Medical billing and coding outsourcing is when a healthcare organization entrusts the process of medical coding and submitting medical claims to an outside company. This means that the outside company is responsible for accurately and efficiently coding medical services and submitting claims on behalf of the healthcare organization to receive compensation for services provided. Outsourcing can also help with the revenue management cycle, efficiency of the medical coding process, and available resources within the healthcare organization in the following ways:
Updated Certifications
Staying on top of medical coding is a process that takes a considerable amount of effort and time. Every so often, a more significant update is made, resulting in considerable alterations to the codes. For example, with ICD 10, the number of codes available multiplied significantly. ICD-10-PCS has almost 20 times the number of procedure codes than ICD-9-CM volume 3, while ICD-10-CM is five times bigger in terms of diagnosis codes than ICD-9-CM.
If you outsource your medical coding needs, you can relax knowing that a qualified third party is taking care of the necessary qualifications and expertise. These experts will stay current with the certifications, expertise, and knowledge needed to code your medical charts correctly.
Consistent Staffing
If you only have your coding team to work with, it can be difficult to adjust to changing conditions, and you may need help to keep up with the demand for coding work. This can lead to delays in getting the code done and payments.
Medical coding companies employ many coders who can handle changes in the amount of work sent. There is no need to stress about one of the coders being unavailable, as there is always someone to take their place. When working with a medical coding agency, you can be sure that the job will be done quickly and efficiently as they have enough coders to handle the workload and contribute positively to the revenue management cycle.
Cost
Outsourcing medical coding can be a great financial choice for businesses. Instead of investing money in hiring and keeping an internal team of coders, you can access highly qualified coders at a lower rate by outsourcing the work. This helps save money while ensuring you get the best coding services available.
The AAPC states that the typical salary of a medical coder is around $55,389 per year. Those who are certified and have more experience in the field can expect to be paid more. Additionally, coders with specific certifications, such as Certified Professional Medical Auditor, Certified Documentation Expert Outpatient, or Certified Physician Practice Manager, can earn an average of approximately $70,320 annually.
Medical practices can save money on the costs associated with medical coding by using an outside firm. These services are performed by a professional team of coders with expertise and experience in coding who can do the job more quickly and efficiently than the practice would itself. This allows the practice to focus on its core services while enjoying the cost savings of outsourcing.
In Summary
Medical coding is a complicated and ever-changing process. Getting it right is essential to ensure accurate reimbursement and compliance with regulations. Doing it in-house requires significant training and resources. In many cases, outsourcing your medical coding can be a better option, as it can save time and money while ensuring accuracy.
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