Today’s Medical Billing and Coding depends on getting the coding right. While any history buff will tell you the importance of using a code in government or military communications, the word has a different, yet no less critical use in civilian life. To a computer geek, code is at the core of making a computer work. In the Healthcare field, accurate Medical Coding Services are the basis for many critical transactions.
Simply stated, Coding allows for shorthand communication between the Healthcare sector and it’s Insurance Partners. Each procedure and that procedure’s component parts have a numeric code. Every medical, surgical, and prescription treatment has a unique code that is recognized as a description of that treatment.
So Medical Coding is the key to making sense of treatment to pay for the Healthcare Industry.
It’s like a different language, and you better have a good translator.
Most In-house employees tasked with performing this function are not always up to date on the latest billing codes, modifiers, and insurance guidelines. In fact, in many offices, the receptionist or office manager also does the billing!
The majority of medical practitioners agree that their billing and collection processes have errors. These errors mainly occur because of incorrect Coding.
This is one of the reasons that more and more Healthcare Practitioners are turning to Medical Coding Outsourcing Companies for Coding Services. This means handing off the entire coding process to a partner that specializes in Coding. These firms eat, drink, and breathe Coding. It’s all they do, so their training and experience are second to none.
And they can do it quicker, more accurately, and for less cost than anyone in your office. Period.
Here are Top 8 Reasons for Outsourcing Medical Coding
So we know that getting reimbursed by an Insurance Provider depends on accurate Medical Coding. Why not put this vital function in the hands of a Business Process Outsource (BPO) professional?
Today, Outsourcing Medical Coding is providing world-class service to its clients. Using the latest technical innovation and expertise, a qualified BPO can:
- Significant Cost Savings
Outsourcing Medical Coding keeps billing flowing effectively, getting bills out quicker, getting payments back sooner, and with less expense. Outsourcing your medical coding and billing can save 40% and more than using in-house staff.
- Improved Billing Accuracy
It’s a fact that BPOs are less prone to errors in insurance coding. Without a dedicated staff for Coding and billing, your practice can be more efficient and cost-effective. Your BPO partner will stay on top of the latest best practices and industry innovations that will save them time and your enterprise money.
- More Focus On Patient Care
The money saved can be used to improve patient care and upgrade equipment and services. Your newly hired BPO can introduce new billing methods, including trans promotional marketing. This encourages better patient involvement in their care and adds a revenue stream to the practice
- Certified Coding Specialists
Insurance, both private and government, seems to change their methods and requirements continually. To stay on top of the latest regulations that will impact the payment schedule was a full-time job in itself. With a BPO, your practice can leave that task to someone else.
- Flexibility and Scalability
When working with a BPO, your coding department is scaled to fit the workload- on a daily or weekly basis. No employees will sit idle, with pay, if they’re not needed. If there are seasonal busy (like the end of the calendar year) or down times, a BPO can seamlessly adjust the workforce.
- Transparency and Security
Always Transparency and accountability between the BPO and the medical firm will be maintained. BPOs have a very stable and secure billing process, and they pride themselves on the security of their systems, protecting the client’s sensitive information from any hacking or unauthorized access to their database.
According to Federal Government rules, all patient data must be safely and confidentially stored, so the BPO must have the infrastructure for a client’s confidence. And look for a BPO that’s HIPPA compliant, protecting patient privacy.
- Maximize Revenue
Many healthcare providers concentrate on their patients- staying on top of the latest treatments and medications. The majority of their staff does as well. Using a BPO for the Coding and billing allows more time for staff training and using new procedures
Since the turn of the century, the technology to Outsource Medical Coding Services has boosted the profits of those businesses forward-looking enough to use it. Leveraging qualified, experienced professionals, to process and maintain your valuable data, and stay current with Insurance Coding Practices has become an art. For such a time-consuming craft, outsourcing these services makes total sense.
Rely Services is a leading Outsourcing Medical Billing and Coding provider in the USA. Let them show you how partnering with them can improve your customer base and profitability. Contact Rely Services for a free, no-obligation analysis of your business.