you outsource medical coding, you can easily cut down on coding mistakes. A professional billing company, such as UControlBilling, gives you access to talented, experienced, and skilled medical coders who have several years of experience in this field.
So, they have all the skills required to manage the usual problems associated with up-coding and down-coding. This helps ensure high accuracy levels and timely reimbursement, lowering the risk of claim rejections.
You may know that many physician groups and hospitals lack the budget and other resources necessary to develop as well as maintain a dedicated team. On the other hand, coding vendors have the budget and resources to monitor as well as assess coded data on a regular basis.
Certified Coding Specialists
Your healthcare organization has to find and hire a certified and experienced coding specialist in order to handle medical coding in-house. This not only takes time but hiring a certified coding specialist is also costly, which can be problematic.
In addition to trained and experienced coders, outsourcing medical coding gives your organization access to the best and latest technology. As a result, you will not have to worry about dealing with rapidly-changing technologies.
So, by outsourcing medical coding, you can enjoy all the fantastic benefits that certified and reliable coding professionals have to offer without incurring all the costs of keeping them on your payroll.
Secure Patient Data
You should know that the sensitive and confidential information that your medical practice gathers from your patients is often a gold mine to hackers and cybercriminals. Although you might have savvy and talented information technology personnel, it is not very simple for the IT team in most medical practices to stay on top of various industry trends and best practices.
On the other hand, the skills, expertise, and experience of a team of billing professionals are superior. As a result, they will work hard in order to follow laws and regulations to protect sensitive patient information.
If you outsource medical coding, your IT department will be able to focus on making sure that workstations and servers of your healthcare personnel, such as doctors, and nurses, are working properly, while the medical billing company will ensure that you maintain patient privacy against hackers.
Another benefit of using medical coding services support is that the coding firm will work with you to offer you detailed and comprehensive records as well as performance reports pertaining to your medical billing and coding. Also, they may give you these reports automatically or on request.
This is excellent as it gives you more visibility into your medical coding and billing, which helps you get a more comprehensive picture of how your medical practice operates. Moreover, you can get these insights without investing considerable time in keeping and maintaining in-depth records or supervising staff.
This is another advantage you should keep in mind when deciding whether you should hire medical coding professionals or outsource medical billing.
Are you looking to enhance the timeliness, accuracy, and consistency of medical coding in your organization? You should consider outsourcing your medical coding.
Medical coding services from UControlBilling will enable you to cope with various coding demands, smoothen the coding and billing processes and improve cash flow management.
UControlBilling is a leading and reputable medical coding company with several years of experience and has worked with some of the largest healthcare providers in the country. For more information on medical coding services support, visit www.ucontrolbilling.com.